Wants and Consumer markets Free Essay

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Wants and Consumer markets

The book describes a market segment as a group of customers who share a similar set of wants. There are two broad groups of variables that are used to segment consumer markets. Segments are formed by looking at consumer characteristics: geographic, demographic, and psychographic and then by examining whether these customer segments exhibit different needs or product responses. Although all of these variables can be interchangably used, Bahlsen has decided to use the combination of the demographic and behavioral variables. Demographic segmentation means that the market is divided into groups on the basis of variables such as age, family size, family life cycle, gender, income, occupation, education, religion, race, generation, nationality,

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