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Assignment 4 Task 1

1463 words - 6 pages

Assignment 2

Task 1:
There are six different ways that markets can be segmented. One of the ways is by using psychographic segmentation. Psychographic segmentation involves putting people into different categories by social class, lifestyle, activities, opinions, interests, behaviour and attitudes.
Within this segmentation is socio-economic segmentation. These are classified depending on their similarities in income, occupation and education. There is a table used called the social grade definitions table that is used for classifications.
Social grade | Social status | Occupation |
A | Upper middle class | Higher managerial, administrative or professional |
...view middle of the document...

Late – all adults whose children have left home, or who are over 35 and childless.
A few more categories which generalise about lifestyle are:
Upwardly mobile – Looking for new opportunities, new ways of making money and more prepared to adopt new products. Always looking for a better lifestyle and a better material standard of living.
Traditional and sociable – patterns of purchasing and consumption would be conformist.
Hedonistic – emphasising enjoyment now with the immediate satisfaction of needs and little thought given to the future.
Activities, interests and opinions.
Behavioural segmentation can influence different things like; purchase or the loyalty of consumers to some kind of product. This whole area is still developing as marketers find out more about the psychology of buying as well as how consumers respond to different brands.

Another form of segmentation is Geographical market segmentation.
When segmenting within a business, recently it has become popular to use both geographic and demographic segmentation together. This is because similar households in some places show a link in similar spending behaviours.
A Classification of Residential Neighbourhoods (ACORN)
It uses data collected by the census to classify all of the postcodes in the UK into one of five main groups:
Wealthy achievers
Urban prosperity
Comfortably off
Moderate means

Hard pressed

These categories split into groups, which are further divided into a total of 56 different lifestyles.
Another system of neighbourhood classification is called MOSAIC, which has been developed on a global scale. Each year, census and other data are used to analyse the latest social trends in the UK. The population is classified into 15 groups, broken down into 67 households and a further 155 person types.

Demographic Segmentation
Demographic segmentation is the statistical study of people, their age, gender, family status, income, job type, geographical distribution, religion, education, etc.
The advantage of using this form of segmentation is that it can break down the population in to highly specific groups.
Demographic segments may be based upon the following:-

Age – A way of picking out different age groups. Banks in particular are good at developing products for students when opening a new bank account.
Sex – Usually males and females want different products than the other sex.
Occupation - Certain occupation groups, for example people with higher levels of income may want to spend more on products to get the best quality while people with lower levels of income will more likely want less expensive.
Income - The most important base for targeting products is based upon affordability.
Religion - Only really used if the product is to do with religion or may conflict with some religions.
Education – Could be related to if they read often or maybe different cultural interests.
Family type/size – The type of family they are.
Type of residence -...

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