LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of its latest article on market segmentation. In this article experts at Infiniti identify some of the best different types of market segmentation that companies can choose to suit their marketing goals.
Market segmentation process involves grouping and sub-grouping large homogenous markets into different clearly identifiable segments. The division is made on the basis of similarities in needs, wants, or demand characteristics of a particular market. The market segmentation process also helps companies concentrate their marketing energy on various pre-defined market segments to gain a competitive advantage within that particular segment. Effective market segmentation can also help marketers to easily personalize their marketing campaigns and reduce the risk of an unsuccessful or ineffective marketing campaign.
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This is one of the most common types of market segmentation where companies segment the market by concentrating on various geographic areas. Consumer preferences vary from region to region. So, it is important for companies to choose the geographic segment that best aligns with their goals.
This is a strategy that takes into consideration the lifestyle of people, their activities, interests, as well as opinions to define a market segment. This type of market segmentation takes into consideration the psychographic aspects of the consumer’s buying behavior.
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In this type of market segmentation, the population is divided based on variables such as age, gender, nationality, income, and occupation. The demographic segmentation variables help divide a large population into specific customer groups. One of the industries that makes use of this market segmentation process is the automobile industry.
In this strategy, customers are grouped based on behavior, usage, and decision-making patterns. The products are marketed to target customers based on their behavioral patterns that define their likelihood to buy or not buy a particular product.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us