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Market Segmentation
How to do it
How to profit from it

Malcolm McDonald
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and
Ian Dunbar

(G) Goodfellow Publishers Ltd

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(G)
Published by Goodfellow Publishers Limited,
Woodeaton, Oxford, OX3 9TJ
‘Ĵ™DZȦȦ ǯ˜˜Ž••˜ ™ž‹•’œ‘Ž›œǯŒ˜–

›’’œ‘ȱ’‹›Š›¢ȱŠŠ•˜ž’—ȱ’—ȱž‹•’ŒŠ’˜—ȱŠŠDZȱŠȱŒŠŠ•˜žŽȱ›ŽŒ˜›ȱ˜›ȱ
‘’œȱ’•Žȱ’œȱŠŸŠ’•Š‹•Žȱ›˜–ȱ‘Žȱ›’’œ‘ȱ’‹›Š›¢ǯ
’‹›Š›¢ȱ˜ȱ˜—›ŽœœȱŠŠ•˜ȱŠ›ȱž–‹Ž›DZȱ˜—ȱꕎǯ
DZȱşŝŞȬŗȬşŖŜŞŞŚȬŗŞȬś
’›œȱ™ž‹•’œ‘Žȱŗşşś
˜™¢›’‘ȱȚȱŠ•Œ˜•–ȱŒ˜—Š•ȱŠ—ȱ Š—ȱž—‹Š›ȱŗşşśǰȱŗşşŞǰȱŘŖŖŚǰȱŘŖŗŖ
••ȱ›’‘œȱ›ŽœŽ›ŸŽǯȱ‘ŽȱŽ¡ȱ˜ȱ‘’œȱ™ž‹•’ŒŠ’˜—ǰȱ˜›ȱŠ—¢ȱ™Š›ȱ‘Ž›Ž˜ǰȱ
–Š¢ȱ—˜ȱ‹Žȱ›Ž™›˜žŒŽȱ˜›ȱ›Š—œ–’ĴŽȱ’—ȱŠ—¢ȱ˜›–ȱ˜›ȱ‹¢ȱŠ—¢ȱ–ŽŠ—œǰȱ
Ž•ŽŒ›˜—’Œȱ˜›ȱ–ŽŒ‘Š—’ŒŠ•ǰȱ’—Œ•ž’—ȱ™‘˜˜Œ˜™¢’—ǰȱ›ŽŒ˜›’—ǰȱœ˜›ŠŽȱ’—ȱ
Š—ȱ’—˜›–Š’˜—ȱ›Ž›’ŽŸŠ•ȱœ¢œŽ–ǰȱ˜›ȱ˜‘Ž› ’œŽǰȱ ’‘˜žȱ™›’˜›ȱ™Ž›–’œœ’˜—ȱ
˜ȱ‘Žȱ™ž‹•’œ‘Ž›ȱ˜›ȱž—Ž›ȱ•’ŒŽ—ŒŽȱ›˜–ȱ‘Žȱ˜™¢›’‘ȱ’ŒŽ—œ’—ȱ
Ž—Œ¢ȱ’–’Žǯȱž›‘Ž›ȱŽŠ’•œȱ˜ȱœžŒ‘ȱ•’ŒŽ—ŒŽœȱǻ˜›ȱ›Ž™›˜›Š™‘’Œȱ
›Ž™›˜žŒ’˜—Ǽȱ–Š¢ȱ‹Žȱ˜‹Š’—Žȱ›˜–ȱ‘Žȱ˜™¢›’‘ȱ’ŒŽ—œ’—ȱŽ—Œ¢ȱ
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’–’Žǰȱ˜ȱŠě›˜—ȱ ˜žœŽǰȱŜȮŗŖȱ ’›‹¢ȱ›ŽŽǰȱ˜—˜—ȱŗȱŞǯȱ

••ȱ›ŠŽ–Š›”œȱžœŽȱ‘Ž›Ž’—ȱŠ›Žȱ‘Žȱ™›˜™Ž›¢ȱ˜ȱ‘Ž’›ȱ›Ž™ŽŒ’ŸŽȱ˜ —Ž›œǰȱ
‘ŽȱžœŽȱ˜ȱ›ŠŽ–Š›”œȱ˜›ȱ‹›Š—ȱ—Š–Žœȱ’—ȱ‘’œȱŽ¡ȱ˜Žœȱ—˜ȱ’–™•¢ȱŠ—¢ȱ
ŠĜ•’Š’˜—ȱ ’‘ȱ˜›ȱŽ—˜›œŽ–Ž—ȱ˜ȱ‘’œȱ‹˜˜”ȱ‹¢ȱœžŒ‘ȱ˜ —Ž›œǯȱ

Žœ’—ȱŠ—ȱ¢™ŽœŽĴ’—ȱ‹¢ȱǯ ǯȱŒ›’Žǰȱ ǯ–ŠŒ‹›’Žǯ˜›ǯž”ȱ

›’—Žȱ‹¢ȱŠ›œ˜—ȱ˜˜”ȱŽ›Ÿ’ŒŽœǰȱ ǯ–Š›œ˜—ǯŒ˜ǯž”

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Contents

Foreword ix
Preface and acknowledgements xi
An important note to the reader from the authors xiii
List of figures xvi
List of tables xx
1 Market segmentation – the bedrock of successful marketing 1
Perception is everything 2
The state of marketing 2
Resolving the confusion about marketing 3
The central role of market segmentation
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Definition of market segmentation 8
Segmentation process summary 14
Developing segments 14
Prioritizing and selecting segments 17
Marketing objectives and strategies 17
Review 18
2 Preparing for segmentation – additional guidelines for success 20
Objective of this book 21
Segmentation archetypes in companies 22
Company archetypes 23
Case study conclusion 26
Classifying market segmentation in organizations 28
Classification conclusion 31
Organizational structure 31
The ‘postmodern’ customer 33
International market segmentation 35
Segmentation team 37
Data for segmentation 38
Rules for segmentation 40
The advantages of segmentation 40
Segmentation case histories 41
Case history conclusion 45
Review 45
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iv Market Segmentation

