Problem recognition, info search, evaluation, purchase, post purchase role of marketing in these:
1. Geographic: dividing market into different geographical units Groups: nations, regions, states, municipalities, cities, neighbourhoods Eg customizing hotels and rooms to suit the location (beach vs city).
2. Demographic: dividing the market into groups based on demographic variables *consumer needs, wants and usage rates often vary closely with demographic variables Groups: age and life-cycle stage, gender, income, family size, income, occupation, education, religion, nationality Eg different products and appeals to different target:; gender for clothes; income for luxury goods.
3. Psychographic: dividing the market into groups based on social class, lifestyle or personality characteristics Groups: socioeconomic status, lifestyle, psychological/ personality traits, values Eg socioeconomic status has strong effect on preferences in cars, clothing, home furnishings, leisure activities, reading habits.
4. Behavioural: divide market into groups based on consumers’ knowledge of, attitude towards, uses for and responses to a product Groups: purchase occasions, benefits sought, user status, usage rate, loyalty status, buyer-readiness, attitude towards product Eg knowledge of product that affects the attitude towards it, way they use it, their responses to it Markets consist of buyers, and buyers differ in one or more ways. They may differ in their wants, resources, locations, buying attitudes and buying practices.” (Kotler et al. 2007, pg.345) List and describe in detail the four major variables used for segmenting markets. For each of the four major variables list and describe three groups within that variable. Provide examples of your choice to illustrate your answer.