Each market segment has distinct identity, specific needs and wants as well as preferences. These attributes provide each market segment with a clear consumer profile allowing the business to target that market segment with the appropriate Marketing Mix.
The Marketing Mix always has to be suitably and skillfully designed for the target market and future positioning of the business.
Definition of a consumer profile
A consumer profile is a descriptive picture of a typical consumer of the firm’s products in a specific market segment. The main characteristics of customers contained in a consumer profile are based on geographic, demographic, behavioral and psychographic factors.
A picture of the typical consumer profile is built upon to market research, sampling, the intended Marketing Mix and positioning of the product in the market.
For instance, a consumer profile devised upon demographic characteristics can show the proportions of age, life-cycle, gender, race and ethnicity, nationality, marital status, religion, family size, income, occupation and language.
Examples of consumer profiles
Marketers constantly invent many names to act as marketing abbreviations for various groups of customers.
Examples of some interesting consumer profiles include:
OINK (One Income No Kids) – It means that the family with one income has no children
SIOK (Single Income One Kid) – It means a household with one working adult and one child.
SILK (Single Income Lots of Kids) – It means a household with one working adult and many children living under one roof.
DINK (Dual Income No Kids) – It means that the family with two incomes has no children.
DEWK (Dual Income With Kids) – It means that the family with two incomes has children.
HENRY (High Earners Not Rich Yet) – It means fairly new and emerging group of young people with very high salaries.
WOOF (Well-Off Old Folks) – It means rich old people.
OPAL (Older People Active Lifestyle) – It means old people who are physically active and engaged in the society.
YUPPIES (Young Upwardly Mobile Professionals) – It means young college-educated people are professionals living and working in a city.
BUPPIES (Black Upwardly Mobile Professionals) – Black adults who are employed in a well-paying profession.
KIDULTS – It means adults who buy products aimed at children such as toys.
TWEENAGERS – It means young people between the age of 10 to 13 on the verge of becoming teenagers.
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In conclusions, market segmentation is the process of dividing the whole market into distinct consumer groups in order to better meet their needs and wants. Business organizations conduct market segmentation to create a distinct consumer profile in each segment.
Successful market segmentation requires a business to have a clear picture of the consumer profile in the target market it is aiming to sell in.
