Every organization segments the market that involves a group of people who share similar characteristics, and through several segmentation variables, these organizations identify dimensions of the market. To determine whether the population or group of customers have similar characteristics or not, different characteristics of people such as age, gender, income, etc., are used that are called segmentation variables in the market. Benefit variables and demographic variables are two main types of segmentation variables that are widely used by organizations. Benefit variables include value, share, the wealth of the organization, and demographic variables involve age, number of employees, gender of employees, etc. These variables can also involve the characteristics of the organization, such as size, type, value, and wealth of the organization in the market. There are some ways, for example, demographics, psychographics, and geographic, that are used to segment the market. Organizations use micro and macro-level methods to segment the market that needs a balance between the type and level of organization in the market. Macro-level segmentation can be inadequate in the isolation period, and micro-level segmentation is time-consuming and expensive to operate.
Ways to Segment the Market through Variables according to the Type of the Organization
Demographics:- It is an ordinary way for organizations to segment the market. Most small-scale organizations use this variable to segment their customers based on age, gender, family status, income, race, occupation, culture, and religion. It enables the companies to interact with customers better.
Psychographics:- This variable is based on lifestyles, living standards, hobbies, attitudes, activities, perceptions, and values of customers. Both small and large organizations use this variable to segment the market to provide or promote goods and services to their right audience.
Geographics:- A particular region, location, climate, and density of population are the basic areas of a geographic variable. The organizations that produce or promote winter products such as woolen clothes, coffee, etc., choose their audience from cold climate regions and organizations that deal with tourism services, select customers from a rich area who are interested in tourism.
Behavioral:- This variable involves the behavior of customers, such as their loyalty towards a brand in the market. The behavioral elements provide information to the organization about who buys its product regularly and what type of benefits customers expect from the organization.
Impact of Segmentation Variables on Segmentation Strategies of Organizations
If organizations stick to only one market segment, then it can cause limited growth for the organizations because organizations need to choose a strategy through which they can easily branch their operations and modify their strategies.
Differentiated ways of strategies the segmentation may confuse customers because it modifies the message of the same product or service that closely relates to customersâ€™ needs.
Concentrated plans can harm organizationsâ€™ other sectors of operations by limiting the growth and development opportunities in the market.
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