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Saturday, May 22, 2010

Explain STP in Marketing - Bases for Segmenting Consumer Markets

Bases for Segmenting Consumer Markets

a. Geographic Segmentation – It relates to the geographical area where people live.
• World region - Asia, Europe, Middle East etc.
• City or metro size – Under 10000, between 10000-50000, over 50000
• Density – Urban, suburban, rural
• Climate- Northern, southern


b. Demographic Segmentation: demographics consists of all those characteristics of people that are used to describe the size and composition of the population
• Age and Life Cycle Stage
• Gender
• Family Size
• Family Life Cycle
• Income segmentation
• Occupation
• Education
• Religion
• Cast
• Generation
• Nationality


c. Psychographics Segmentation: Psychographics refers to the characteristics of peoples’ spirits and minds. For example, psychographics is usually broken down into personality, life style, and motivation.
• Social Class
• Lifestyle
• Personality

d. Behavioral Segmentation: It relates to benefits sought and expected use by the customer.
• Occasions
• Benefits
• User status
• Usage rate
• Loyalty status
• Readiness Stage
• Attitude Toward product

Basis for Segmenting Industrial Market

a. Demographic Segmentation
• Industry
• Company
• Location

b. Operating Variables
• Technology
• User
• Customer Capabilities

c. Purchasing Approaches
• Purchasing Function Organization
• Power Structure
• Nature of existing relationships
• General purchase Policies
• Purchasing Criteria

d. Situational Factors
• Urgency
• Specific Application
• Size of Order

e. Personal characteristics
• Buyer-seller similarity
• Attitudes towards risk
• Loyalty

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