Question: What Are The 5 Main Different Segments For Demographics?

What are the 5 market segments?

A business market may be segmented by large customers and small customers or by geographic area.

The five basic forms of consumer market segmentation are demographic, geographic, psychographic, benefit, and volume..

What are the 6 types of demographics?

DemographicAge.Gender.Occupation.Income.Family status.Education.

What is the difference between segmentation and targeting?

Market segmentation is the process of categorizing the market into different groups, according to demographic, geographic, behavioral and psychographic traits. The target market is the market segment that the business is focusing on for a specific product or marketing campaign.

Why demographic segmentation is considered the most popular?

Demographic segmentation divides the market into smaller categories based on demographic factors, such as age, gender, and income. … This customer segmentation method is one of the most commonly used because it’s easy to acquire through census data, analytics software, consumer insights, and more.

What is an example of segmentation?

Market segments are known to respond somewhat predictably to a marketing strategy, plan, or promotion. … For example, common characteristics of a market segment include interests, lifestyle, age, gender, etc. Common examples of market segmentation include geographic, demographic, psychographic, and behavioral.

What are the 4 types of market segmentation?

Types of Market SegmentationGeographic Segmentation. While typically a subset of demographics, geographic segmentation is typically the easiest. … Demographic Segmentation. … Firmographic Segmentation. … Behavioural Segmentation. … Psychographic Segmentation.

What are the 4 methods of targeting?

There are typically 4 different types of market targeting strategy:Mass marketing (undifferentiated marketing)Segmented marketing (differentiated marketing)Concentrated marketing (niche marketing)Micromarketing.

What does psychographics mean?

Psychographics is the study of consumers based on their activities, interests, and opinions (AIOs). It goes beyond classifying people based on general demographic data, such as age, gender, or race. Psychographics seeks to understand the cognitive factors that drive consumer behaviors.

How do you do segmentation and targeting?

Follow the steps below to apply the STP Model in your organization.Step 1: Segment Your Market. Your organization, product or brand can’t be all things to all people. … Step 2: Target Your Best Customers. Next, you decide which segments to target by finding the most attractive ones.

What are the 3 target market strategies?

The three activities of a successful targeting strategy that allows you to accomplish this are segmentation, targeting and positioning, typically referred to as STP.

What are 4 examples of demographics?

Most Common Demographics ExamplesAge.Gender.Race.Marital status.Number of children (if any)Occupation.Annual income.Education level.More items…

What are the main market segments?

Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types. Here are several more methods you may want to look into.

What demographic information should I collect?

Gender. One of the most fundamental questions you should ask is about gender. … Age. Age is a standard demographic question that should be included in every survey. … Ethnicity. Ethnicity questions paint a clearer picture of your survey participants. … Location. … Education. … Marital Status. … Household Income. … Employment.More items…•

What are some examples of demographic?

Demographic information examples include: age, race, ethnicity, gender, marital status, income, education, and employment. You can easily and effectively collect these types of information with survey questions.

What is patient demographic?

Patient demographics form the core of the data for any medical institution. They allow for the identification of a patient and his categorization into categories for the purpose of statistical analysis.