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How To Segment A Market

The document provides 15 potential market segments that could exist in any market, including: convenience driven consumers, budget conscious shoppers, those focused on quality, those attracted to strong brands, environmentally aware consumers, and more. It instructs the reader to choose 4-8 segments that apply to their product or service markets and fine tune them. Sample discussion questions are also provided to analyze different market segmentation approaches.

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Jnane Surisetty
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51 views3 pages

How To Segment A Market

The document provides 15 potential market segments that could exist in any market, including: convenience driven consumers, budget conscious shoppers, those focused on quality, those attracted to strong brands, environmentally aware consumers, and more. It instructs the reader to choose 4-8 segments that apply to their product or service markets and fine tune them. Sample discussion questions are also provided to analyze different market segmentation approaches.

Uploaded by

Jnane Surisetty
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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How to Segment a Market

Here is a list of 15 possible market segments (as shown in the below diagram) that could
exist in virtually any market.
Your task for this activity is to construct your own segmentation approach, using the
following list as a guide.

Market segment ideas


Convenience driven consumers
These are consumers that are looking to simplify the purchase, or its process, and are
primarily seeking the benefit of convenience.
Budget conscious shoppers
These consumers may make their purchase decision based on the lowest price, or select the
product that represents the best value for money.
Focus on quality
This is a segment of consumers who are interested in higher quality products and services.
Many consumers in this segment believe that buying higher quality represents better value
over time.
Rational, value for money
The consumers in this market segment are more involved in the purchase decision and look
to make decisions on a “best product solution” basis.
Attracted to strong brands
This market segment is less involved in their purchase decision, and will rely upon a strong
brand to guide their purchase decision.

© www.greatideasforteachingmarketing.com
Environmentally aware
This is an emerging segment consisting of people who take into account the environmental
impact of their purchases.
Family focused
This market segment is a family or household unit has one main grocery buyer who is
purchasing on behalf of themselves and other people in the family unit.
Health and diet conscious
In various markets, particularly food, beverages, medicines, vitamins, health centers – this is
a growing market segment that is quite interested in the health and well-being aspects of
the product.
Service/relationship focus
Particularly in service industries, there would be a market segment that would be interested
in quality of service provided and/or developing a relationship with the firm and its staff.
Flexibility is important
The tailoring of a product offer is becoming more important to some groups of consumers,
as highlighted by the needs of this market segment.
Social status
Consumers in this segment use brands and products as a means to signal their self-identity
and social status. This would be quite common in markets such as cars, alcohol, cigarettes,
holiday destinations, restaurants, clothing, jewelry, and so on.
Variety seekers
Many markets will have a group of consumers who seek out variety. Some consumers
simply like change and choice, whereas others like to experience new things.
Benefit seekers
In some markets, there are usually multiple segments that are seeking a particular benefit
from a product. The brand should be positioned around a specific product attribute -
common in fast moving consumer goods.
Just for me
The “just for me” market segment of those consumers interested in their own needs and
pleasures. They will seek out product solutions that make them feel good, even though they
may be expensive or not necessarily healthy.
Existing customers
The final market segment provided in this list of potential market segments is simply the
firm’s/brand’s existing customer base. Although this would need to be segmented down
further, as per the above market segments, it is highlighted here as it is sometimes
overlooked.

© www.greatideasforteachingmarketing.com
Student Discussion Questions
Keep in mind that there are more segments listed here than you will need – it is likely that
only some of these segments will be appropriate for you. Ideally, you should look to select 4
to 8 of the market segment examples and then fine tune them for your requirements.
1. Choose two products/markets. One should be a physical good and one should be a
service industry.
2. Using the above list of market segment ideas, construct a market segment for each
of these markets.
3. How similar/different is your segmentation approach between the two markets.
4. Share your market segmentation approach with the rest of the class. What were the
common segments utilized?
5. In your opinion, which market segmentation structure (in the class) would be the
most effective for helping select a target market and developing an appropriate
marketing strategy?

© www.greatideasforteachingmarketing.com

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