3 Fast tracking through the segmentation process 47

Process structure 47
Phase 1 – Developing segments 48
Determining the scope of a segmentation project 48
Portraying how a market works and identifying decision-makers 50
Developing a representative sample of different decision-makers 53
Accounting for the behaviour of decision-makers 58
Forming market segments out of like-minded decision-makers 61
Phase 2 – Prioritizing and selecting segments 64
Determining the attractiveness of market segments 64
Assessing company competitiveness and the portfolio matrix 66
Review 70
4 Determining the scope of a segmentation project 71
Geographic scope 72
Defining markets
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Developing the market definition 74
Whose needs are being defined? 83
Ensuring the definition is meaningful to your company 87
Markets and strategic business units 91
Defining markets – conclusions 92
Sizing the specified market 94
Process check 96
Case study – Agrofertilizer Supplies 97
Further examples 99
Exercises 100
5 Portraying how a market works and identifying decision-makers 105
Constructing your market map 107
Getting started 108
Initial quantification of the market map 117
Adding junction types 117
Market maps in the tabular form 120
Market leverage points 121
‘Shared’ decision-making 123
‘Cumulative’ decision-making 124
Selecting the junction to be segmented 125
To include or exclude non-leverage groups 127
Testing current views about segments: preliminary segments 129
Sizing preliminary segments 131
Process check 131
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Contents v

Case study 132

Further examples 135
Exercises 138
6 Developing a representative sample of different decision-makers 141
The components of a ‘micro-segment’ 144
Price 146
Developing micro-segments 147
Getting micro-segments up and running 148
Managing micro-segments – keeping control 161
Key Discriminating Features 163
Key discriminating feature guidelines 165
What, where, when and how 172
Profiling and ensuring it is practical 175
Profiling – standard categories 177
Profiling – additional categories
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Profiling – keeping it practical 182
Process check 182
Case study 184
Further examples 190
A selection of standard approaches to profiling businesses 192
Demographic characteristics 192
Geographic 195
Geodemographic 195
Psychographic characteristics 195
Multidimensional 196
A selection of standard approaches to profiling individuals 196
Demographic characteristics 196
Geographic 199
Geodemographic 199
Psychographic characteristics 200
Multidimensional 201
Exercises 202
7 Accounting for the behaviour of decision-makers 205
Explaining customer behaviour 207
From ‘features’ to ‘benefits’ 208
Price 209
Micro-segments and their Decisive Buying Criteria 212
Defining micro-segments by their needs 214
Expressing the relative importance of decisive buying criteria numerically 220
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vi Market Segmentation

Benefit analysis – essential input to successful marketing 224

Standard, company and differential benefits 226
Looking beyond the status quo 227
Techniques for uncovering unsatisfied needs 229
Addendum for those intending to test the validity of a current structure of
strategic business units 235
Process check 235
Case study 237
Further examples 239
Exercises 242
8 Forming market segments out of like-minded decision-makers 245
The components of a market segment 246
Size of market segments 248
Number of market segments 250
Building micro-segments into market segments – clustering
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251
Visual clustering (pattern analysis) 254
Mathematical clustering 258
Isolating the most important decisive buying criteria 263
Acceptable differences 264
What if . . . 265
Computer-assisted clustering 268
Segment checklist 270
Profiling revisited 271
Checklist questions 274
Process check 277
Case study 278
Case study conclusion 282
Further examples 283
Exercises 285
9 Determining the attractiveness of market segments 291
Portfolio analysis 292
The Boston Matrix 293
General Electric/McKinsey Matrix 294
Segment attractiveness 296
Time horizon 298
Segmentation team 299
Defining segment attractiveness factors 299
Weighting segment attractiveness factors 302
Defining the parameters for each segment attractiveness factor 303
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Contents vii

Scoring the segments 304

Plotting the position of segments on the portfolio matrix 304
When the final result is not what you expected 307
Process check 308
Examples 309
Exercises 311
10 Assessing company competitiveness and the portfolio matrix 315
Company competitiveness 316
Time horizon 318
Competitiveness factors 318
Weighting the factors 320
Defining the parameters for competitiveness 321
Scoring your company and your competitors 322
Producing the portfolio matrix 323
The directional policy matrix
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Process check 327
Examples 328
Exercises 330
11 Realizing the full potential of market mapping 335
Enhancing the information on your market map 336
Market mapping reviewed 336
Looking to the future 338
Further quantification of the market map 338
Extending the detail to junction types 340
Adding market leverage to junction types 343
Detailed market maps in the tabular form 346
Review 349
Examples 351
12 Predicting channel transformation 355
Multichannel strategy formulation 356
Future market mapping: analysing industry structure 358
New channels 360
Reconfiguring the market map 364
Towards a future market map in financial services 366
Multichannel integration: channel chains 369
Channel choice: the channel value curve 374
The prioritization matrix: defining channel strategy 378
Determining channel tactics 382
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viii Market Segmentation

Review 384
Exercises 385
13 Setting marketing objectives and strategies for identified segments 393
Marketing objectives: what they are and how they relate to corporate objectives 394
So what is a corporate objective and what is a marketing objective? 396
How to set marketing objectives 397
Competitive strategies 406
Where to start – gap analysis 412
New product development 419
Marketing strategies 419
Developing effective marketing strategies for identified segments 422
Marketing in a downturn 424
Marketing objectives, strategies and profitability – valuing key market segments 426
Background/facts 426
Suggested approach
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Review 427
Exercises 429
14 Organizational issues in market segmentation 437
Segmentation as a company exercise 438
Support from the chief executive and top management 438
Size and diversity 439
Planning for the segmentation process 446
Line management support 447
Integrating the segmentation process into a marketing planning system
and into a total corporate planning system 449
Cross-functional involvement 450
Successful implementation of segmented marketing 451
Strategic integration through the mission statement 452
Managerial integration 454
Tactical integration 454
Bringing segments to life 455
Review 456
15 Using segmentation to improve performance – a case study 458
GlobalTech 458
Background 459
The segmentation project 460
Strategy development and implementation 467
Index 471
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ix

