Market segmentation report - Assignment Example

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Market segmentation report

Basically, demography deals with issues such as age, gender, life style, family, level of income, race, religion, level of education, occupation as well as nationality among others Strydom 2. On the other hand, psychographic segmentation divides the market into different groups based on social class, lifestyle or personality characteristics Kotler 3. Organizations benefit from segmenting the market in many ways. The firm is able to target the market so that it can serve it best. The firm is also able to position the product so that it can be easily accessible to the targeted audiences. Thirdly, the firm can also be in a position to gain a competitive advantage by virtue of delivering valuable products to the customers.
Income- Middle class people can afford to buy pizza in most cases and they are the targeted audiences by the marketers. These people enjoy hanging around with their peers especially in fast food restaurants.
Occupation- the young working class people in most cases prefer to buy their food from exquisite fast food restaurants. The young working class people do not want to cook food at home so they just go to fast food restaurants.
Personality- other people’s preference of food are shaped by their personalities. Some people view themselves with high self esteem and they want to maintain this status by visiting up market restaurants. This is a form of identity creation in the society.
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Summary

Kotler & Armstrong define market segmentation as the process of dividing a market into smaller groups with distinct needs, characteristics or behaviours who might require separate products or marketing mixes 1. When segmenting consumer markets, there are different factors…
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