Market Segmentation Methods and Promotional Factors
Businesses can segment markets in six main ways. Gender segmentation creates products aimed at males, females, or unisex markets. Age segmentation targets specific age groups, whilst occupation segmentation focuses on particular jobs or professions.
Income segmentation aims products at people with certain earning levels. Location segmentation targets people living in specific areas, and lifestyle segmentation focuses on customers' hobbies and interests.
Several factors affect which promotional methods businesses choose. Enterprise size plays a huge role - large companies use all promotional methods with specialist marketing staff, whilst small businesses stick to narrower promotion ranges without employing specialists.
Remember: Budget constraints directly link to company size - bigger budgets mean more promotional opportunities!
Budget restraints determine available money for marketing, usually depending on the business size. Companies must also consider opportunities to reach their specific target market effectively, ensuring their promotional efforts actually connect with intended customers.