Marketing |
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| Subject: Marketing | |||||||||||||||
| Topic: Market segments | |||||||||||||||
The main ways in which market can be segmented are into: Socio-economic grouping – see notes further below Age of the customer – for instance teenagers or old age pensioners Gender – male or female Size and composition of customer households – a household of say two unmarried adults, or a single person living only or a family with 2 children and a per dog Geographical location – e.g. London, Scotland Ethnicity and/or religion – e.g. Islamic or Anglo-Italian Educational background of customers – e.g. graduates or school leavers Segmentation that divides the market into groups based on factors such as age, gender and family size is known as “demographic segmentation”. Socio-economic segments are widely used in marketing. The six standard socio-economic groupings in the UK are:
Age is a particularly important grouping because: Members of the same age group tend to be at the same stage of their family life cycle, e.g. new parents, and thus to have similar wants. Consumers of a similar age also have similar financial circumstances (e.g. retired people living on a pension and savings will have a different income they can spend compared with students at university). |
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