Explain the four major methods of segmenting a market: geographic, demographic, psychographic and behavioural segmentation. Marketers rarely limit their segmentation analysis to only one or a few variables. Using the Roy Morgan Values Segment as an example, describe the geographic, demographic, psychographic and behavioural characteristics of this Value Segment.
Methods of segmenting
Based on the Roy Values Research Segment, market segmenting means when the needs of the consumers are met at all levels. There are different types of market segmenting based on the Roy Morgan Values Research:
Geographical Segmentation – Based on the Roy Morgan Research segmentation, geographical segmentation means when the consumers or business buyers are segmented based on the demographic or geographic location. Additionally, the consumers may be separated based on the user status, benefits and loyalty status. The company aims the target consumers based on their geographical location and as per the Roy Morgan Research and this is considered as one of the most important principles of marketing (Abell, 2010).
Demographic segmentation – Keeping in mind the Roy Morgan Values Segment demographic segmentation depends on the generation, sex, occupation and health safety level or the benefits that a company provides. The Roy Morgan Values Settlement ensures that the benefits are perceived in an accepted level and they keep in mind the stage of the consumers life cycle (Dozier et al., 2013).
Psychographic segmentation – This is sometimes called lifestyle of the consumers. The Roy Morgan Values Research keeps in mind the lifestyle of their consumers and ensures that the principles of marketing are met in such a way that they are able to meet the needs of their consumers depending on the kind of lives they spent. The Roy Morgan Values Research segment identifies the personal activity of the targeted consumers (Abell, 2010).
Behavioral segmentation – According to the Roy Morgan Values Research behavioral segmentation means when the consumers are divided into groups based on their response, knowledge and attitude. This segmentation depends on the behavioral patterns of the consumers. Moreover, how they wish the product sellers to meet with the requirements depending on the consumer’s behavior. The Roy Morgan Values Research focuses on the behavioral segmentation of marketing (Pedroso et al., 2010).
Abell, D. F. (2010). Managing with dual strategies. Simon and Schuster.
Dozier, D. M., Grunig, L. A., & Grunig, J. E. (2013). Manager's guide to excellence in public relations and communication management. Routledge.
Pedroso, M., Taylor, J., Tisseyre, B., Charnomordic, B., & Guillaume, S. (2010). A segmentation algorithm for the delineation of agricultural management zones. Computers and Electronics in Agriculture, 70(1), 199-208.