Market Segmentation
The definition is: process of dividing a market into meaningful; identifiable groups. So pretty much a marketer will “single” out (for lack of better word) a specific group. Now this group could be geographic, age, gender, etc.
Lets look at age. I’m in my mid 30’s. Why is it that most beauty products think that I am worried about wrinkles? I’ve scrutinized my face and only have fine ones. Does that mean that I need to go spend hundreds of dollars because i’m in “that” age group?? I really didn’t think so. But who am I to know what I want??
Many companies (not just beauty) are gearing towards age segmentation. Why is this type of seperation important? Because, marketers know that an incorrect strategy will lead to lost sales and missed profits. We’ve all heard the catchy phrases – baby boomers, Generation X, and tweens.
Teens are huge influences on marketing. Think about it, how many kids (teens/tweens) have you seen without a cell phone? Or the latest $100 jeans? Even in todays economy, there is no limit to how much this segment of society will spend. The sad part is, mostly its just to fit in. But thats an entirely different subject.