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Irish Lass | Im studying marketing management and have an exam soon! Can u help? |
What is lifestyle market segmentation? What is geo-demographic market segmentation? And how could having an understanding of this help a marketer to gain an understanding of the market? Thank-You |
 |
 
abidrahman
 |
Lifestyle market segmentation is part of the VALs segmentation (where a market is segmented on their Values, Attitueds and Lifesyles). Lifestyles as you can imagine is closely associated with income, vacation habits, dining, etc. Magazines like travel magazines use lifestyle segmentation to market products to these groups based on their lifestyle.
GeoDemographic segmentation is segmentation based on two components: Geo is based on how the market is geographically divided (i.e. NE/ SE, Urban/ Suburban, etc). Demographic segmentation is based on market's physical characteristics (such as age, gender, ethnicity, slary, etc.) and may also include Geo segmentation mentioned above.
Understanding these and aligning these with product offering will tremendously help your marketing effort by limited wasteful advertising, and reaching the audience that seeks your product benefits. For instence, if you were selling tanning beds, you want to do Demographic segmentation- after all you don't want to advertise this product to low income asian or african american person.
Same goes for Lifestyle segmentation- understanding these groups- such as affluent lifestyle people- would allow you to package and target your product that appeals to them |
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deadman
|
Shouldn't you know this if you have been doing the course? |
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Rosy
 |
Marketing is made of 5 p's
P - Product & Pricing
P - Promotion
P - Process
P - Placement (Channels)
P - People
Market segmentation is to analised a specific group of your target market which are lifestyle related. I.e People who likes to hang out in Starbucks, enjoy yoga, gadget savy and etc. By segmenting this group of people you need to perform a detailed anylisi on them i.e. age group, female or male, married and etc, in order for you to develop the correct product, promotional activities and sales approach.
Geo -demographics will be anyalising the segment by area i.e. people who lives in california may pefer to lifetsyle related to beach / water sports and etc vs people who lives in hollywood, they may prefer a lifestyle of shopping, dining and doing yoga.
Before you market anything, you need to understand who is your target market, their behaviour, their needs and appy it with the correct strategy.
Hope this helps you. |
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JoJo
|
Different marketing/sales scenarios and objectives call for different market analytics. For example, to market a new product you may be seeking to target a specific lifestyle group; those who are most likely to purchase/use the product, so lifestyle group market analysis will help you do that. (see other responses on these groups). Not all products are strogly geared toward distinct lifestle characteristics (e.g. camping equipment=strong lifestyle preferences...toothpaste, not!), so developing a toothpaste marketing/sales/promotion strategy would rely more on geodemographics...understanding the market in general and how your product/category fits in it. |
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jlyko23
|
lifestyle market segmentation is categorizing people by what their activities are-are they outdoorsy, rock climb, etc. geo-demographic is marketing a product by a persons geographic location. you wouldnt necessarily advertise a backup generator for hurricanes (or whatever) to people in the north of the country- prob more logical to advertise to south (florida) where there is more use for them. (just a bad example), by knowing this, you know where and who to target your product to.
or something like this. |
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map92389
|
lifestyle marketing segmentation is breaking down your market according to lifestyle charactersistics of customers. Geo-demographic segementation is the same process but broken down by geographic characteristics (i.e. location) and demographics (i.e. age, gender, heritage, etc.) |
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Sir Nickle Barsteward
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No sorry |
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isabel
|
lifestyle market segmentation is breaking up a market into categories, with people grouped by their lifestyle characteristics. the study of geodemographic classifications for business seeks to understand the processes by which settlements (notably, cities) evolve and neighborhoods are formed. the market is where people buy and sell goods, therefore studying these two segmentations allows the seller to target their customer better. |
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