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Market Research Market Segmentation Study

Market Segmentation Study

Market Segmentation study is type of research which is used to help a firm identify segments in a market, with the end goal of developing different strategies and tactics for the different segments. It is often referred as segmentation research. Our company has team of experts and professionals in marketing are, who can help you in assessing the market, analyze the critical aspects of the market, and come up with appropriate strategy for market.

Some types of Market Segmentation study:

  • Demographic Segmentation: -
    Demographic segmentation sorts a market by demographic elements such as age, education, income, family size, race, gender, occupation, nationality, and more. Demographic segmentation because is one of the simplest and most commonly used forms of segmentation because the products and services we bye, how we use those products, and how we are willing to spend on them is most often based on demographic factors.
  • Geographic Segmentation: -
    Geographic segmentation is a subset of demographic, and it is easiest type. It creates different target customer groups based on geographical boundaries. Because potential customer have needs, preferences, and interests that differ according to their geographies, understanding the climates and geographic region of customer groups can help determine where to sell and advertise, as well as where to expand you business.
  • Firmographic Segmentation: -
    Firmographic segmentation is similar to demographic segmentation. The difference is that demographics look at individuals while Firmographics look at organizations. Firmographic segmentation would take into consideration things like company size, number of employees and would illustrate how addressing a small business would differ from addressing an enterprise corporation.
  • Behavioral Segmentation: -
    Behavioral segmentation divides markets by behaviors and decision-making patterns such as purchase, consumption, lifestyle, and usage. For instance, younger buyers may tend to purchase body wash, while older consumer groups may lean towards soap bars. Segmenting markets based off purchase behaviors enables marketers to develop a more targeted approach.
  • Psychographic Segmentation: -
    Psychographic segmentation takes into account the psychological aspects of consumer behavior by dividing markets according to lifestyle, personality traits, values, opinions, and interests of consumers. Large markets like the fitness market use psychographic segmentation when they sort their customers into categories of people who care about healthy living and exercise.