Week 2: Segmenting Markets Takeaways

1. What is a market segment?

Throughout the lecture, we spent the majority of the time talking about market segments and what it is. Many people were confused as to what it was and the others just sat quietly (I can’t figure out if they knew what it meant or they knew what it meant but they didn’t want to participate in voicing their opinion). The way that I look at a market segment is like specifics in a great picture. Mike used the example of a pie and each piece of the pie was a market segment. You could also look at it as a bullet list… you have your main general idea, and then the sub-subjects/bullets underneath.

I found this article that helps explain market segments a little better.
Article Link: http://www.quickmba.com/marketing/market-segmentation/
In the article it explains that in order to identify a market, you can identify it by geographic, demographic, psychographic, or behavioral segments.

2. Is segmenting a market easier in B2B sales or B2C sales?

I think that segmenting in a B2C sales is easier because there is only one transaction (business to consumer). Versus B2B can include many sub sales to multiple companies. Some of these sub sales could include raw materials before the finished good.

Article Link: http://marketing.about.com/od/plantutorialsandsamples/a/b2cvsb2b.htm
This article is a great article that explains the difference between a B2B sales and B2C sales in segment marketing. The article states that a B2B sale is based more on logic versus a B2C sale is based more on emotions.

3. Demographic, Geographic, and Psychographic

Article Link: http://marketing.about.com/od/plantutorialsandsamples/a/b2cvsb2b.htm

Demographic – Demographic segment marketing is based on age, race, religion, gender, family size, ethnicity, income, and education.

Geographic – Geographic segment marketing is where a company determines its target market through location. A company may look into a city, county, state, region, country,or international.

Psychographic – Psychographic segment marketing is when the target market is based on personality traits, values, attitudes, interests, and lifestyles.

4. Marketing by generations

We had a great discussion on Tuesday about marketing by the different types of generations. I’ve never really sat down and thought about the topic until the class lecture. I always knew a company would have to market towards their target market, but never really thought about how many consumers a company could have and how many different generations their consumers may be.

Article Link: http://www.marketingcharts.com/television/marketing-across-the-generations-12158/
In the article, it broke down what type of marketing would work for each generation. What surprised me the most was that for the baby boomers, marketers would give away freebies or senior discounts to attract their baby boomer generation. I would’ve never thought that freebies would attract baby boomers the most, I thought freebies would attract any generation. For generation X, they’re always on the go and trying to keep their kids busy. This article suggest they have kiosks in stores to help keep the kids busy. I think an example of this would be Festival having the childcare center while the parents shop.

5. Factors that go into designing a website by generation/age

Now, I’m not much of a web designer, but we did get into a discussion as to how webpages would look like with different types of generations. But I do know one thing… webpages have to match the knowledge or each generation in order for the webpage to appeal to them.

Article Link: https://econsultancy.com/blog/65354-web-design-across-different-generations#i.1fqc5r241xfk8z
This is another great article I found on how to create webpages based on different generations. It explains how technology has changed and developed throughout generations. It starts with the silent generation where there was no technology until they were 50 or 60 years old. The baby boomers just started getting into technology and did not use it. Generation X started getting adaptable to technology. Some even started getting their own PCs. The millennial generation is known to be internet addicted.

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