Varieties of Market Segmentation

Varieties of Market Segmentation MARKET SEGMENTATION Market segmentation is the process of categorizing the market into several groups on the basis of various factors such as demographic, geographic, psychological, and behavioral factors. This is to ensure that the marketers can understand their target audience better so as to make the marketing more effective and get more satisfied customers. Thus, the marketers can gain a great advantage over the competitors. There are different ways by which market segments can be categorized. It can be done by categorizing the preferences of the consumer. Based on this, market can be categorized as homogeneous preferences, diffused preferences and clustered preferences. In homogeneous preferences the customers roughly have the same preferences whereas it varies in case of diffused preferences. When a group of consumers have shared preferences it leads to the formation of natural market segment which refers to clustered preference. While marketing a product three areas of marketing must be taken into consideration, i.e, mass marketing, product differentiated marketing and target marketing. Mass marketing takes into account mass producing, mass distributes and mass promotes on product to all buyers. It is important to realize the great variety in individual customers and therefore the marketers use this type of segmentation to customize their marketing programmes for each customer. In product differentiated marketing more than one product with different features, style, size, and quality is introduced. In target marketing, on the basis of the market segments the products are developed and customized. Market segments can be differentiated in various ways. Some of them are demographics, geographics, psychographics and behavioural segmentation. Demographic segmentation Demographic factors are age, gender, income, occupation, education, religion, generation, nationality, family size, family cycle, social class etc. Based on these demographic values, the customers are divided into various segments. This type of segmentation is suitable because the variables are easy to measure and as they provide description of the target customers therefore media buyers and others can target a desired target market. Some of the important variables while segmenting markets are: Age and Life cycle segmentation As the desire and need of customer change with their age therefore age and life cycle is a good factor in order to determine marketing approach. One of the examples is of a 70 year old person using landlines instead of mobile phones due to lack of technological knowledge. Therefore marketers need to take this into consideration and guard against stereotypes. This can also be associated with buying pattern and behavioural characterstic. For example, as married people have various economical obligation therefore they tend to spend less on luxury items whereas on the contrary, single people tend to purchase new fashionable items as they don’t have such economic obligations. Gender Segmentation As the needs and wants of men and women are different therefore gender segmentation is being applied from a long time in terms of clothing, hairstyle, magazines, cosmetics. But the marketers must not define a product as being masculine or feminine as metro sexuality has become a common gender-factor. Income Segmentation This type of segmentation can be seen in automobiles, financial services, travel, clothing, and cosmetics. Usually the high income customers are the target but it should be considered by the companies that just the income cannot be suitable criteria to determine the customer as they might have different preferences and priorities while selecting a product. Even the lower income groups are targeted as the competitive pressure reduces and the consumer loyalty is gained. Generation Segmentation Various significant events, many a times characterize a particular period. These influential factors can be music, politics, movies etc. Therefore the marketers must make use of the images and icons of a particular generation in order to market their product. Social class Segmentation Most of the companies design their product for a specific social class. It divides the customers on the basis of their preferences towards cars, clothing, leisure activities, home furnishing, retailers, reading habits etc. Demographic segmentation thus assumes that people with different backgrounds and other differences are likely to share same values and behaviour. Geographic Segmentation In this method of segmentation, customers can be categorized on the basis of countries, nation, state, region, city, and neighborhood. But a company must consider the fact that the data might vary due to population shift. Various sales and purchases are based on the geographical variables as the purchasing behaviour of the customers are influenced on where they live or work. Sometimes there are also differences in the location where the product is marketted due to cultural factors, tradition, politics. These differences can be significant in one segment whereas in other segments there might just be minor differences. Globalization plays a major role in linking socio economic and demographic characteristics. This type of segmentation is referred to as geodemographics. It therefore combines the target customers with where they live. Instead of comparing the consumers by their occupation, the consumers are compared on the basis of where they live, hence the companies are more capable of predicting consumer behaviour. Psychographic Segmentation There are two types of customers, personality profiles and lifestyle profiles. The psychological variables provide the marketer opportunity to get additional information about traditional, geographical, demographic bases like sex, age, income. Psychological profiles are often used as a supplement to geographics and demographics. Therefore on the basis of their attitude, values, lifestyles, interests and opinions people are divided in psychographic segmentaton. Behavioural Segmentation There are various behavioural variables such as occasions, benefits, status, usage rates, loyalty, attitude, buyer readiness (which will be discussed in detail) which determine behavioural segmentation .These variables are considered the best starting points in constructing market segments which are mainly based on the customers attitude towards the use and response to a product. Occasions Customers are divided into segments according to the time on which they get the idea to buy a product. The time can be a day , a week, a month or an year. An example for this situation is the variation in market strategy for Christmas and Valentines day. Benefits As different kind of people look for different benefits in the same product, this segmentation divides the customers based on this. People tend to look for the benefits provided by different brands and accordingly they make their choice. Here casual factors play a major role rather than descriptive factor like demographics. User status This type segmentation is done on the basis of the category of users , i.e potential users, non users, ex-users, first time users, regular users etc. The marketing approach varies according to the type of users. Usage rate Based on the usage of the product, the customers are divided into various segments like non users, heavy, medium, light product users. The basic strategy followed by the company is to target one heavy user instead of several light product users because the heavy users account for a high percentage of total buying although they constitute a small percentage of the market. But the other users must not be neglected as even they may provide better future prospects. Usage rate further divides the customer according to time which means that the product to be sold may vary according to time. Buyer readiness stage It depends on the factors such as people’s awareness and interest in the product. A person might be aware of the product and he also may not be. The difference lies in whether they are just informed about the product or interested in buying the product or they desire to buy the product or just intend to buy the product. In all the cases, a customer must be lead along so that he finally gets convinced to buy the product. For example, a person belonging to a different place might not be aware of the products particularly sold at one place hence the marketing strategy should be different at that place and the product should be promoted more. Loyalty status Based on the loyalty of the customers, they can be categorized as hard core loyals, split loyals, shifting loyals and switchers. Hard core loyals tend to stick to a particular brand for a long period of time without even considering other brands. Split loyals have preference towards two to three brands and they keep switching in these. Shifting loyals stay with a particular brand for some time and then change it. Switchers do not have any specific choice and they keep changing the brands from time to time. Attitude People can have an enthusiastic, indifferent, positive, negative, or hostile approach towards a product. Based on these factors people can be divided into various segments and hence the company can get a good idea of the market and the strtegy to be followed. To improve the targetting strategies and get a clear picture of the market, it is important for the marketers to combine different behavioural variables. A marketer must reach all buyers in all segments by defining its target audience. By taking into account various concepts such as demographic segmentation, geographic segmentation, the psychographic segmentation and the behavioural segmentation, a company must decide which is the most appropriate concept while designing the market strategy. For example , demographic and behavioural segmentation are the most appropriate one’s while designing market strategies of a telephone as the ages of the customers is an important factor. Apart from age, attitude is also an important factor. Once the target customers have been defined, the next step is to evaluate the market segments and decide in which segments the marketing strategy should be directed. Market targeting is the second stage of the segmentation process.

