1. Maximum 3 pages; add charts & graphs to the appendixes
2. Define the segment(s) (be specific with your segmentation variables)
3. Identify the Needs and Wants for the segment(s)
4. Useful reference
Ways to Segment Consumer Markets Four general bases of segmentation
can be used to segment U.S. consumer markets. These four segmentation bases are
(1) geographic segmentation, which is based on where prospective customers live or work
(region, city size); (2) demographic segmentation, which is based on some objective physical
(gender, race), measurable (age, income), or other classification attribute (birth era,
occupation) of prospective customers; (3) psychographic segmentation, which is based on
some subjective mental or emotional attributes (personality), aspirations (lifestyle), or
needs of prospective customers; and (4) behavioral segmentation, which is based on some
observable actions or attitudes by prospective customers—such as where they buy, what
benefits they seek, how frequently they buy, and why they buy.
Consumer Needs and Consumer Wants Should marketing try to satisfy
consumer needs or consumer wants? Marketing tries to do both. Heated debates rage
over this question, fueled by the definitions of needs and wants and the amount of
freedom given to prospective customers to make their own buying decisions.
A need occurs when a person feels deprived of basic necessities such as food, clothing,
and shelter. A want is a need that is shaped by a person’s knowledge, culture, and personality.
So if you feel hungry, you have developed a basic need and desire to eat something. Let’s say
you then want to eat an apple or a microwave snack because, based on your past experience,
you know these will satisfy your hunger need. Effective marketing, in the form of creating an
awareness of good products at convenient locations, can clearly shape a person’s wants.
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