What are the 4 market segments
Market segmentationExamples and criteria for classifying markets and customers
Most of the time, individual market segmentation characteristics and criteria are selected that are relevant for a product or an industry in order to describe purchasing behavior. In the simplest case, geographical features are considered for this. The market is then divided into, for example: Germany, European Union, USA, China, etc.
Within a country, a further distinction can be made according to the location or residential area in which a customer lives. Buying behavior differs, for example, according to whether someone lives in the city or in the country, whether he lives in a single-family house on the outskirts or in an old building in the city center. This classification is also referred to as customer segmentation.
By combining the market and customer characteristics, a provider can then describe and define the market segments that he wants to reach and work on with his products and marketing activities. For example:
- City dwellers in the US with higher incomes
- Young, well-educated people in China
- Eastern European farmers who are open to new technologies
In the commercial sector, market segments are usually formed according to industries. Companies differentiate their customers according to the industry in which they are active. A manufacturer of sensor technology could, for example, differentiate between the following market segments: automotive engineering, mechanical engineering, aviation technology, chemical industry, construction vehicles, building technology. Another feature he can use, for example, is the size of the company for market segmentation and the delimitation of customers.
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