Sub-cultures exist within the overall culture but have a pool of distinct members who are united by shared interests, values, backgrounds, lifestyles, demographics, or hobbies.
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A niche market is a subset of a larger market that focuses on a specific group of customers with unique preferences, needs, and characteristics.
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Outlining the key buyer persona sections involves gathering and analyzing information about your ideal customer. This helps in tailoring marketing strategies to meet the specific needs, behaviors, and concerns of different segments of your audience
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One of the key external factors and influences in the study consumer behavior and marketing is culture and subcultures. As indicated by the word, a subculture is a subset of the overall culture.Let’s firstly check out the definitions of culture and subculture and how they are interrelated.What is culture in marketing?Here are three definitions of
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Generation Edge, also known as Gen Z, is a demographic group that is currently coming of age and significantly impacting consumer culture. Born after the Millennials, they are the children of Gen Xers.
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The market segmentation evaluation criteriaAfter constructing a set of market segments in the STP process, the market segments are then subject to evaluation against a set criteria.This is a checkpoint stage in the STP process. Its goal is to ensure that the segments meet basic requirements and guidelines for usable segments.Main Evaluation Criteria for Market
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How to segment a market? (Technical aspects)There are two main approaches: cluster analysis (if data is available), otherwise segmentation trees.Cluster analysisCluster analysis is an analysis designed to categorize objects to a pre-defined number of different groups, with each group being relatively similar on a range of selected attributes. The resultant groups are referred to as
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What is a business segmentation base?A business segmentation base is definable characteristics or behavior of organizations that can be utilized to classify the organizations into related groups, for the purpose of target marketing.Main business segmentation bases (with examples)Geographic location/s: Where the business operates. Examples: Countries, regions, spread of operations across areasBusiness description: Basic description of
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Geographic Segmentation Base AdvantagesConsiders cultural differences of different regionsGood for firms with limited geographic reach needing to select a specific target marketGreat when there is significant socio-economic diversity and significant consumer behavioral differences across regionsGeographic Segmentation Base LimitationsAssumes that consumers in a geographic area are similar, which is generally unlikely across a broad areaUsually needs
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Quick Study Notes for Market segmentationDefinition of market segmentationThe process of splitting a market into smaller groups with similar product needs or identifiable characteristics, for the purpose of selecting appropriate target markets.What are segmentation bases?A definable characteristic, identity or behavior of an individual consumer that can be utilized to classify consumers into related groups.Why Use
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