Foreword
—ȱŘŖŖŚǰȱ˜›ȱŠ›œ‘Š••ȱ˜ȱ —’‘œ‹›’Žȱ™›˜Ÿ’Žȱ‘Žȱ˜›Ž ˜›ȱ‹Ž•˜ ǰȱ ‘’Œ‘ȱ Žȱ
‘ŠŸŽȱ›ŽŠ’—Žȱ ’‘˜žȱŠ–Ž—–Ž—ǰȱŠœȱ’ȱŽ—ŒŠ™œž•ŠŽœȱ‘Žȱœ™’›’ȱŠ—ȱœž‹œŠ—ŒŽȱ˜ȱ
‘’œǰȱ˜ž›ȱ•ŠŽœȱŘŖŗŖȱŽ’’˜—ȱ˜ȱŠ›”ŽȱŽ–Ž—Š’˜—ǯȱ
ȁ—Žȱ˜ȱ‘ŽȱŠ‹’’—ȱ™›’—Œ’™•Žœȱ˜ȱœ˜ž—ȱ‹žœ’—Žœœȱ™›ŠŒ’ŒŽȱ’œDZȱȁ —˜ ȱ¢˜ž›ȱ
Œžœ˜–Ž›Dzȱ”—˜ ȱ¢˜ž›ȱ–Š›”ŽǯȂ
‘Žȱ˜‹“ŽŒ’ŸŽǰȱ˜ȱŒ˜ž›œŽǰȱ’œȱ˜ȱŠ’—ȱŒ˜–™Ž’’ŸŽȱŠŸŠ—ŠŽȱ‹¢ȱ‹ž’•’—ȱ
œžœŠ’—ŽȱŒžœ˜–Ž›ȱ•˜¢Š•¢ǰȱ ’‘ȱ™›˜žŒœȱŠ—ȱœŽ›Ÿ’ŒŽœȱ–ŽŽ’—ǰȱšž’Žȱ
™›ŽŒ’œŽ•¢ǰȱ‘ŽȱŽ–Š—œȱ˜ȱŒ•˜œŽ•¢ȱŽę—Žȱ–Š›”Žœǯ
œȱ–Š›”Žœȱ‘ŠŸŽȱ‹ŽŒ˜–Žȱ–˜›ŽȱŒ˜–™•Ž¡ǰȱœ˜ȱ‘Šœȱ‘’œȱŽœœŽ—’Š••¢ȱ‹Šœ’Œȱ™›˜ŒŽœœȱ
˜ȱ–Š›”ŽȱœŽ–Ž—Š’˜—ǯȱ ȱ’œȱ‘ŽȱŸ’Ž ȱ˜ȱ–Š—¢ȱ‘Šǰȱ’—ȱ‹˜‘ȱ‘Žȱ–Š—žŠŒž›’—ȱ
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Š—ȱœŽ›Ÿ’ŒŽȱœŽŒ˜›œǰȱ‘ŽȱŠ›ȱ˜ȱŽę—’—ȱŠ›Žȱ–Š›”Žœȱ›Š›Ž•¢ȱ™›˜›ŽœœŽœȱ‹Ž¢˜—ȱ
‘ŽȱŠœœŽ–‹•¢ȱ˜ȱœ˜–Ž ‘Šȱž••ȱŽ–˜›Š™‘’Œœǯȱ‘Žȱ•˜’ŒŠ•ȱŒ˜—Œ•žœ’˜—ȱ’œȱ‘Šǰȱ’ȱ
ŽŸŽ›¢‹˜¢ȱ’œȱ˜’—ȱ‘ŽȱœŠ–Žǰȱ’쎛Ž—’Š•ȱŠŸŠ—ŠŽȱ’œȱ’ĜŒž•ȱ˜ȱŠĴŠ’—ǯ
˜ ǰȱ›˜Žœœ˜›ȱŠ•Œ˜•–ȱŒ˜—Š•ȱŠ—ȱ Š—ȱž—‹Š›ȱ‘ŠŸŽȱ™ŽŽ•ŽȱŠ Š¢ȱ‘Žȱ
•Š¢Ž›œȱ˜ȱŒ˜–™•Ž¡’¢ȱŠ—ȱŒ˜—žœ’˜—ȱ˜ȱ™›˜žŒŽȱŠȱœŽ™Ȭ‹¢ȬœŽ™ȱž’Žȱ‘›˜ž‘ȱ
‘Žȱ’ĜŒž•ȱŽ››Š’—ȱ˜ȱ–Š›”ŽȱœŽ–Ž—Š’˜—ǯȱ‘ŽȱŸŠ•žŽȱ˜ȱ‘Ž’›ȱ‹˜˜”ȱ˜ȱ
‹žœ’—Žœœȱ™Ž˜™•ŽȱŽŸŽ›¢ ‘Ž›Žǰȱ’œȱ‘Šȱ’ȱ˜ěŽ›œȱ‘Žȱ”’—ȱ˜ȱ™›ŠŒ’ŒŠ•ȱŠ™™•’ŒŠ’˜—œȱ
—ŽŽŽȱ’—ȱ˜Š¢Ȃœȱ’—Ž—œŽ•¢ȱŒ˜–™Ž’’ŸŽȱ–Š›”Ž™•ŠŒŽǯȂ

