Tell us how we can improve this post? Marketers establish the basis to segment the market. Influence of Reference Groups: A reference group may be defined as a group of people who influence a persons attitudes, values and behaviour.
The manufacturer may want to first start in the Southern region and concentrate on Karnataka, Bengaluru North Region.
They can budget funds to different segments depending upon their buying response. Accordingly, marketing strategies must be designed depending upon their likes, dislikes, moods, preferences, and fashions and buying habits.
Through internal research and development at Nestl there have also been significant advances in the environmental impact of refrigerants and packaging.
But market segmentation need not be a purely adaptive strategy: The process of market segmentation can also consist of the selection of those segments for which a firm might be particularly well suited to serve by having competitive advantages relative to competitors in the segment, reducing the cost of adaptation in order to gain a niche.
This method of segmentation is useful when variations in consumers occur with the change of coordinates. In other words, potential customers characteristics and wants must be heterogeneous i.
Unlike objective demographic variables, behavioural variables tend to be subjective constructs. The author proposes an approach whereby market segments are delineated first on the basis of factors with a causal relationship to future purchase behavior.