Can you list and discuss the major bases for segmenting consumer and business markets? Propose segmentation criteria to be used for products in different markets.
Segmentation is used for both consumer and business markets in order to effectively develop an appropriate marketing strategy that will be successful. The major bases for segmenting both consumer and business markets are: (Market Segmentation Study Guide, 2012)
- Geographic location - For example, what countries or regions do the consumers or businesses reside.
- Description of the business or consumer - For example, the industry the business operates in or the size of the consumer's family.
- Behavioral and operating practices - For example, the consumer that has the most buying power in the household and what types of products they typically purchase and if ...
A discussion regarding some of the major bases for segmenting both consumer and business markets including a proposal of segmentation critiera that can be used for products in different markets. 325 words, 2 references.