Criteria for Market Segmentation - Term Paper Example

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Criteria for Market Segmentation

In recent years studies have been made to refine these demographic variables so that they can be more effectively used. Example of the companies who make effective use of demographic segmentation are Lego, Toys ‘R’ Us, and the early learning centre who not only recognize the differences between children of various age group but also design their products for highly specific defined age categories (Richard M. S. Wilson, 2005). Age segmentation is an important tool for segmenting the consumer market. A variety of terms are used to refer to various age groups. Examples are newborns, infants, young children, tweens, teens and young adults also called Generation Y in United States of America (USA), Adults or Generation X and the baby boomers or the Seniors. Various studies have been conducted which age group consume exactly how much and has influence on how much consumption. For example in USA the total population of tween, the children aged 9-12, this age group spend $20 billion in an year and further influence the consumption of $ 200 billion. To cater to their needs brands like Limited design clothes that are more fun like teens. In this each age segment has different specific need in everything ranging from basics like food and clothing to entertainment etc (Charles W. Lamb, 2010). ...Show more

Summary

CRITERIA FOR MARKET SEGMENTATION Demographic Criteria One of the major methods and the most frequently used method of segmentation is demographic segmentation. This method is based on the assumption that market can be divided on the basis of the variables of demographics such as age, sex, income, occupation, education, religion, race, nationality, family size and marital status…
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