The Yom Kippur War Essay -- Israel

Israeli preparation for war with Syria was less extensive than the Egyptian preparations, because the border was smaller (Approximately 80 miles vs. 40 miles) in comparison to the Egyptian-Israeli border. (See Figure 2. Israel - Syria Border). Israel built fortified Jewish settlements in the Golan. Anticipating Syriawould attack with armor, Israel made obstacles, tank traps, and minefields. Reinforced bunkers and tank placements were created. The battlefield plan was laid out with interlocking fields of fire to halt any Syrian advance. Israel had made peace with Jordan so there was no perceived need to fortify the Israel-Jordan border. Egyptian troop and installation preparations during the War of Attrition were in direct contrast to Israel’s Bar-Lev Line. Egypt did not anticipate a large scale attack across the Suez Canal so there was no need for the equivalent of a Bar-Lev Line on the west side of the Suez Canal. They did have mobile forces of armor, artillery, and infantry that harassed the Israelis with probes and artillery barrages. Egypt also practiced surge and retreat of troops along the Suez Canal. These surges were purposefully done to lull Israel into complacency and safety. Disinformation was practiced and journalists often found Arab documents detailing the shortcomings in Arab unity and military readiness. Egypt’s president Anwar Sadat contributed as well. Several times he had threatened military action against Israel and the deadlines passed with no repercussions. All the while, Sadat and his counterpart in Syria, President Hafez al Asad, were committed to military action. Egypt took a ction to address two specific Israeli advantages from the Six Day War, Israeli air superiority and Israeli tank operations. Egypt ... ...y the tactical advantage from 6-8 October and would attack the Golan Heights on three fronts, a northern from, a middle front, and a southern front. One division allocated for each front and a Ranger Battalion to take an Israeli command and control outpost in the high north. An intense barrage of Syrian artillery prepared the assault. Unfortunately for the Syrians, the terrain of the Golan Heights provided limited avenues of approach so Israel had well planned defensive positions. 37 Three divisions proceeded to advance in their corridor encountering stiff resistance from the undermanned, but well prepared defensive Israeli positions. Syrian armor had difficulty negotiating preplaced minefields, tank traps, and obstacles and it was â€Å"target practice†38 for the Israeli defenders and the Syrians suffered heavy losses. Syria still had strength in numbers on its side.

