One of the key external factors and influences in the study consumer behavior and marketing is culture and subcultures. As indicated by the word, a subculture is a subset of the overall culture.
Let’s firstly check out the definitions of … Read more...
When studying consumer behavior and/or the marketing environment, the concept of age cohorts is often discussed within the marketing textbook.
Age cohorts of very large groups of populations that were born in the same time – usually within the same … Read more...
The market segmentation evaluation criteria
After constructing a set of market segments in the STP process, the market segments are then subject to evaluation against a set criteria.
This is a checkpoint stage in the STP process. Its goal … Read more...
How to segment a market? (Technical aspects)
There are two main approaches: cluster analysis (if data is available), otherwise segmentation trees.
Cluster analysis is an analysis designed to categorize objects to a pre-defined number of different groups, with … Read more...
What is a business segmentation base?
A business segmentation base is definable characteristics or behavior of organizations that can be utilized to classify the organizations into related groups, for the purpose of target marketing.
Main business segmentation bases (with examples)
… Read more...
What is STP in Marketing?
STP stands Segmentation, Targeting and Positioning
STP is a process where a marketer:
- Segments an overall market,(segmentation)
- Evaluates each market segment on a set criteria,
- Selects the most appropriate target market/s for the firm,
… Read more...