ECOL20003 Lecture Notes - Market Segmentation, Psychographic, Target Market

• School: University of Melbourne
• Department: Ecology and Environmental Biology
• Course: ECOL20003

Document Summary

There are four pillars of organization strategies to address above questions. Simple definition of market segmentation is that to divide the market into two or more parts. As we know that, a single organization cannot serve the whole market that is why they have to divide the market into different parts. Here are the types of the segmentation in which market can be divided into segments such as. Geographic segmentation divides the market into different geographical units such as nations, regions, states, provinces, or cities. Such as a country has many regions, nations and provinces. In the same way a company segments a market based on rural and urban areas. Demographic segmentation is a process of dividing the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality. For example, a company segments a market based on gender such as male or female.