Branches of Philosophy Essay

Thesis This essay project with answer different questions to the six branches of Philosophy. The branches are Metaphysics-is something real? Epistemology-How do we know? Ethics-What is right or wrong? Aesthetics- Is something beautiful? Political- What government is best? And Social- How should we act in in society. Six Branches of Philosophy There are six branches of philosophy. There is Metaphysics, Epistemology, Ethics, Aesthetics, Political, and Social. Each branch asks us all specific types of questions that we ask ourselves each and every day. Some of these questions we ask without even realizing that we have done so. Metaphysics is the first branch of Philosophy in this discussion. This asks the question of what is real. At an early age we are taught that there is a heaven and earth. At different times we ask ourselves is there really a heaven. Based on what we are taught I believe there is a heaven and that there will come a time in our life that we will be in the place created by God called heaven. According to the bible, God created man from the dust of the earth. We live in the physical world and the spiritual world depends on each person’s spiritual belief. I believe each one of us has a soul. I believe the soul stays around loved ones until the day of reckoning. I believe all people have free will but different circumstances determine what happens to us thru fate. The psychological world I believe consists of our mind and the world that we chose to create for ourselves to live in. The Epistemology branch asks us the question of how is anything known. Things that are known are taught to us from our parents and by teachers in school. We are taught different things thru text books and by experience. Thru different experiences we learn how to conduct ourselves around other people and we gain knowledge by studying the different works of scientists and scholars. There are not any limits to human understanding. Each person’s understanding depends on them. Some people understand things differently than others and each person’s limits differ from others. I don’t believe there is a relationship between faith and reason. Faith goes along with ethics and morals. I don’t fully understand what artificial intelligence is. The next branch of philosophy is the Ethics branch. We are taught from an early age the difference of right and wrong. Laws tell us what is or isn’t right and as humans if we break these laws we are punished. To me being a good person means to follow the golden rule â€Å"Do unto others as you would have them do unto you†. I believe that virtue does lead to happiness. If you do what is right by others then others will have the tendency to follow your lead. I believe society affects morality. This all depends on the circumstances in which you live. If you live in an area that has a lot of crime and hatred then you have the tendency to follow others in that area. If you set high moral standards for yourself then no matter where you live or the types of people you are surrounded with won’t affect you. I think that morality is more culture based. Each person has to choose how they apply the morals they are taught at an early age to their adult lives. Each person has different morals that they live by and have to decide how these will be applied. The next branch of philosophy we are going to discuss is the Aesthetics branch. This brings up the question of what is beautiful. In my opinion beauty is in the eye of the beholder and each culture has what they regard as to what is beautiful. Art depicts the creator’s feelings or ideas as to what they believe beauty is. Art can be successful and valuable to the creator and also to the person that enjoys different art forms. To one person a piece of art might have beauty to it and to another person it might be just horrendous. So therefore beauty in art may or may not matter to all people. The next topic is the political branch of philosophy. I believe the best type of government is the democratic government. This form of government, people do have a small voice in different matters. I think the government should have limited power and that the government should listen to the common people as to what the needs of the population are. I believe that if the common person had the ability to be more involved in the government of today then the needs of the common person would be made possible thru a vast majority voice. The last branch of discussion is the Social branch. I believe this branch is determined thru the ethics branch of philosophy. People shouldn’t have to give up rights just to live in a specific society. We should be able to live our lives the way we now and by the morals and ethics we have built for ourselves. I think some people act according to the surroundings they are in at different times. With many different cultures of society today, I believe there is a large language barrier. With all the different cultures communications has become a big issue. Each culture believes that their language should be the language spoken. I believe that there needs to be one universal language spoken and then different societies of people wouldn’t feel as if they were being mistreated or neglected. Reference: Baird, F. E. , & Kaufmann, W. E. (2000). Ancient philosophy. Upper Saddle River, NJ: Prentice Hall. M. U. S. E. My Unique Student Expeience.

Hopeless and Absurd - Existentialism and Buddhism Essay

Hopeless and Absurd - Existentialism and Buddhism Perhaps the most telling symptom of existentialist philosophers is their ever-divergent theories on the fundamental characteristics of human life and their steadfast refusal to assign an explicit meaning or reason to our existence at all. Contrary to criticism which therefore labels the movement cynically nihilistic, existentialism justifies life with reasoning similar to that of Zen Buddhism. Specifically, the notions of hopelessness and absurdity can be gleaned from Buddhism in a manner helpful to the understanding of existentialist viewpoints on the same. Though these two perspectives elicit no fewer contrasts than comparisons, their juxtaposition highlights the workings of the†¦show more content†¦Whether it is hope for a better position in society, or hope for a lovers companionship, the attachment to desire ignores the eventual reality of impermanence. Death assures our mandatory individuality. Though we may accumulate relationships and material possessions throughout the course of our earthly life, we are nonetheless subordinate to the limits of time. Mortality stipulates ultimate loss. The only way to live free of crippling dread and anxiety is to free ourselves from expectations as well as ego-driven involvement in the affairs around us. As with Buddhism, existentialism does not require estrangement from society. Both suggest that actions will reflect the free choice of the individual. Though individuals tend to seek an exterior justification for their choices, the existentialists regard freedom as the unavoidable responsibility of complete independence. In this manner, the Buddhist tradition also acquits so-called human nature of blame for infractions on the part of the individual. The only way a person can act is by directing them self in a manner which he/she can accept from all other people. In Sartres view, to act otherwise is to surrender self-deception (Kaufmann, 320). It is useful to acknowledge that Buddhism and existentialism differ significantly in their views on individuality. While existentialism focuses entirely on the individual, Buddhism rejects the concept of