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Identify the major basis of segmenting markets and provide a brief explanation of why you might...

Identify the major basis of segmenting markets and provide a brief explanation of why you might use each or multiple methods. Give one example of segmenting the soft drink market.

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I am explaining my answers here one by one.

1. Identify the major basis of segmenting markets and provide a brief explanation of why you might use each or multiple methods.

Ans. - The major basis of segmenting markets are -

I> Demographic segment - It means the selection of market area using the difference between people using their age, income, gender, family members etc.

II> Geographic segment - It means the selection of market area using the difference between the location.

III> Psychographics segment - It means the selection of market area using the difference between the characteristics/lifestyle of people.

IV> Behavioural segment - It means the selection of market area using the difference between product/service purchase frequency, benefits, buyer's interests, needs/demands of product/service etc.

V> Situational segment - It means the selection of market area as per situation basis. The same customer can be attracted by other marketers in a different situation for the different sales approach.

2. Give one example of segmenting the soft drink market.

Ans. -

Coca-Cola - This company is segmenting the markets using three terms like geographic, demographic and psychographic.

Geographic segment - Coca-cola mainly operates in five different areas of North America, Africa, Europe, Latin America, Pacific.

Demographic segment - This segment is made by Coca-Cola company using three types of people age like Youth (10-19), Young Adult (20-24), Adult (25-35).

Psychographic segment - This segment is made using customers thoughts and values about the product.

keosha answered 1 year ago
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