Market Segmentation: SUVs catch women buyers’ fancy.

Segmentation

• Market segmentation is the identification of the portions of the market that are different from one another. It allows the firms to satisfy the needs of its potential customers in a better way.

• The business or the organization cannot meet the needs of each and every individual in the market, hence the market is segmented into meaningful, relatively similar and identifiable groups.

• This enables the marketer to tailor the marketing mixes to meet the needs of one or more specific groups. These groups are known as segments and this process is known as market segmentation.

Geographic Segmentation

• Geographic segmentation divides the market based on the units of geography – such as location, languages used and other such basic elements which separate one geography from the other.

• The differentiation can be done on a regional basis because one region might consist of upper class consumers whereas another region might consist middle class consumers.

Demographic Segmentation

• Segmentation generally divides the population based on variables. Thus demographic segmentation has its own variables such as age, gender, family size, income, occupation, religion, race, and nationality.

Focusing on Gender based segmentation:

• Men are from Mars and women are from Venus. So naturally, their preferences differ. Where men might want the latest in technology, women might desire the latest in Fashion (though the point is debatable nowadays).

• There are several products which are gender-focused such as deodorants, clothing, accessories, footwear and even automobiles.

SUVs catch women buyers’ fancy

• The rugged SUV is a macho vehicle, right? Well, not quite. A latest myth-busting survey -the 2017 Women Automotive Buyer Survey by PrimonAsia – has come up with the surprising finding that female car buyers of India are as fascinated by the SUV crossover segment as men.

• This preference for bigger vehicles is at the cost of the earlier overwhelming obsession with compact hatchbacks.

• The survey spoke to current women car owners across 28 cities in India. It was found that the biggest jump in purchase plan is in the case of SUV crossovers – from 13.3% present ownership to 20.7% future possession.

• “The shift between owners to future owners is strongest in the SUV segment and the drop is strongest in hatchbacks which shows that the SUV craze is not just a male obsession, it is also very much a female phenomenon. Also, there are enough women buyers who attach importance to engine power and performance which is another myth buster.” said Rajeev Lochan, Founder & CEO, PrimonAsia

• The study also threw up interesting trends about the average age for women to start learning how to drive and acquire a license.

Source: http://bit.ly/2iScrAv, http://bit.ly/2eymXvI