Demographic Segmentation Variables
Demographic variables are one of the segmentation variables that is based on religion, age, gender, occupation, family size, social class, etc. All these demographic variables can be easily found in the market and also popular in the market segmentation. These characteristics can be simply judged among the customers and are easy to segment.
Following is a discussion of all these demographic segmentation variables:
Age- Market can be segmented based on the age of a customer. There are thousands of customers. All are different in age groups. As their age is different so their interests in different products or services. For example, a kid will always look for toys in the market, whereas an adult may look for books or clothes, etc.
Education- Education is also a deciding factor in the consumer market. A person who has taken the right education would be more likely to make the right decision than a customer who does not have taken education.
Income- An income of a person is also a segmentation variable that decides how much money they would be able to spend. A person earning more would spend more than a person who is comparatively earning less.
Psychological Segmentation Variables
Psychological segmentation variables are those variables that affect a person’s buying decision psychologically, such as lifestyle, buying motives, and personality.
Following is the wide discussion on the psychological segmentation variables:
Personality- Personality is the character and ability of a person to buy a product or service. The independent consumer would make a different decision than a consumer who is dependent on someone. For example, a working woman will have a different choice than a woman who is a housewife.
Lifestyles- Lifestyle is another important characteristic that determines a consumer’s buying decision. Every person follows a different lifestyle, be it his habits, thoughts, interests, etc. These characteristics cannot be the same for every person. Some consumers must be believers, and some must be achievers. Their thought process depends on their lifestyle.
Buying Motives- Every person making a buying decision would have a different buying motive in the market. Some buy emotionally and some rationally. The same goes for the quality of a product, while some go for the cheap price. It all depends on the motive of making a purchase.
Behavioral Segmentation Variables
Behavioral segmentation variables are those variables that are based on the behavior of a customer. Such as buying occasion, status, attitude, benefits, etc.
Following is the detailed discussion on behavioral segmentation variables;
Buying Occasion – Customers tend to buy for an occasion that can be a regular occasion or a special occasion like festivals, events, parties, etc. The customer’s decision is based on the particular occasion for which they are making a purchase.
Benefits – While buying any product or service, a customer looks for the benefit it will provide them. So, the consumer market can be segmented based on behavioral variables.
Loyalty Status – A lot of customers prefer to buy from the brand they trust the most. It is called loyalty towards the brand. Consumers are also segmented based on their loyalty towards a particular product or brand.
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