5. Various Classes of Consumer and Industrial Goods and Services Industrial goods are products used in the production of other products
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9. Market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference.
10. A market segment is a small unit within a large market comprising of like minded individuals.
15. Foundations of Market Segmentation Market segmentation is about describing and dividing people. It seeks to identify the people who may have want or need for your product, then divides them into groups so that may be served more efficiently and profitably.
16. Foundations of Market Segmentation The purpose of segmentation is the concentration of marketing energy and force on the subdivision (or the market segment) to gain a competitive advantage within the segment. At its most basic level, the term “market segmentation” refers to subdividing a market along some commonality, similarity, or kinship.
17. Market Segmentation Geographic location - based upon where people live (historically a popular way of dividing markets) Demographic - based upon age, gender and income level (very often used) Psychographic / lifestyles - based on people’s opinions, interests, lifestyleseg, people who like hard rock music probably prefer beer to wine Benefits - based on the different expectation that customers have about what a product/service can do for them
25. Benefit Segmentation “It is based on the Attributes (Characteristics)of products, as seen by the customers”example, people buy something because it causes a benefitie. Diet coke - less sugar, lose weightie. Extra white toothpaste, whiter teeth, better smile
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