Essay: Psychographic Segmentation

10 Jan

Essay: Psychographic Segmentation

Sample Essay

The other strategy for segmentation is the psychographics. It is a mixture of psychology and demographics, and is used in order to understand consumers’ lifestyle based on the demographic characteristics and customers’ cognitive elements. It is clearly possible that within the same demographics consumers’ lifestyles, values and norms may differ and vary from person to person (Kotler, Keller 13th Ed).

For instance, the affordability and lifestyle of students may vary from those of the students from Melbourne. For instance, the lifestyle of a college student may vary from that of a university student. They both may and may not prefer living in hostels but rather prefer renting out a separate house (Mira 2008). For MarketNet the graduates from the field of business studies are the main focus. They comprise the main segment for MarketNet. According to a data 75 percent of the total graduates of business studies are full time employed individuals, which means that the segment shows similar characteristics like area of studies, age group, locality, work status etc. Based on these characteristics MarketNet can segment its market. Further steps are the targeting strategies to access the right segment. Targeting is a crucial step that decides the top layer of the market for the group.

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