˜›ȱŠ›œ‘Š••ȱ˜ȱ —’‘œ‹›’Ž
Chairman, British Airways
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xi

Preface and acknowledgements

‘’œȱ ‹˜˜”ȱ ‘Šœȱ ’œȱ ˜›’’—œȱ ’—ȱ Šȱ ™Š’—œŠ”’—ȱ ™›˜ŒŽœœȱ ˜ȱ ›ŽœŽŠ›Œ‘ȱ ’—˜ȱ ‘Žȱ ™›ŠŒ’ŒŠ•ȱ
’ĜŒž•’Žœȱ ‘Šȱ ˜›Š—’£Š’˜—œȱ Ž¡™Ž›’Ž—ŒŽȱ ’—ȱ œŽ–Ž—’—ȱ ‘Ž’›ȱ –Š›”Žœǰȱ ›ŽœŽŠ›Œ‘ȱ
‘’Œ‘ȱ Žȱ’—’’ŠŽȱ’—ȱŗşşŘǯȱŽȱ’œŒ˜ŸŽ›Žȱ‘Šȱ–˜œȱ˜ȱ‘ŽȱŠŒŠŽ–’Œȱ ˜›”ȱ’—ȱ‘’œȱ
˜–Š’—ȱ’œȱ™›ŽœŒ›’™’ŸŽǰȱ ’‘ȱŸ’›žŠ••¢ȱ—˜ȱ™›Š–Š’Œȱž’Ž•’—Žœȱ™›˜Ÿ’Žȱ˜ȱŽ—Š‹•Žȱ
–Š—ŠŽ›œȱ˜ȱ–Š”ŽȱœŽ—œŽȱ˜ȱ‘ŽȱŒ˜—žœ’—ȱŠ››Š¢ȱ˜ȱŠŠȱŠ—ȱ’—˜›–Š’˜—ȱŠŸŠ’•Š‹•Žȱ
˜ȱ‘Ž–ǯȱ
˜ȱ ŽȱŽŸŽ•˜™ŽȱŠȱ™›˜ŒŽœœǰȱ ‘’Œ‘ȱ Žȱ ˜›”Žȱ‘›˜ž‘ȱ ’‘ȱœ˜–Žȱ˜ȱ‘Žȱ‹Žœȱ
”—˜ —ȱ Œ˜–™Š—’Žœȱ ’—ȱ ‘Žȱ ˜›•ǰȱ Š–Ž—’—ȱ ‘Žȱ ™›˜ŒŽœœȱ ž—’•ȱ ’ȱ Šœȱ œžĜŒ’Ž—•¢ȱ
›˜‹žœȱ˜ȱœ‘Š›Žȱ ’‘ȱŠȱ ’Ž›ȱŠž’Ž—ŒŽǯȱ‘Žȱ›Žœž•ȱ Šœȱ‘ŽȱꛜȱŽ’’˜—ȱ˜ȱ‘’œȱ‹˜˜”ȱ
‘’Œ‘ȱ Šœȱ•Šž—Œ‘Žȱ’—ȱŗşşśǯ
’—ŒŽȱ’œȱ•Šž—Œ‘ǰȱ‘ŽȱŽ¡Ž—œ’ŸŽȱŠ˜™’˜—ȱ˜ȱ˜ž›ȱ–Š›”ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱ‹¢ȱ
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—’Žœȱ‘ŠœȱŒ˜—’—žŽȱ ˜ȱ ‹›˜ŠŽ—ȱ ˜ž›ȱ ”—˜ •ŽŽȱ ‹ŠœŽȱ œž‹œŠ—’Š••¢ǯȱ ‘ŽœŽȱ ’—œ’‘œȱ
‘ŠŸŽȱŽ—Š‹•Žȱžœȱ˜ȱ›Žę—Žȱ‘Žȱ™›˜ŒŽœœǰȱ’–™›˜ŸŽȱ‘Žȱž’Ž•’—Žœȱ˜›ȱ’œȱ’–™•Ž–Ž—ŠȬ
’˜—ǰȱ’Ž—’¢ȱ ‘Ž›Žȱ–˜›ŽȱŽŠ’•ŽȱŽ¡™•Š—Š’˜—ȱ’œȱ›Žšž’›ŽȱŠ—ǰȱŠȱ‘ŽȱœŠ–Žȱ’–Žǰȱ
ŽŸŽ•˜™ȱŠȱšž’Œ”ȱ›˜žŽȱ‘›˜ž‘ȱ‘Žȱ™›˜ŒŽœœȱ˜›ȱ›ŽŠŽ›œȱ•˜˜”’—ȱ˜›ȱŠȱœž––Š›¢ȱ˜ȱ
‘˜ ȱ˜ȱ’–™•Ž–Ž—ȱŽŠŒ‘ȱœŽ™ǯ
‘Žȱ‘’›ȱŽ’’˜—ȱ˜ȱ‘’œȱ‹˜˜”ȱ™ž‹•’œ‘Žȱ’—ȱŘŖŖŚȱ—˜ȱ˜—•¢ȱ‹ž’•ȱ˜—ȱ‘Žȱ’–™›˜ŸŽȬ
–Ž—œȱ’—›˜žŒŽȱ’—˜ȱ‘ŽȱœŽŒ˜—ȱŽ’’˜—ȱǻŗşşŞǼȱ ’‘ȱ›Žœ™ŽŒȱ˜ȱ‘ŽȱœŽ–Ž—Š’˜—ȱ
™›˜ŒŽœœǰȱ œž™™˜›’—ȱ Ž¡Š–™•Žœǰȱ ˜›”ŽȬ‘›˜ž‘ȱ ŒŠœŽȱ œž¢ȱ Š—ȱ ˜›”œ‘ŽŽœǰȱ ‹žȱ
Š•œ˜ȱ’—›˜žŒŽȱ—Ž ȱ™›ŠŒ’ŒŠ•ȱŠ™™›˜ŠŒ‘Žœȱ˜ȱ’œȱ’–™•Ž–Ž—Š’˜—ǰȱŽ¡Ž›Œ’œŽœȱ˜ȱ‘Ž•™ȱ
’‘ȱ•ŽŠ›—’—ȱŠ—ȱŠȱȁŠœȱ›ŠŒ”Ȃȱ˜›ȱŽŠŒ‘ȱœŽ™ȱ’—ȱ‘Žȱ™›˜ŒŽœœǯ
’‘ȱ ž›‘Ž›ȱ Ž¡™Ž›’Ž—ŒŽȱ ˜ȱ ˜›”’—ȱ ’‘ȱ Œ˜–™Š—’Žœȱ Š›˜ž—ȱ ‘Žȱ ˜›•ȱ ˜—ȱ
‘Ž’›ȱœŽ–Ž—Š’˜—ȱ™›˜“ŽŒœȱ Žȱ‘ŠŸŽȱ‹ŽŽ—ȱŠ‹•Žȱ˜ȱ’Ž—’¢ȱŠȱ—ž–‹Ž›ȱ˜ȱŠ’’˜—Š•ȱ
Ž—‘Š—ŒŽ–Ž—œȱ˜ȱ˜ž›ȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœǯȱ‘ŽœŽȱŠŸŠ—ŒŽœȱ˜ȱ’œȱ™›ŠŒ’ŒŠ•ȱ’–™•ŽȬ
–Ž—Š’˜—ȱŠ›ŽȱŠ••ȱ’—Œ˜›™˜›ŠŽȱ’—˜ȱ‘’œǰȱ‘Žȱ˜ž›‘ȱŽ’’˜—ȱ˜ȱ‘Žȱ‹˜˜”ǯȱ‘’œȱ•ŠŽœȱ
Ž’’˜—ȱŠ•œ˜ȱŒ˜—Š’—œȱŽœœŽ—’Š•ȱž™ŠŽœȱŠ—ȱ‘Šœȱ‹›˜ž‘ȱ˜Ž‘Ž›ȱ‘ŽȱȁŠœȱ›ŠŒ”œȂȱ
’—˜ȱŠȱœ’—•ŽȱŒ‘Š™Ž›ǯȱ‘’œȱ—Ž ȱŒ‘Š™Ž›ǰȱȁŠœȱ›ŠŒ”’—ȱ‘›˜ž‘ȱ‘ŽȱœŽ–Ž—Š’˜—ȱ
™›˜ŒŽœœȂǰȱ ™›˜Ÿ’Žœȱ Šȱ Œ˜—Œ’œŽȱ ž’Žȱ ˜›ȱ —Ž ȱ ›ŽŠŽ›œȱ Šœȱ ˜ȱ ‘Šȱ ‘Žȱ œŽ–Ž—Š’˜—ȱ
™›˜ŒŽœœȱŽ—Š’•œǰȱŠ—ȱ™›˜Ÿ’Žœȱ‘˜œŽȱ›ŽŠŽ›œȱŒ˜—ŸŽ›œŠ—ȱ ’‘ȱ‘ŽȱŠ™™›˜ŠŒ‘ȱ ŽȱŠ”Žȱ
˜ȱ–Š›”ŽȱœŽ–Ž—Š’˜—ȱ ’‘ȱŠ••ȱ‘Žȱ–Ž–˜›¢ȱ™›˜–™œȱ›Žšž’›Žȱ˜›ȱŠȱœŽ–Ž—Š’˜—ȱ
™›˜“ŽŒǯȱȱ
ž›ȱ ™›ŽœŽ—Š’˜—ȱ ˜ȱ ‘Žȱ ™›˜ŒŽœœȱ ’—ȱ ‘’œȱ ‹˜˜”ȱ Ž—Š‹•Žœȱ ‘Žȱ œŽ–Ž—Š’˜—ȱ ™›ŠŒȬ
’’˜—Ž›ȱ ˜ȱ ˜••˜ ȱ ŽŠŒ‘ȱ œŽ™ȱ –Š—žŠ••¢ǰȱ ž’•’£’—ȱ ŠŠȱ Š•›ŽŠ¢ȱ ‘Ž•ȱ ‹¢ǰȱ ˜›ȱ ›ŽŠ’•¢ȱ
ŠŒŒŽœœ’‹•Žȱ˜ǰȱ‘ŽȱŒ˜–™Š—¢ǯȱ—ȱ’–™˜›Š—ȱ™˜’—ȱ Žȱ ˜ž•ȱ‘Ž›Ž˜›Žȱ•’”Žȱ˜ȱœ›Žœœȱ
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xii Market Segmentation

