Introduction
Market segmentation allows us to divide a broad consumer market into smaller, more manageable groups of customers with shared needs and characteristics. In the context of hotel chains, segmentation is particularly useful because guests travel for a wide variety of reasons. Some travelers … Read more...
In marketing, the concept of segmentation typically revolves around what most textbooks call the “top five” bases: geographic, demographic, psychographic, benefits sought, and behavioral. However, these are by no means the only ways to dissect a market. In real-world or advanced academic scenarios, … Read more...
Market segmentation is a cornerstone of modern marketing. By dividing a broad market into smaller, more homogenous consumer groups, marketers can tailor their strategies to meet the specific needs of each segment. Typically, segmentation is done … Read more...
In contemporary marketing, one of the most impactful ways to understand consumers is to recognize that they are not all the same. While market segmentation gives you a conceptual framework to divide consumers into more homogeneous groups, the actual process of discovering and defining these groups often benefits … Read more...
The term BYOP—“Bring Your Own Persona”—was first introduced by Knowledge@Wharton to describe a method for identifying new customer segments based on their digital engagement. This approach focuses on two key attributes: digital capability and trust, offering a framework for understanding how … Read more...
This website has around 15 examples of how to segment a market, ranging from the banking, to fast food, to fitness centers, and so on. Each market segmentation example gives you a brief discussion of each customer segment and how their needs differ. These pages and examples are designed … Read more...
As discussed on this website, a basic element of modern day marketing is to segment the market and select appropriate target markets. The marketer then designs the firm’s marketing strategy to meet the needs of the selected target market.
A brand persona is a … Read more...
The information contained in a segment profile will vary from firm to firm depending upon the availability of suitable data and market research. However, the following list contains some of the key considerations to include in a segment profile.
In marketing, firms often assign descriptive nicknames to their market segments. These nicknames act as shorthand references for the segment’s key characteristics, making it easier to discuss and understand them in internal communications, such as meetings, reports, and presentations. For example, generational cohorts like “Baby … Read more...
In this example we will provide a profile for two different market segments, using the range of factors listed in the discussion of segment profiles.
‘Young and serious’market segment |
‘Losing it’ |
