Rural Market Segmentation

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RURAL MARKET SEGMENTATION

Market Segmentation has three components, i.e.

MARKET - consist of people or organization with needs or


wants and the ability and willingness to pay.

MARKET SEGMENT - consist of a group of people or


organization having one or more characteristics that lead to
them to have similar product needs.

MARKET SEGMENTATION - is the process of dividing a


market into meaningful, relatively similar identifiable
segments and groups.
RURAL MARKET SEGMENTATION

APPROACHES TO IDENTIFY MARKET SEGMENTS

PEOPLE-ORIENTED APPROACH or
Customer Personal Characteristics

PRODUCT-ORIENTED APPROACH or
Customer Response Behavior
CONDITIONS for EFFECTIVE
MARKET SEGMENTATION

MEASURABLE

ACCESSIBLE

PROFITABLE

DATA AVAILABILITY
RURAL MARKET SEGMENTATION
TOOLS

• THOMPSON
RURAL MARKET
INDEX

• MICA RURAL
MARKET RATING

ASSIGNMENT
MARKET SEGMENTATION STRATEGIES

Mass Market Strategy (Undifferentiated)


The marketers may not prefer the idea of market segmentation
and follow one marketing mix for many market segments. This
helps the company to target maximum no. of consumers.

Market Segmentation Strategy (Differentiated)


A firm under this strategy enters many market segments but
has a unique marketing mix appropriate for each segment.

Niche Marketing
Marketing in an area where there is no strong competition.
PROCESS OF MARKET SEGMENTATION

I) DEFINE RELEVANT MARKET


II) ANALYSIS OF CHARACTERISTICS AND
WANTS OF POTENTIAL CUSTOMERS
III) IDENTIFY THE BASIS FOR SEGMENTING THE
MARKET
IV) DEFINE AND DESCRIBE MARKET SEGMENTS
V) ANALUSE COMPETITOR’S POSITION
VI) EVALUATE MARKET SEGMENTS
VII)SELECT MARKET SEGMENTS
VIII)FINALISE MARKETING MIX

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