Š‹˜žȱ‘’œȱ‹˜˜”ȱ’œȱ‘Šȱ’ȱ’œȱ–˜œȱŽę—’Ž•¢ȱŠȱ™›ŠŒ’ŒŠ•ȱ‹˜˜”ȱ ‘’Œ‘ǰȱ’ȱžœŽȱ™›˜™Ž›•¢ǰȱ
’••ȱ›Žœž•ȱ’—ȱŠŒ’˜—Š‹•Žȱ–Š›”ŽȱœŽ–Ž—œǯȱ˜ȱŠŒ‘’ŽŸŽȱ‘’œȱ›Žœž•ȱ ’••ȱ›Žšž’›Žȱ’–Žȱ
Š—ȱ›Žœ˜ž›ŒŽœǯȱ ȱ’œȱ—˜ȱŠȱ‹˜˜”ȱ“žœȱ˜›ȱ›ŽŠ’—ǯȱ ȱ’œȱ˜›ȱ›ŽŠ’—ȱŠ—ȱ˜’—ǰȱŠ—ȱ’œȱ
‹ŽœȱžœŽȱ‹¢ȱŠȱŽŠ–ǰȱ›Š‘Ž›ȱ‘Š—ȱŠ—ȱ’—’Ÿ’žŠ•ǯ
’—Š••¢ǰȱ˜ȱ—Š–ŽȱŽŸŽ›¢˜—Žȱ ‘˜ȱœ‘˜ž•ȱŠ™™ŽŠ›ȱ’—ȱ‘’œȱŠŒ”—˜ •ŽŽ–Ž—œȱœŽŒ’˜—ȱ
’œȱ’–™˜œœ’‹•Žǰȱ‹ŽŒŠžœŽȱœ˜ȱ–Š—¢ȱŒ•’Ž—œȱ Žȱ‘ŠŸŽȱ‘Šȱ‘Žȱ™›’Ÿ’•ŽŽȱ˜ȱ ˜›”’—ȱ ’‘ȱ
Š—ȱ‘Žȱ–Š—¢ȱŒ˜••ŽŠžŽœȱ ‘˜ȱ‘ŠŸŽȱ‹ŽŽ—ȱ’—Ž›ŽœŽȱ’—ȱ˜ž›ȱ ˜›”ȱ‘ŠŸŽȱ’—ĚžŽ—ŒŽȱ
˜ž›ȱŽžŒŠ’˜—ǰȱ‘’—”’—ȱŠ—ȱ™›ŠŒ’ŒŠ•ȱŽŸŽ•˜™–Ž—ȱ˜ȱ‘Žȱ™›˜ŒŽœœȱ™›ŽœŽ—Žȱ‘Ž›Žȱ
˜ŸŽ›ȱ‘Žȱ¢ŽŠ›œȱž—’•ȱ’ȱ‹ŽŒŠ–Žȱȁ ŠŽ›’‘Ȃǯȱ—Žȱ™Š›’Œž•Š›ȱŒ˜••ŽŠžŽȱ Žȱ ˜ž•ȱ•’”Žȱ
˜ȱ–Ž—’˜—ǰȱ‘˜ ŽŸŽ›ǰȱ’œȱ›˜Žœœ˜›ȱ ž‘ȱ’•œ˜—ǰȱ ‘˜œŽȱ ˜›”ȱ’—ȱȁŽȬ–Š›”Ž’—Ȃȱ‘Šœȱ
Ž—‘Š—ŒŽȱ˜ž›ȱž—Ž›œŠ—’—ȱ˜ȱ‘Žȱ’œœžŽœȱ˜ȱ‹ŽȱŠ›ŽœœŽȱ‹¢ȱ–Š›”ŽȱœŽ–Ž—Š’˜—ȱ
’—ȱ‘’œȱ–˜Ž›—ǰȱŽ•ŽŒ›˜—’ŒǰȱŠœȬŒ‘Š—’—ȱ ˜›•ǯȱ
Žȱ‹˜‘ȱ ’œ‘ȱ¢˜žȱŠȱ‘Š™™¢ȱŠ—ȱ™›˜ęŠ‹•ŽȱœŽ–Ž—Š’˜—ǯȱȱȱ

