Market segments is a discussion that causes us to look beyond a single customer and see a group of people with similar conditioning. Furthermore segments can be described as cultures of people with like mindedness or having strong correlation for tangible items or premiere services. A culture is defined as the sum of beliefs, shared values, behavior and customary norms Ueltschy, Ueltschy, & Fachinelli. (2007). These isolated markets can be graphed by statistical data according to variables such as age, ethnicity, gender, and religion. A culture can be isolated by its extra curricular activities that includes sports, music, and even movies . We track data to predict certain behavior of a culture by viewing the origin of its practiced behavior. For instance I will use Ohio State Buckeye Football fans as a culture or segmented market. During the football seasons Saturday behavior will generate sales in beer, soda, chips, and hot dogs because the fans will gather in clusters to watch their favorite college team.
We can continue to make predictions of the behavior for the group of fans used in the example to explain how groups are isolated and selected as a market. Of course we need to look at other variables such as competition selling similar items, and product distinction, to separate one business from another when looking at consumer selection. But defining the market is the first part of understanding the consumer, followed by professional methods of market research. A close look of the market can be from an empirical standpoint or an analysis of primary or secondary data.
Reference
Ueltschy, L. C., Ueltschy, M. L., & Fachinelli, A. C. (2007). THE IMPACT OF CULTURE ON THE GENERATION OF TRUST IN GLOBAL SUPPLY CHAIN RELATIONSHIPS. Marketing Management Journal, 17(1), 15-26.
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