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How useful is social class as a variable for segmenting consumer markets Explore In the early days of segmentation according to Schiffman it was not unusual to apply only one segmentation criterion eg demographic segmentation Today marketers have realized that it is to simplified to apply only one criterion for segmenting complex markets Therefore it is common to combine several criteria to create rich and comprehensive segmentation profiles in order to find the most beneficial target markets for ones product Shortly it can be argued that geographic and demographic variables help to locate a certain target market whereas psycho-graphic and socio-cultural variables help describe who its members are how they think and how they feel Demographic is segmenting customers based on age income gender etc Geographic is based on the region or country they live in psycho-graphic is based on their personality and socio-cultural segmentation is segmenting the market based on their subculture religion social class family lifestylelife-cycle single married etc Currently we will focus on the importance of segmenting the consumer markets based on their social class Page 2 Almost every society has some form of a social class structure According to Kotler Social classes are societys relatively permanent and ordered divisions whose members share similar values interest and behaviors Society is mainly divided into three major classes Upper Middle and Lower But social scientists have identified that society can be classified into seven social classes They are the Upper Uppers Lower Uppers Upper Middles Middle Class Working Class Upper Lower and Lower Lowers See Appendix I Companies need to consider social class as a variable for segmenting the consumer markets because it is useful for them in determining their target market It helps them in setting the different marketing mix for different target market based on their social class For example a car company like Toyota produces many different types of car with different brands prices and which
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