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ǯ–Š›”ŽœŽ–Ž—Š’˜—ǯŒ˜ǯž”
ŽȬ–Š’•DZȱ’—˜ȓ–Š›”ŽœŽ–Ž—Š’˜—ǯŒ˜ǯž”
ȱŽ•ǯȱƸŚŚȱǻŖǼȱŗŚŚŚȱŚŚŗŖŗŗȱȱ
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xiii

An important note to the reader

from the authors

STOP

1
žŒŒŽœœž•ȱœŽ–Ž—Š’˜—ȱ’œȱ‘Žȱ™›˜žŒȱ˜ȱŠȱŽŠ’•Žȱž—Ž›œŠ—’—ȱ˜ȱ¢˜ž›ȱ–Š›”Žȱ
Š—ȱ ’••ȱ‘Ž›Ž˜›ŽȱŠ”Žȱ’–Žǯ

2
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Ž–Ž—Š’˜—ȱ’œȱŠ™™›˜™›’ŠŽȱ˜›ȱ‘˜œŽȱ–Š›”Žœȱ ‘Ž›Žȱ’ȱ’œȱŽœœŽ—’Š•ȱ˜ȱŒ˜–‹’—Žȱ
’—’Ÿ’žŠ•ȱŒžœ˜–Ž›œȱ˜›ȱŒ˜—œž–Ž›œȱ’—˜ȱ•Š›Ž›ȱ‹ž¢’—ȱȁž—’œȂȱ˜ȱŽ—œž›Žȱ¢˜ž›ȱ–Š›”Ž’—ȱ
ŠŒ’Ÿ’¢ȱ’œȱ‹˜‘ȱŒ˜œȬŽěŽŒ’ŸŽȱŠ—ȱ–Š—ŠŽŠ‹•Žǯȱ

3
‘Žȱ™›˜ŒŽœœȱŠœȱ™›ŽœŽ—Žȱ’—ȱ‘’œȱ‹˜˜”ȱ’œȱŠ’–Žȱ™›’–Š›’•¢ȱŠȱŽę—’—ȱœŽ–Ž—œȱ’—ȱ
Ž›–œȱ˜ȱ‘Žȱ™Š›’Œž•Š›ȱ–Š›”Ž’—ȱ–’¡ȱŽŠŒ‘ȱ›Žšž’›ŽœǯȱŽ–Ž—Š’˜—ȱŠȱ‘’‘Ž›ȱ•ŽŸŽ•œȱ’œǰȱ
˜ȱŒ˜ž›œŽǰȱ™˜œœ’‹•ŽȱŠ—ȱ–Š—¢ȱ˜ȱ‘Žȱ™›’—Œ’™•ŽœȱŒ˜—Š’—Žȱ’—ȱ‘’œȱ‹˜˜”ȱ ˜ž•ȱŠ™™•¢ǰȱ
Š•‘˜ž‘ȱ’—ȱŠȱ•ŽœœȱŽŠ’•Žȱ˜›–ǯ

