Outline reasons why a marketing department would engage in market segmentation - Leaving Cert Business - Question B - 2002
Question B
Outline reasons why a marketing department would engage in market segmentation.
All potential markets can be divided into different segments or distinct parts which... show full transcript
Worked Solution & Example Answer:Outline reasons why a marketing department would engage in market segmentation - Leaving Cert Business - Question B - 2002
Step 1
Socio-Economic Class
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Answer
Marketing departments segment markets based on socio-economic classes to tailor their strategies to the disposable income levels of each group. This helps identify which products are most appealing and affordable for various classes.
Step 2
Age Groups
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Age segmentation allows marketing departments to focus on specific age groups, such as teenagers, who may prioritize trends and fashion. This knowledge aids in developing targeted marketing campaigns that resonate with these demographics.
Step 3
Regional Groups
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Geographical segmentation helps marketers address regional differences in consumer preferences and needs, allowing for localized marketing strategies that can enhance product relevance and effectiveness.
Step 4
Religion or Ethnic Groups
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Understanding religious or ethnic group preferences enables marketing departments to create culturally sensitive marketing strategies and products that align with the values and traditions of these groups.
Step 5
Housing Type
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The type of housing (e.g., urban versus rural) influences consumer behavior. Marketing strategies can be tailored to address the unique needs of consumers based on their living conditions.
Step 6
Attitude to Life
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Different socio-economic backgrounds result in varied life attitudes, which influence purchasing decisions. Marketers can design campaigns that resonate with the values and priorities of different consumer groups.
Step 7
Family Life Style
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Family lifestyles impact consumption patterns. By segmenting based on family structures and lifestyles, marketing departments can better meet the needs of specific family-oriented consumers.
Step 8
Disposable Income
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Analyzing disposable income levels helps marketers determine the affordability of their products and tailor their offerings to ensure they meet the financial capabilities of different market segments.
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