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Market Segmentation What is Segmentation? Market segmentation is the practice of dividing a market into identifiable groups of customers with common characteristics and motivations. This is so that each group can be treated independantly, tailoring the marketing mix to meet the needs of each segment. Furthermore, opportunities for new products and any niche markets are highlighted. Segmentation also portrays which segemets are doing well, which are likey profitable to be profitable/worth pursuing, which segments need additional marketing support and which should be ignored. Psychographic This affects the psychological motivation of the purchaser. It's based on the benefits that the products/services offer to the purchaser. Factors that affect the buying decisions are increasingly emotive rather than practical. Psychological factors are: - Life style Segmentation is based on actual lifestyle differences as well as perception. Different lifestlyes fall into different catogories, for example modern and trend-setting or traditional with few changes. Another example would be...

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