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Variables In The Market Environment Essay

1200 words - 5 pages

INTRODUCTION
When opening a new store of any kind, identifying the issues in segmentation is of high importance.
In order to make sure your store stands out from the rest and offers all that consumers need and want, the following steps needs to be taken and looked at in great detail

LOCATION OF HARDWARE

WHEN CHOOSING A LOCATION, I LOOKED FOR A PLACE THAT WOULD ATTRACT PEOPLE, A LOCATION WHERE CONSUMERS WILL FLOCK TO FOR DAY-TO-DAY NEEDS, SUCH AS A GROCERY STORE,A CHEMIST, ETC.
I FOUND THAT A NEW SHOPPING CENTRE IN BOKSBURG , SUNWARD PARK HAS JUST BEEN BUILT,WHICH OFFERS A VARIETY OF OTHER STORES, SUCH AS WOOLWORTHS FOOD STORE, A MIMMO’S RESTAURANT, THE DROS PUB & GRILL, A HAIR ...view middle of the document...

Approx 10 000 people live in the Sunward Park area.
Looking at the benefits for my Hardware Store:
By putting a hardware store in the middle of such a suburb, it gives home owners easy access to a store whereby DIY Equipment is available.

DEMOGRAPHIC SEGMENTATION

Demographic segmentation is the most popular base for segmenting consumer markets. Although Race plays a role in this segmentation, it has changed over time and marketers are now looking at Income, Education, lifestyle & living standards.
When looking at the demographic segments for the town I have chosen, the following stats were drawn up

* Age: Approx 30 – 65
* Gender: 65% Male/ 35% Female
* Race: 68% White / 28% Black / 4% Asian
* Family Size: 4-5 Members
* Family Life Cycle: Older Married couples with children
* Income: Over R190 000 per annum

When looking at the above stats it shows that mostly men with family’s, owning their own homes and earning an annual salary of R190 000 and above, live in Boksburg Town, in the Suburb of Sunward Park.
Looking at the benefits for my Hardware Store:
These stats show me that by putting my hardware store in this suburb, I will attract mostly men, this is an advantage to my store as a hardware store is most likey to attract men,

PSYCHOGRAPHIC SEGMENTATION

Psychographic Segmentation involves the segmentation of the market by means of categories such as social class., lifestyle, personality. You can also look at the VALS (Values & Lifesyle) segmentation model uses the activities, interests and opinions of consumers to see their behavior and what motivates them to buy certain products / brands etc.

The following stats are done on consumers in my chosen town

* Lifestyle: Conservative
* Personality: Ambitious
* Social Class: Middle Class
* Interests: Career & Home
* Activity: Sports & Recreational, Home Improvements
When looking at the above stats , it shows that men & women in Sunward Park are middle class consumers, that do their own home improvements, their interest lie in career and home and they have ambitious personalities – Consumers with ambitious personalities are easy to talk to, market to and involve when promoting a new product, store or idea.
Looking at the benefits for my Hardware Store:
As a hardware store caters for DIY (Do It Yourself) purposes mostly, and the suburb stats show that home owners do their own home improvements, the hardware store located in the middle of Sunward Park will be the perfect area to situate my hardware store.

BEHAVIOURISTIC SEGMENTATION

Buyers...

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