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Business: Differnt Types Of Segmentation Essay

614 words - 3 pages

SEGMENTATION ANALYSIS:
Segmentation Division Resulting segments Target
% Advantages Drawbacks
Geography • Location
• Market size
• Market density
• Climate 40% • Effective approach with limited budgets
• It works well in different areas of population density or significant changes in lifestyle across regions • It is quite limited as it assumes that all consumer are in similar needs
Demography • Age
• Gender
• Income
• Social class 30% • It is simple to apply and use, as government statistical data is readily available in most countries
• It is easy for everybody to understand, from management to customer service staff • It is very little understanding of the consumer
• Consumers in the same demographic group would have similar needs
Psychographic • Personality
• Values
• Attitudes
• Lifestyle 10% • It gives a much better insight into the customer’s identification of underlying needs and motives
• By understanding customer, we could improve our ...view middle of the document...



The above bar chart describes about analysis of geographic segmentation. If a restaurant is in a central location of a busy place, then it can get more customers. So we have given 40% weightage to location aspect. Not only people in downtown we also targeted nearby college students from fanshawe college and western university. Hence we have given the next priority to market size which amount to 30%. Market density has 20% weightage because we can’t give any assurance that downtown residents and business people working in that area would come to our restaurant often. For all climates Chinese people have the same kind of food. So we have given less importance to climate factor.
DEMOGRAPHIC SEGMENTATION:

It consists of dividing the market into groups based on variables such as age, gender, income and social class. Consumer needs and wants change with age so we have to promote different kinds of food to fulfill the satisfactory of different age groups.
The chart illustrates about the target’s demographic segmentation. In London city the population of Chinese male and female corresponds to 3,030 and 3,515 respectively. Hence we are targeting 90% of Chinese people and rest is for Canadians and Asians. Also people in the age group 15 to 30 years are higher as it comprises mostly of students with equal proportions of male and female. The best part of our restaurant is that we offer low priced food with high quality as ours is a new restaurant facing heavy competitors. So we are targeting people of income which ranges from low to high. As ours is a Chinese restaurant we follow Chinese culture to attract our target customers.
PSYCHOGRAPHIC SEGMENTATION:
It is sometimes referred as behavioral segmentation since it divides the market into groups according to customer lifestyles. There are some factors which have potential influences on buying behavior, including attitude, expectation and activities of consumers. If these are known, then products and marketing campaigns can be customized so that they appeal more specifically to customer motivation and attract them to a greater extent.

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