This website uses cookies to ensure you have the best experience. Learn more

Business: Differnt Types Of Segmentation Essay

614 words - 3 pages

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.

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.
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.

Find Another Essay On Business: Differnt Types of Segmentation

Analysis of Differnt Types of Learning Methods

1561 words - 7 pages Learning methods simply mean a person’s natural desired way of take in, managing and memorizing new content and skills. There are three major models that look at the way on how a person learns best including: auditory, visual, and sense of touch. Auditory is when a person learns through conversation such as listening and talking. Visual is when a person learns through imitating such as observing and copying. Sense of touch is when a person

An Explanation of Different Business Types

1277 words - 5 pages have declined over the years but still 10% of all business firms in the United States still exist. Partnership agreements are drawn up in case if a partner dies to include profits and losses, duties of partnerships, manners of controversies and how they will be settled to divisions of assets. Types of partnership include a general partnership which has very active partners and assume responsibility for the firm. Limited partners include invest

The title of the essay is "Business Ownership" The question was: Name the three different types of Business ownership and name the advantages and disadvantages of each form

1591 words - 6 pages sells to gain capital, the more control he/she is losing. This could be a big problem and amount to a great loss of control for the founder if he/she needs a large capital infusion.Lastly, the profits of the corporation are widely distributed. People all over the world can obtain shares on the corporation, and therefore receive dividends from the corporation. Therefore the profits are widely distributed among all the shareholders.As you can see from the information I have given, there are three major types of business ownership. All of these types have their advantages and disadvantages, so it depends on what you decide is better for you in starting a business.

Different Types of Business Presentations

586 words - 2 pages A group of CEO's all earning over 1 million dollars, a group of corporate employees who were all earning over 1 million dollars:The presentation would be more sophisticated, informational, and as in depth as possible. The CEO's most likely already know the material and are just freshening up on it. It would be more formal and to the point, but the presentation would cover the wide aspect on the topic. I would be very respectful and wait until

Business studies GCSE coursework 1 Types and styles of business's

707 words - 3 pages Payment'. Many high street name are Franchises: Benetton, Mc Donalds and Pizza Hut.AdvantagesA franchisee benefits from having an already well-established brand name, and bank's are more likely to lend money to franchisee's because of this. This position is much more reliable than being a sole trader.DisadvantagesA franchisee has very limited independence and is ruled by the franchisor. The business cannot be sold, and regular 'Royalty Payments

The different structures, designs, and types of a business

3141 words - 13 pages ad hocbase matricialorientadas a servir clientes o a la empresa en si mismabuscan la solución a un problema planteadoInternet y la estructura de las organizacionesE- businessEl e-business consiste en el uso de internet para transformar los procesos de negocios tradicionales y hacerlos mas eficientes. Una de las tareas principales del e-business es integrar las distintas actividades, funciones o departamentos que antes trabajaban separadas

a study on iphone

1216 words - 5 pages marketing more efficient and company gain a great advantage over competitors (comScore, 2012). There are several types of segmentations named as geographic, psychographic, behavioral and demographic. The general variables of dimensions of segmentation can be seen in Table 1. Table – 1: iPhone month average ending Let us examine the demographic segmentation of Apple Inc. with iPhone. It is a well known fact that demographic variables are the

Marriott's Market Segmentation and Market Research

1443 words - 6 pages Case Study: Marriott’s Market Segmentation and Market Research Introduction: Marriott is one of the most renowned hotels in the world with more than 3,800 properties across 72 countries and territories. However, the chain of hotels did not just appear overnight. What started off as a root-beer stand by J.W. Marriott, evolved into a chain of restaurants. Later on, Bill Marriott, son of J.W. Marriott, managed to expand the family’s business from

Market Segmentation

718 words - 3 pages force you to reevaluate your entire marketing scheme to fit the needs of your new target market. While this is time-consuming, and possibly costly, it most likely will benefit your business in the long term.Works Cited"A Brief Description of the Different Types Market Segmentation by Jerry W. Thomas." A Brief Description of the Different Types Market Segmentation by Jerry W. Thomas. N.p., n.d. Web. 03 Oct. 2014."Market Segmentation." Market Segmentation. N.p., n.d. Web. 02 Oct. 2014."Six Steps to Defining Your Target Market." Marketing Donut. N.p., n.d. Web. 03 Oct. 2014."Target Market Definition | Small Business Encyclopedia." Entrepreneur. N.p., n.d. Web. 30 Sept. 2014.

Market Segmentation

1845 words - 7 pages company doesn’t research the area in which they are going to market or they put a product that is either to expensive or to elaborate in an area that can’t afford that then they will fail as a company. In my paper I will discussion why market segmentation is used in around the world, the types of segmentation, some techniques used to make segmentation work the best.      Market segmentation is to divide the market into

Market Segmentation for Companies

1469 words - 6 pages as target marketing, segmenting consumer markets, segmenting business markets, segmenting international markets, brand value relations with customer value , benefits and disadvantages of segmentation. SEGMENTATION AND CONSUMER SATISFACTION Customers are the center point of all marketing processes because marketing focuses on customers.The actuality of marketing is to evaluate to provide benefits for both customers and marketers. .(pride,Ferrell

Similar Essays

Types Of Business Organizations Essay

2228 words - 9 pages , a corporation or a LLC. Sunshine Sport's Bar and Grill is a part of a franchise which in turn makes it part of a corporation. Though the business itself is part of a corporation the individual assembly of ownership of this particular venue can still fall under one of the four various types of business ownership. By taking a look into the four types of business organizations a determination of which type of ownership best suits this business

Explainations Of Business Analyses And Segmentation

952 words - 4 pages a way to receive all kind of the information from the external and internal environmental issues of a particular organization. It shows up a difference what could the business lead to improvements in a particular based analysis, what it will show up in future and the difficulties it will face. It is a technique used to help the marketing department. Strengths – This factor is the capabilities that can be performed in a business to increase in

The Types Of Business Ownership Essay

1265 words - 5 pages The Types of Business Ownership This report is about the advantages and disadvantages of different types of business ownerships. Introduction I am going to write about the advantages and disadvantages of different business ownerships including: * Sole Trader * Partnership * Franchise I will include the definitions of some of the business ownerships. Main Body SOLE TRADER

Types Of Business Ownership Structures Essay

611 words - 3 pages There are four basic types of legal business ownership structures. These are sole proprietorship, general partnership, limited liability company, and corporation. This paper will outline the characteristics of each and provide an example for reference. A sole proprietorship is formed when one person owns and operates a business on his or her own and is relatively easy to start. (Shah, 2011) A sole proprietor can create their business by