MARKET SEGMENTATION

Document Type
Essay
Pages
11 pages
Word Count
506 words
School
university of mississipp
Course Code
311
MARKET SEGMENTATION
CHAPTER 5
THE PROCESS OF FORMING A MARKET
Seomgyun Lee
Needs, Wants, &
Demands
Marketing Offers
[products, services, &
experiences]
Value & Satisfaction
Exchange, Transactions,
& Relationships
Markets
THE PROCESS OF FORMING A MARKET
Seomgyun Lee
Needs, Wants, &
Demands
Marketing Offers
[products, services, &
experiences]
Value & Satisfaction
Exchange, Transactions,
& Relationships
Markets
CREATING VALUE
SATISFYING
CUSTOMER NEEDS
BUILDING STRONG
RELATIONSHIP
SEGMENTATION
Seomgyun Lee
What is Market Segmentation?
The process of dividing a market into distinct groups of consumers who have different needs,
characteristics, or behaviors (Kotler & Armstrong, 2011).
Dividing a broad, large, heterogeneous market into more homogeneous groups of people
(Mullin et al., 2007).
Identifying groups of consumers based on their common needs (Shank, 2009).
SEGMENTATION
Criteria for market segmentation (see Ch.2 slide #15)
Demographic:
Age/Family size/Income/Race
Psychographics:
Attitudes/Interests/Beliefs/Motives
Purchasing habits:

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