There are several ways or methods to segment a market. Such ways or methods depends upon consumer characteristics and their responses to the products or services.

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A paradigm shift has taken place in the way the Indian corporate (is) viewing customers. There has been a shift from organizing by-products to organizing by-market segments. For example, Maruti is segmenting is customers on the basis of economic and premium class, which was not done previously.

I.        GEOGRAPHIC SEGMENTATION :

In geographic segmentation, the market is sub divided on the basis of area.

  • —       Region
  • Urban / Rural 
  •  Locality 

 

II.       DEMOGRAPHIC SEGMENTATION :

Demography refers to study about the different aspects of population. Markets can be divided on demographic factors like age, gender, education etc. The various demographic factors are :

  • —       Age
  • —       Gender
  •        Income 
  • —       Education 
  • —       Family Size
  • —       Family Life Cycle
  • —       Race and Religion

 

III.      SOCIOGRAPHIC SEGMENTATION :

The market can be segmented on the basis of sociological factors such as :

  • —       Cultural Influences
  • —       Influence of Social Class
  • —       Influence of Reference Groups 

 

IV.     PSYCHOGRAPHIC SEGMENTATION :

It refers to individual aspects like life style and personality.

  • —       Life-Style 
  • —       Personality

 

V.      BEHAVIOURAL SEGMENTATION :

In this case, buyers are divided into groups on the basis of their response to the product – usage rate, user status, loyalty status, buying motives, and so On.

  • —       Usage Rate 
  •        User Status 
  • —       Readiness Stage
  • —       Buying Motives

 

 

Read the full answer at: http://www.bms.co.in/explain-bases-of-market-segmentation/

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