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Published on January 7, 2009

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Market Segmentation : Market Segmentation How would you define the market as agribusiness manager? What are the different dimensions of the market? Process of Segmentation Benefits of Segmentation Thumb rules Market Segmentation : Market Segmentation A market can be viewed as a composite of three basic components: - physical attributes - behavioral characteristics - qualitative factors One can define the market based on series of dimensions within each of these three components Physical Attributes Components : Physical Attributes Components Dimension 1: Size - Number of units sold - Rupees sales volume - % market share Dimension 2: Geographical location - Physical boundaries - Rupees sales by region, district, area - Location attributes Physical Attributes Components : Physical Attributes Components Dimension 3: Demographic features - Income - Sex - Age - Education - main occupation (farming, dairy) - Land holding status (small or large) - Irrigation potential Physical Attributes Components : Physical Attributes Components Examples of each of the three dimensional factor suggest a high degree of quantification There is no role of subjective judgments in describing these dimensions Agribusiness managers feel most comfortable in viewing market exclusively within this context Behavioral Characteristics Component : Behavioral Characteristics Component Dimension 1: When purchases are made? - Month, Week, Season Dimension 2: How purchases are made? - Impulse - Brand loyalty - Direct request - Frequency of purchases - Scale of each purchase Behavioral Characteristics Component : Behavioral Characteristics Component Dimension 3: Purchasing Influences - Who use product - Who buys product - Who influences - Buying decisions Behavioral Characteristics Component : Behavioral Characteristics Component Dimension 4: Reasons for purchasing - Utility value - Status - Collective Compulsion - Interlinking with other transactions - convenience - ease of application Qualitative Factors : Qualitative Factors Dimensions 1. Risk takers or risk averters 2. Favorable versus unfavorable attitude towards brand 3. Firm versus indefinite intention to purchase soon These factors are largely based on subjective measures and expressed in relative term These dimensions suggest attitudinal characteristics of customers Market Segmentation - process : Market Segmentation - process Segmentation involves identification of groups (segments) of buyers that differ in their requirements, in terms of satisfying their needs The members of each of the groups have similar requirements, and therefore, each segment is homogenous. Market Segmentation - process : Market Segmentation - process Assumptions and pre-requisite for segmentation are: - markets are not homogenous in terms of needs - most company are not in a position to cater to all the needs of all the markets Market Segmentation - process : Market Segmentation - process Steps involved in segmentation - segments need to be described on the basis of some dimensions which have impact on marketing strategy - Potential size of each market segment - How well these segments are being served by other companies and products? Market Segmentation - process : Market Segmentation - process Segment should be large or profitable enough to consider differentiated marketing strategy to serve its need It should be possible to reach the members of the segment with available means – accessibility (information is either available or can be collected on segmenting characteristics) Varieties of market segmentation : Varieties of market segmentation The first variety to emerge was that process linked to geographic segmentation Mainly by smaller agribusiness companies with limited investment capital and were not capable of supporting nationwide distribution channel Later to emerge was demographic segmentation However, age, occupation, income have become less valid as predictors of consumer behavior in the 1980’s. Varieties of market segmentation : Varieties of market segmentation Later on a third variety of segmentation has arisen as volume segmentation. Basically “heavy-half theory” In most agribusiness product categories one half of the customers account about 80 percent of the consumption. Concentrate on that segment of the total market comprised of high-volume consumers Varieties of market segmentation : Varieties of market segmentation Each of these three varieties of market segmentation rests on ex-post facto analysis of the kinds of prospective customers Each relies on descriptive factor rather than causal factors They are no longer accurate for predicting future buying behavior Varieties of market segmentation : Varieties of market segmentation Recent attempt to segment the market is based on the basic reason a person spends money to buy a product, i.e., the benefits a person expects to receive from the purchase It is known as Benefit Segmentation Benefits sought by farmers more fully determine their behavior as consumer than do their physical attributes, their demographic characteristics or their volume of consumption Varieties of market segmentation : Varieties of market segmentation The benefit segmentation approach is based on some ability to measure farmers’ value systems. Here multivariate attitude measuring techniques play an important role It is the total configuration of the benefits sought which differentiates the segment, one from the other, rather than the fact that one segment seeks one specific benefits while another segment seeks a quite different one. Relative importance farmers attach to benefits sought become the effective lever in segmenting the agriculture input market. Varieties of market segmentation : Varieties of market segmentation Product potency is high on list of desired result - emphasize the advertising program on chemical test results, guaranteed germination rates Reliability is to be a priority benefit - sales campaign might focus on maintenance-free service records, longstanding and stable yield performance Varieties of market segmentation : Varieties of market segmentation Reduced surface soil erosion became the desired benefit - need for developing minimum-till seeding equipment Ease of application was identified as a desired benefit - water soluble means of fertilizer application via sprinklers found a rapid acceptance. Segmentation – Some Thumb Rules : Segmentation – Some Thumb Rules It is easier to take advantage of market segments that already exist than to attempt to create new ones. No brand, label or logo will appeal to all potential customers. To cover a market, one must understand the divergent benefits sought by all its occupants. New and old products should, if possible, be designed and promoted to fit the particular benefits hierarchy of some market segment. Marketers who adopts a benefits segmentation approach strategy have a measurable competitive edge over their counterparts. An understanding of the benefits segments which exist in a market can be used effectively in the design of a new product or the preparation of a sales program for an existing product.

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