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Market Segment- Review and analysis
Market segmentation is the process by which a company segments its target market as per various parameters. It is important as it allows the company to concentrate on potential customers. The various methods by which Market can be segmented is given below:-
Geographic Segmentation
The segmentation can be done in many ways, for example, geographic segmentation. This type of segmentation includes region, climate and population density. If there is a small cupcake business in a suburban community then it will serve only the local residents of that area. The operation of the cupcake business can be planned systematically. It can make a rough estimate of its potential customers by using the estimates of population from latest data. For the locations outside to its geographical area, it can supply different products like custom cakes by developing an online order entry system and contracting with the delivery people who work for part time.
Demographic segmentation
Another type of segmentation is Demographic segmentation criteria. It includes age, gender, family status and income. It has divided its customers into two categories. The first one is the younger customers who can order pastries from a cupcake business and secondly the families who can drop by for regular eat out at our cupcake dealers. High income households may order for special cupcakes for special events. There are two factors that affect the product mix and the strategy behind product price. They are firstly the location and secondly the level of competition in the surrounding environment. This can be understood by a simple example. A cupcake business which is in an upscale neighborhood will decide to sell high margin quality products as per preference of the customers.
Lifestyle Segmentation?
Another type of segmentation criteria is lifestyle segmentation. It includes the behaviour of the customers. For Ex:- When people are distressed or in a state of uncertainty they prefer cupcakes or crullers for their comfort zone and there are some customers who prefer very few specific items and for which they are ready to pay any price which can generate good amount of profit for the cupcake business. Hence, lifestyle also affects this business.
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