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.
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.
- Urban / Rural
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 :
- 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.
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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