Market Segmentation

The market for a product can always be divided into groups of people based on various different characteristics and their needs. The market is usually divided by:

Geographics:

This is the division of consumers defined by geographical boundaries. It can pertain of regions, countries, populations etc.

Demographic:

This divides buyers on the basis of their personal and social attributes. Some common examples of demograhics are age, ethnicity, social class, education and occupation.

Psychographic:

While demographics look at individual attributes, psychographics looks at more general themes such as the lifestyles, values and attitudes of a certain group. Experts have divided the general population into six groups:

Aspirers: These are typically younger people who care about appearance and image and will be oriented towards persona and fashion. They are considered materialistic and are often of high status, something they look for in their consumer goods as well.

Succeeders: They are confident organised people with clear cut goals and good work ethic. This leads them to usually be found in high positions and professions.

Resigned: These are typically older people who cling to their long learnt traditions and values and are usually very rigid to change. 

Explorers: Typically younger people who value individualism, discovery and difference. They're looking for an adventure.

Strugglers: These are people who are predominantly consuming media to find an escape. They are usually alienated, disorganised and few resources.

Reformers: They are not materialistic but have good taste. They seek enlightment, freedom and self growth.

Behavioural:

This is the grouping of people on the basis og their behaviours towards goods and services such as readiness to buy, brand loyalty etc.


These segments will help us choose our target market for our final project.