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In: Business and Management

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What are the different ways to segment a consumer market? Does it make sense to use more than one segmentation variable? Why or why not? (Please provide actual examples)

Market segmentation is dividing a market into groups of consumers. Segmentation in consumer markets is based on 4 major categories:

1- Geography: Segmenting by country, region, city or other geographic basis.
2- Demography: Segmenting based on population characteristics i.e. age, occupation, and marital status.
3- Psychographics: Segmenting by understanding the consumer’s lifestyle and interests.
4- Behavior: Segmenting consumers based on their relationship with the product. For example: loyal to the brand or brand switchers.

It does make sense to use more than one segmentation variable so companies can increase their sales and market share. Example: When a car manufacturer develops several lines of cars. One that appeals to certain income levels and another one that targets people with a higher income. (Volkswagen, Audi & Porsche)

Describe the four elements of the marketing mix. What role does each element play in delivering value to customers? (Please provide actual examples)

1- Product: The actual product or service you’re offering and how they differentiate from your competitors. This includes the packaging and customer service.
2- Price: The amount the customer is willing to pay. It’s important to understand how much your customer values your product and set a price accordingly. You should also take note of your competitors and how they’re pricing their products.
3- Place: Where and how the product will be available to your customers. As a business, you should pick the right location to make it easy for customers to buy your products.
4- Promotion: The activities businesses do to make their products known to the customer.

Example: Tim Horton’s products are...

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