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Market Segmentation

Brand Elements
A variety of brand elements can be chosen that inherently enhance brand awareness or facilitate the formation of strong, favorable, and unique brand associations: Brand Name Logo Symbol Character Packaging Slogan

Market
A market is the set of all actual and potential buyers who have sufficient interests in, income for, and access to a product. A market segmentation a distinct group of homogeneous consumers who have similar needs and behavior and thus require similar marketing mixes.

Segmentation Criteria
Identifiability: can segment identification be determined? Size: is there adequate sales potential in the segment? Accessibility: Can the segment be reached? Responsiveness: How favorable will the segment respond to a tailored marketing program>

Segments of users
4 Groups of users based on strength of commitment. Convertible highly likely to switch brands Shallow not ready to switch but consider alternatives/ Average comfortable with their choice, unlikely to switch brands in the near future. Entrenched loyal to the brand, unlikely to change in the foreseeable future.

Segmentation Criteria
Geographic Demographic Economic Social and psychological Price Perception Benefits sought

1. Geographic: Mkt could be partitioned by geographic locations eg. Region,type or nature of mkt- rural, semi-urban, metropolitan, climatic conditions etc. 2. Demographic: traditionally age, sex, marital status, religion, language, education, occupation etc have been used to form segments for consumer products. 3. Socio-cultural segmentation:- From behavioral sciences, concepts like social class, reference group, personality, stage of family life cycle, etc. have been used to explain consumer behavior.

5.Price perception:- consumers could be divided into many segments vis--vis the price of the various brands they consume. Eg. Toiletries market there exist 3 distinct segments such as premium, popular and economy. 6. Benefits sought:- Mkt can be segmented on the basis of benefits sought by the consumers. 3 basic promises or benefits offered are the attributes of look good, feel good and do good.

Lifestyle Segmentation
1. General lifestyle characteristics:- People can be segmented into distinct groups based on the similarity of their lifestyle. Once these segments are identified an attempt is made to match the concerned product to one or more segments. 2. Product specific lifestyle characteristics:Marketer attempts to understand consumer behavior relating to a particular product. Consumers with similar lifestyles and consumption patterns are grouped together.