Explain the five major segmenting variables for consumer markets

What will be an ideal response?

The major segmenting variables for consumer markets are demographic, psychographic, values, behavioral, and needs. Demographic segmentation divides the market into groups based on variables such as age, gender, family size, life cycle, income, occupation, education, religion, ethnicity, generation, and nationality. These are the most popular factors because the data is easy to obtain. Psychographic segmentation, on the other hand, divides buyers into different groups based on class, lifestyle, or personality characteristics. People in the same demographic group can have very different psychographic makeups. Behavioral segmentation divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product. Behavioral segmentation includes usage rates and loyalty segmentation. Values segmentation considers what customers prefer and what motivates them to respond to marketing activities, while needs segmentation assigns consumers into groups based on their current and desired levels of interaction with a particular market category.