FAST
TRACK

˜›ȱ‘˜œŽȱ ‘˜ȱ—ŽŽȱŠȱšž’Œ”ȱ›˜žŽȱ‘›˜ž‘ȱ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœǰȱȁŠœȱ›ŠŒ”œȂȱ
‘ŠŸŽȱ‹ŽŽ—ȱ™žȱ˜Ž‘Ž›ȱ˜›ȱŽŠŒ‘ȱ˜ȱ‘ŽȱœŽ™œȱ’—ȱ‘Žȱ™›˜ŒŽœœȱŠ—ȱŒŠ—ȱ‹Žȱ˜ž—ȱ’—ȱ
‘Š™Ž›ȱřǯȱŽȱŒŠ›Žž•ȱ‘˜ ŽŸŽ›DZ
ȱȱ•’Ĵ•Žȱ•ŽŠ›—’—ȱ’œȱŠȱŠ—Ž›˜žœȱ‘’—ǯȱ
›’—”ȱŽŽ™ǰȱ˜›ȱŠœŽȱ—˜ȱ‘Žȱ’Ž›’Š—ȱ™›’—ǯ
•Ž¡Š—Ž›ȱ˜™Ž
ŽŽ›ȱ˜ȱ‘ŽȱŠ™™›˜™›’ŠŽȱŒ‘Š™Ž›ȱ ‘Ž—ŽŸŽ›ȱ‘’œȱ’œȱ›Žšž’›Žȱ˜ȱŒ˜–™•ŽŽȱŠȱ™Š›’Œž•Š›ȱ
œŽ™ȱ’—ȱ‘Žȱ™›˜ŒŽœœȱœžŒŒŽœœž••¢ǯȱ
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xiv Market Segmentation

„ Deciding on which track you need

ȱ’œȱ’–™˜›Š—ȱ‘Šȱ¢˜žȱŒ˜–™•ŽŽȱ‘Žȱ˜••˜ ’—ȱšžŽœ’˜——Š’›Žȱ‹Ž˜›Žȱ¢˜žȱŽŒ’Žȱ˜—ȱ ‘’Œ‘ȱ›ŠŒ”ȱ
¢˜žȱ—ŽŽǯȱ

Are you getting these essential deliverables from your market segmentation?
Score out of 10
0 = not at all
10 = totally
Market structure and segmentation
Q1 Is there a clear and unambiguous definition of the market you are interested in serving,
with the definition based on a specific purpose or intended use, not on a product or [ ]
service?
Q2 Is the market clearly mapped, showing product/service flows, volumes/values in total,
where decisions are made and the quantities they account for? [ ]
Q3 Are the segments clearly described and sized? These must be groups of customers with
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the same, or comparable, set of needs, not demographics or sectors. [ ]
Q4 Are the real needs of these segments properly quantified, with the relative importance of
these needs clearly identified? [ ]
Q5 Are the segments clearly linked to a set of characteristics that identify the customers
found within them? [ ]

Target segments
Q6 Are all the segments classified according to their relative attractiveness to the company
over the next three years based on clear, unambiguous criteria? [ ]
Q7 Is there a clear and quantified analysis of how well your company satisfies the needs of
these segments compared to competitors, as perceived by the customers found within [ ]
them?
Segment-based marketing
Q8 Are your marketing objectives set by segment and consistent with their position in the
portfolio? [ ]
Q9 Are the strategies for these segments (including products, price, promotion, place and
services) consistent with these objectives? [ ]
Q10 Is there a structure, information and decision-making system which enables you to serve
these segments effectively? [ ]

Total score [ ]
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An important note to the reader from the authors xv

„ Interpretation
—ȱ ˜ž›ȱ Ž¡™Ž›’Ž—ŒŽǰȱ —˜ȱ –Š—¢ȱ ›ŽŠŽ›œȱ Š›Žȱ Š‹•Žȱ ˜ȱ œŒ˜›Žȱ Š‹˜ŸŽȱ śȱ ˜—ȱ –Š—¢ȱ ˜ȱ ‘ŽœŽȱ
šžŽœ’˜—œǯȱ ‘’œȱ ’œȱ —˜ȱ ‘Žȱ ™˜’—ǰȱ ‘˜ ŽŸŽ›ǯȱ ‘Žȱ ™ž›™˜œŽȱ ˜ȱ ‘Žȱ šžŽœ’˜——Š’›Žȱ ’œȱ ˜ȱ
˜Œžœȱ ¢˜ž›ȱ ŠĴŽ—’˜—ȱ Šȱ ‘Žȱ ‹Ž’——’—ȱ ˜ȱ ‘Žȱ ‹˜˜”ȱ ˜—ȱ ‘Šȱ ŽœœŽ—’Š•ȱ Ž•’ŸŽ›Š‹•Žœȱ
–Š›”ŽȱœŽ–Ž—Š’˜—ȱœ‘˜ž•ȱ™›˜žŒŽǯȱ˜žȱŒŠ—ȱ‘Ž—ȱŽŽ›–’—Žȱ‘ŽȱŽ¡Ž—ȱ˜ȱ ‘’Œ‘ȱ
¢˜žȱ—ŽŽȱ˜ȱ˜Œžœȱ˜—ȱ‘ŽȱŽŠ’•ŽȱŒ˜—Ž—œȱ˜ȱ‘’œȱ‹˜˜”ǯ
ȱ¢˜žȱ ˜›”ȱŒŠ›Žž••¢ȱ‘›˜ž‘ȱ‘’œȱ‹˜˜”ȱŠ—ȱ’–™•Ž–Ž—ȱ’ȱ’—ȱ¢˜ž›ȱ˜›Š—’£Š’˜—ǰȱ
¢˜žȱ ’••ȱ‹ŽȱŠ‹•Žȱ˜ȱ’ŸŽȱ¢˜ž›œŽ•ȱ‘’‘ȱœŒ˜›Žœȱ’—ȱŠ••ȱ‹˜¡Žœǯȱ‘Ž—ǰȱ¢˜žȱ ’••ȱ‹ŽȱŠȱ›ž•¢ȱ
–Š›”ŽȬ˜ŒžœŽȱ˜›Š—’£Š’˜—Ƿ

