Business
Instructions
Topic: Explain the different segmentation variables used in segmenting consumer markets.Word count: 450-500Use the following source: Principles of Marketing by Philip Kotler and Gary Armstrong, 16th Edition, 2016
Answer
Segmentation variables in the consumer marketsMarket segmentation is the method of subdividing a market of target consumers into categories or clusters based ondistinct traits. Customers are divided into units with similar standard features, including demographics, preferences, needs, or physical location. There are various grounds on which customer variables are segmented. The four fundamental variables include Demographic segmentation, psychographic segmentation, geographical segmentation, and behavioral segmentation.Demographic segmentationDemographic segmentation occurs when the consumer markets are divided into categories according to gender, occupation, age, level of education, religious affiliations, and nationality (Kotler & Armstrong 2016). Demographic factors are cheaper to c...
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