Segmenting the Market Segmentation: Maria's Research Paper

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Generation Y couples are also more likely to shoulder the burden for the wedding, rather than insist that the bride's family buy the wedding and the groom buys the engagement ring.

Rather than expensive jewelry and fashion, Generation Y tends to be more interested in electronics and other accoutrements of the digital age. Generation Y consumers may be more apt to invest in new computers, iPads, and the latest 'tricked out' iPhone rather than jewelry. Even if a wealthy Generation Y consumer has the financial means to invest in electronics and jewelry, tangible, material goods might seem less important than the virtual items more valued by Generation Y

Instead of focusing on Generation Y, stressing the values of Baby Boomers and older individuals might be a more feasible segmentation strategy for Maria. The classic nature of a diamond gift is likely to appeal to affluent, long-married Baby Boomers, who are seeking to cement their union in a more traditional fashion, and have less interest in buying the 'next new thing' in electronics.

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Also, given the recent economic downturn, the idea of investing in jewelry might be seen like an attractive wealth-protection strategy.

Market segmentation is most effective when it is varied, but does not fundamentally dilute the product's brand image. Maria must create an image for her company that is high-end, but still broad-based enough to survive in the lagging economy. One final question she must ask is the following: who is more apt to buy diamonds -- men or women? If it is men, the seductive potential of the diamonds must be stressed in marketing of the items. If it is for women, creating a sense of self-indulgent luxury regarding the purchase of a diamond can be the focus of her advertising campaign. Careful marketing may be one way to draw female customers to buy diamonds -- the fact that empowered women do not need to wait for a husband or a spouse to buy a diamond to enjoy the benefits of….....

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