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In marketing, geodemographic segmentation is a multivariate statistical classification technique for discovering whether the individuals of a population fall into different groups by making quantitative comparisons of multiple characteristics with the assumption that the differences within any group should be less than the differences between groups.
PRIZM Premier is an update to PRIZM model that featured 68 segments, and it includes new inputs for technology adoption and wealth. PRIZM Premier segments are numbered according to socioeconomic rank (which takes into account characteristics such as income, education, occupation and home value) and are grouped into 11 Lifestage groups and 14 ...
Mosaic is Experian's system for geodemographic classification of households. It applies the principles of geodemography to consumer household and individual data collated from a number of government and commercial sources.
Cloud Client – Free online tool for geodemographic mapping, segmentation and output. Covers England and Wales only; Geodemographic mapping and reporting for the UK; National Statistics 2001 Area Classification; American Marketing Association definition of geodemography; Demographic mapping and reporting for the UK; Articles on geodemographics
Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
Market segmentation is the process of dividing a total available market, using one of a number of key bases for segmenting such as demographic, geographic, psychographic, behavioural or needs-based segments. For example, a demographic segmentation of the adult male population might yield the segments, Men 18-24; Men 25-39, Men 40-59 and Men 60+.
Geodemographic segmentation is a logical starting point because The data are obtainable through secondary sources, government agencies, or demographic vendors ; It provides a quick snapshot of a market—an understanding of market structure and potential customer segments; and
In marketing, segmenting, targeting and positioning (STP) is a framework that implements market segmentation. [1] Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. [2]