Market segmentation allows the company to vary its marketing mix to satisfy each of the market segments it chooses to enter.
Managers consider the following:
Customer needs that vary due to:
characteristics of people and organisations;
the purchase and use situation; and
users' needs and preferences.
Relative market share already achieved (share in relation to that of competitors); and
How segments can be identified and serviced (availability of customer data and processing).
1 Consumer Segmentation Bases
Geographic;
Psychographic or lifestyle aspects (feelings and attitudes);
Purchasing characteristics;
Demographic. There are two main models:
Socio-economic grouping
Family life cycle segmentation
2 Industrial Segmentation
Industrial markets can be segmented by applying the same bases used in consumer markets. Typically, the emphasis will be put on:
Geographic—most obvious for firms operating internationally;
Purchasing characteristics—frequency and size of orders;
Products manufactured (e.g. aircraft engines v car engines);
Benefit expectations (e.g. guarantee of supply, quality or innovative design); and
Company type and size—smaller customers need fewer deliveries, larger ones may expect JIT.
3 Segmentation Criteria
The following criteria should be considered when deciding on the most appropriate segments to develop and maintain a successful segmentation strategy:
Measurability/availability of information;
Accessibility of segment (i.e. distribution);
Substantiality (i.e. size) of market segment;
Stability of buying behaviour.
If a segment fails on some of these criteria, then it will be difficult to develop and maintain a successful segmentation strategy.
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