Market Segmentation
An organization’s audience might be different with respect to various aspects like their requirements, resources, locations, buying attitudes and practices. Through market segmentation, an organization can diversify its prospective audience base into smaller segments and approach each segment in a unique and acceptable approach.
Market segmentation can be studied in four important topics; segmenting customer markets, segmenting business markets, segmenting international markets and requirements for effective segmentation.
For the Health and Nutrition Start-Up, Habbit; we shall be segmenting the customer markets to position the brand better in the market.
Major segmentation variables for consumer markets
Importance of Market segmenting process
Finding new competitive advantages
Improving the product developing process
Analyzing and optimizing the campaign performance
Types of segmentation that can be used for Habbit
Geographic segmentation: This is the one kind of segmenting the market. Here, the marketer divides the target market into various geographical units like nations, states, and regions. He/she might attempt to operate in one or over one geographical areas. Segmentation for Habbit could be on the following factors:
Region wise: States and districts along with cities
Size wise: Tier 1, tier 2, tier 3 cities along with other aspects like metropolitan and population
Population density: urban, suburban and rural areas
As the organization is new in the Indian market and dealing in low calories ice creams, it needs to geologically section the market based on pre-determined models like district, size and so on According to my view, the organization should begin for certain chosen territories like metro urban communities where individuals are more wellbeing cognizant. We as a whole need to remain healthy and fit and for that, the vast majority of us stay away from unhealthy food sources like Pizza, Burger, Ice-cream and so forth and in this situation, on the off chance that you get this sort of item which can engage your hankering and still doesn’t make you fat then you will pull out all the stops. In the event that the interest is acceptable and the item is fruitful, the organization may extend to other little urban areas too.
Demographic segmentation: While it is not difficult to track down and group individuals living in one geographic area, there might be an enormous variety in their segment attributes. Since customer needs, wants, choices and demand patterns are straightforwardly connected with demographical factors, this strategy for segmentation is mainstream among marketers. Segmentation of prospects dependent on demographic factors is as per the following:
Age factor
Income factor
Purchasing power
In the given case, the organization might have to position its product in the market demographically. Some significant variables that come in this division are age, income and so on. Normally, people having an age range between 14 to 60 will purchase these items; aside from that income is a fundamental prerequisite to purchase anything besides true to form, ice creams won’t be so costly and can be managed by every individual regardless of their income and status.
Psychographic segmentation:
Other than the segment strategies for market division, division based on psychography is another well-known strategy among strategist, marketers and advertisers. Psychographics is the investigation of the way of life of people. It includes creating a sub-bunch based on psychographic qualities. Way of life is a method of living. It mirrors an individual’s living as a blend of his activities, interests, feelings, options, choices and preferences.
Here, Habbit can target individuals interested in sustainability, healthy lifestyle, fitness, etc., living in large urban communities and care about their wellness. They will be keen on purchasing these ice creams since they are getting the taste, assortment with great wellbeing and benefits.
Behavioural segmentation On account of behavioural segmentation, markets are split and studied based on the choices of their prospective consumers and items or brands preferred by their prospects. Splitting the market based on factors, for example, use event, benefits looked for client status, use rate, faithfulness status, purchaser availability stage, and disposition is named as behaviouristic segmentation. Purchasers can be distinguished by the utilization event when they foster a need and buy or utilize an item.
Here the organization, Habbit can design its launching procedures as indicated by the conduct of the buyers which depends on different boundaries. Regularly we purchase these items when we need to have something delicious so the organization may advance the item appropriately. The organization may likewise fragment according to the dedication status of the clients.
Positioning strategies
There are multiple brands in the market that promote healthy snacking and healthy eating products. For example, epigamia yoghurts have positioned themselves as “healthy snacking”.
There are also brands that directly position themselves against their competitors. For example apple X samsung; pepsi X coca cola and many more. So the brand can also position itself in a similar manner.
Positioning the brand based on its consumer base is very important for any organization. Thus analyzing all the aspects is of vital importance and the scope of segmentation helps in achieving the same.
For Habbit, there are many aspects and USPs that can be portrayed while positioning the brand. Especially while targeting at various levels, it can illustrate based on what is required to capture the consumers.
The psychographic segment can be captured based on the healthy lifestyle and trendy aspects. This segment can also be captured by using sustainable and biodegradable packaging.
-The Pencil’s Writings Priya KN
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