Market segment is defined as a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needsi. In the clip, it is established that the characters depicted are a part of a high school; they are approximately the same age (age segmentation) and belong to the same geographic region (geographic segmentation). Further we can divide them on the basis of sex, which is gender segmentation. Another way of dividing them is on the basis of their personality, motives and lifestyles, which is also known as psychographic segmentation.
There are four characters in the clip, two boys and two girls. According to their taste and preferences, interests and sex we can create strategies to provide them with satisfying products. In this case a company or an organization can design, target and maintain a marketing mix that is intended to meet the needs of the group, resulting in mutually satisfying exchange.ii This is where it is important to understand and evaluate different market segments. A product that maybe attractive to one of the characters, may not be as attractive to another.
Market segments play an essential role in indentifying and narrowing the needs of the consumer. This helps the producers in tailoring marketing mix that meets the specific need of one or more segments. In the clip, we saw that each of the characters had a different preference for meals. While, one liked traditional peanut butter and jelly sandwiches, the other preferred sushi. This is just one example of how we can identify their needs and help an organization that produces or caters meals, to target their potential consumers.
i “Essentials of Marketing”, 207
ii “Essentials of Marketing”, 220...