Market Segmentation Personal Traits
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Part A
List and define three (3) market segments (target markets) into which you fit.
Part B
Discuss each of the three (3) market segments - including descriptors such as demographics, lifestyle, and usage behaviors of each and why you believe you fit into each one.
Part C
Apply Maslow's theory of motivation to each of the market segments. Based on the demographics, lifestyle, and usage behaviors you indicated, select three (3) primary needs for each of your three (3) chosen market segments and describe how each need would drive buying behavior.
Reference:
Kotler, P., & Keller, K. (2012). Marketing management (14th ed.). Upper Saddle River, NJ: Prentice Hall.
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Solution Summary
Example of market segment based on personal segment traits are examined.
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MARKETING MANAGEMENT
Market segmentation is an integral part of marketing efforts by an organization. It refers to breaking down of larger target market into smaller groups. There are several approaches which can be used by marketers to segment the market; these are- demographics, geographic, psychographic, and behavioral.
On a personal level, I fit into following market segments:
Geographic-
Atlanta, Georgia, USA (North America)
Demographic-
Age: 30-40 years old
Gender: Male
Marital Status: Married with kids
Education level: Graduate
Ethnic/racial background: Black
Behavioral-
Do not shop online often as touch and feel is important part of buying
Shopping frequency is once every quarter
Purchase usually entails research of products
In demographic market segment marketers simply divide the larger market into smaller groups based on several defined traits like age, gender, marital status, occupation, education and income (Kokemuller, n.d). Each of these segments with defined traits tends to take purchase related decision in a different manner. For example, a company that sells shaving razors will include male in its description of its primary market segment. I am a mid aged graduate black male who is married with kids. Hence I am part of market segment that an organization would target for selling an appropriate product.
Behavioral segmentation is based on user behaviors like sensitivity to price, frequency of usage, brand loyalty and reasons for purchase. A market segment in similar demographic ...
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