Market Segmentation Is Often Defined As "Grouping Term Paper

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Market segmentation is often defined as "grouping people according to their similarity related to a particular product category" (Richardson). The most commonly used forms of segmentation are geographic, demographic, psychographic and benefit; demographic and geographic segmentation are descriptive while psychographic and benefit segmentation are behavioral. In order to determine the appropriate market for a particular product, you must be first be able to identity what sort of product you will be marketing, whether it is a consumer good or service or an industrial good or service. In this particular case, a new beverage will most likely be classified as a consumer good and as a convenience good. Maslow's hierarchy of needs categorizes all of our desires based on necessity for survival. For example, food, water and shelter are at the highest level of Maslow's hierarchy of needs because human beings absolutely cannot survive without them. On the other hand, items such as iPods, TVs, cell phones, candy, brand name clothing, etc. are at the bottom of the list because they do not enable our everyday survival; instead, they are merely objects which add to our level of pleasure.

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Different products and services may need to be segmented based on differing criteria or even more than one market in which case there will be a marketing mix. With a new beverage, the segmentation and potential markets would be based on demographics and psychological variables and lifestyles. The age and gender of the market will play a crucial role followed by the lifestyle, personality and self-image of the target customer's. Once all of these variables have been identified an appropriate advertising plan can then be implemented. In the case of a new beverage, the both children and parents alike will have to be targeted. The beverage will have to appeal to the children based on lifestyle….....

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