What is segmentation of a brand?

At its core, market segmentation is the practice of dividing your target market into approachable groups. Market segmentation creates subsets of a market based on demographics, needs, priorities, common interests, and other psychographic or behavioural criteria used to better understand the target audience.

What is segmentation with an example?

Common characteristics of a market segment include interests, lifestyle, age, gender, etc. Common examples of market segmentation include geographic, demographic, psychographic, and behavioral.

What is segmentation explain?

Definition: Segmentation means to divide the marketplace into parts, or segments, which are definable, accessible, actionable, and profitable and have a growth potential. Segmentation allows a seller to closely tailor his product to the needs, desires, uses and paying ability of customers.

How do Nike segment their market?

Demographic segmentation is a factor used by Nike to target individuals according to their age, life-cycle stage, gender, occupation, and generation. Although with apparel and sports the market can be broad, for the most part Nike primarily targets consumers who are between the ages of 15-40.

What is Nike’s target segment?

Nike’s target market includes a demographic of those aged 11-45 but put a greater emphasis on teens to cultivate long-term customers. Their psychographic segment includes active, fashionable individuals that consider physical activity as part of their lifestyle.

Why do companies use segmentation?

Since market segmentation is considered as a facilitator towards the identification of specified consumer segments and their respective needs and requirements, as elaborated earlier, it helps businesses in offering their goods and services in accordance with the acknowledge consumer demands.

What are the 4 bases of segmentation?

Different customers have different needs, which makes the segmentation exercise such a critical step. The four bases of segmentation are geographic, demographic, psychographic and behavioral.

What are the four types of market segmentation?

The four types of marketing segmentations are geographic segmentation, demographic segmentation, psychographic segmentation and behavioral segmentation. Let’s explore each individually. Geographic segmentation is simply put based on a person’s geographic location.

What are some examples of marketing segmentation?

This type of market segmentation divides the population on the basis of their behavior, usage and decision making pattern. For example – young people will always prefer Dove as a soap, whereas sports enthusiast will use Lifebuoy. This is an example of behavior based segmentation.