What are the 4 types of consumer market segmentation?

Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types. Here are several more methods you may want to look into.

What are the elements of market segmentation?

Traditionally, seven broad elements are used in considering market segmentation.

  • Geographical segmentation:
  • Demographic and socioeconomic segmentation:
  • Psychographic segmentation:
  • ‘Benefit’ segmentation:
  • Usage segmentation:
  • Loyalty segmentation:
  • Occasion segmentation:

What are the 3 types of market segmentation?

Though the most common types of market segmentation are demographic, psychographic, geographic, and behavioral, there are other types that are also worth considering and can offer excellent opportunities in the right context.

How is segmentation used to segment the market?

Customer Segmentation: 4 Ways to Segment Consumer Markets 1 Demographic Segmentation. Demographic segmentation is a marketing strategy that segment the market based on Age, Gender, Family Life Cycle, income, Occupation and Education. 2 Geographic Segmentation. 3 Psychographic Segmentation. 4 Behavioral Segmentation. 5 Conclusion.

What are three criteria to identify market segments?

Companies can generally use three criteria to identify different market segments: Homogeneity or common needs within a segment. Distinction or being unique from other groups. Reaction or a similar response to the market.

What can you do with market segmentation insights?

By participating in market segmentation, researchers can reveal consumer experience insights, product development innovation approaches, suggestions for boosting customer loyalty, and more. We know that market segmentation allows us to gain an in-depth understanding of our customer base, but what can we do with these insights?

How to segment the market based on psychographics?

To properly segment the market based on psychographics, marketers must really take the time to get to know their current and past customers. This includes clearly defining the ideal buyer persona for the product or service and developing relationships with the customer base.