There are various ways of segmenting the market. There are mainly four bases on which a consumer market can be segmented. The geographical segmentation is based on the area and the population's characteristics of the segment. Then there are demographical factors that include the age, gender, income and status of family and other related factors (Stanton, Etzel, 2003). Psychographic factors are the attitudes of the people in the market segment, whereas behavioral segmentation is the price, brand loyalty and price of the product.
Demographic factors are a useful indicator because the marketer would need to see that what age group reads the novels of Mills and Boon. Normally the age bracket of its novel readers is between 18 to 34 years of age. Age is an important characteristic because the demands of an individual changes with time and therefore it is necessary for the product to fulfill the desires of each one of the changing demands. The novel should have something for everyone. Their target is females who are more inclined towards romantic novels. The idea behind this deal between Mills and Boons and RFU is to increase the female readership of Boons and Mills novels. By including the rugby players as the heroes of these novels, it will make them more attractive and appealing for young women who are educated and who would love to see the energetic, glamorized players as the romantic heroes. This is expected to boost the demand for the novels as those who already read them will get an extra flavor to it, whereas even the sports fans might just go ahead and buy these novels.
The marketer will have to access the psychographic factors in the market because only those will be willing to buy these novels who either love to read romantic fiction or are a sports freak. People who are not into reading and sports will not care to pay attention to it at all. Moreover who are risk takers would like to try to read something different and look forward to the new subject. Also the buying of the romantic novels depends on the mind set of an individual, the lifestyle and the culture altogether.
Behavioral factors can also be utilized to segment the market for readers. For this the kind of people to be targeted will have extensive knowledge related to the subject therefore while marketing the novel to them the marketer will need to satisfy them. The there are habitual buyers who have a passion for romantic novels. There will be some people for whom the price will be a consideration and can affect their decision making, while there will be some who would buy it out of brand loyalty (Kotler, Armstrong, 2003).
These factors can be utilized by Mills and Boons and RFU in order to divide the market into segments and then come up with an appropriate marketing strategy for each one of them. This will help to allocate resources effectively and make work easier.
Question - 2
Mills and Boon was founded in the year 1908. Over the period of time it has