Š•Œ˜•–ȱŒ˜—Š•ȱŠ—ȱ Š—ȱž—‹Š›

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xvi Market Segmentation

List of figures
ŗǯŗȱ ‘Žȱ–Š›”Ž’—ȱ˜–Š’n
ŗǯŘȱ ž––Š›¢ȱ˜ȱ‘Žȱ–Š›”Ž’—ȱ™›˜ŒŽœs
ŗǯřȱ Žę—Žȱ–Š›”ŽœȱŠ—ȱœŽ–Ž—œǰȱŠ—ȱž—Ž›œŠ—ȱŸŠ•že
ŗǯŚȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœǯȱ‘ŠœŽȱŗȱȮȱŽŸŽ•˜™’—ȱœŽ–Ž—s
ŗǯśȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœǯȱ‘ŠœŽȱŘȱȮȱ™›’˜›’’£’—ȱŠ—ȱœŽ•ŽŒ’—ȱœŽ–Ž—s
Řǯŗȱ ‘Žȱ‹ž’•’—ȱ‹•˜Œ”œȱ˜ȱŽěŽŒ’ŸŽȱ–Š›”Ž’—ȱ™•Š——’—
ŘǯŘȱ Ž–Ž—Š’˜—ȱŠ›Œ‘Ž¢™Žœȱ’—ȱŒ˜–™Š—’Žs
Řǯřȱ ›Š—’£Š’˜—Š•ȱœ›žŒž›Žȱ˜ȱ˜›‘Ž›—ȱŽŠ•Š—s
řǯŗȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™ȱŗȱǻ‘Š™Ž›ȱŚǼ
řǯŘȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™ȱŘȱǻ‘Š™Ž›ȱśǼ
řǯřȱ Šœȱ›ŠŒ”ȱȮȱ–Š›”Žȱ–Š™™’—
řǯŚȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™ȱřȱǻ‘Š™Ž›ȱŜǼ
http://www.goodfellowpublishers.com/academic-publishing.php?promoCode=&partnerID=&content=story&storyID=237
řǯśȱ Šœȱ›ŠŒ”ȱȮȱŒžœ˜–Ž›ȱ›˜ž™œȱ˜›ȱŽŸŽ•˜™’—ȱ–’Œ›˜ȬœŽ–Ž—s
řǯŜȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™ȱŚȱǻ‘Š™Ž›ȱŝǼ
řǯŝȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™ȱśȱǻ‘Š™Ž›ȱŞǼ
řǯŞȱ Šœȱ›ŠŒ”ȱȮȱŠ•Ž›—Š’ŸŽȱŠ™™›˜ŠŒ‘Žœȱ˜ȱŒ˜–™Š›’—ȱ–’Œ›˜ȬœŽ–Ž—œȱ ’‘ȱŽŠŒ‘ȱ˜‘Ž›ȱ
visually
řǯşȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™ȱŜȱǻ‘Š™Ž›ȱşǼ
řǯŗŖȱ Šœȱ›ŠŒ”ȱȮȱ™•˜Ĵ’—ȱœŽ–Ž—œȱ˜—ȱ‘Žȱ™˜›˜•’˜ȱ–Š›’¡ȱŠŒŒ˜›’—ȱ˜ȱ‘Ž’›ȱŠĴ›ŠŒ’ŸŽ—Žœœ
řǯŗŗȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™ȱŝȱǻ‘Š™Ž›ȱŗŖǼ
řǯŗŘȱ Šœȱ›ŠŒ”ȱȮȱ™•˜Ĵ’—ȱ‹žœ’—Žœœȱ™˜œ’’˜—œȱ˜—ȱ‘Žȱ™˜›˜•’˜ȱ–Š›’¡ȱ˜›ȱŽŠŒ‘ȱœŽ–Ž—ȱ
ŠŒŒ˜›’—ȱ˜ȱ‘Ž’›ȱ›Ž•Š’ŸŽȱŒ˜–™Ž’’ŸŽȱœ›Ž—h
Śǯŗȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™ȱŗ
ŚǯŘȱ ‘Žȱ›Ž•Š’˜—œ‘’™ȱ‹Ž ŽŽ—ȱ–Š›”Žȱœ‘Š›ŽȱŠ—ȱ›Žž›—ȱ˜—ȱ’—ŸŽœ–Ž—ȱǻ Ǽ
Śǯřȱ ŽŸŽ•˜™’—ȱ’—œ’‘œȱ’—˜ȱ‹˜‘ȱŒ˜—œž–Ž›œȱŠ—ȱ’—Ž›–Ž’Š›’Žœ
ŚǯŚȱ ‘Žȱ–Š›”Žȱ˜›ȱ̘˜›ȱŒ˜ŸŽ›’—
Śǯśȱ Š›”ŽȱŽę—’’˜—ȱ˜›ȱ¡Ž›Œ’œŽȱŚǯŗ
śǯŗȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™ȱŘ
śǯŘȱ Š›’—ȱŠȱ–Š›”Žȱ–Š™ȱŠ—ȱŠ’—ȱ‘Žȱ›˜žŽœȱ‹Ž ŽŽ—ȱ‘Žȱ›Š—œŠŒ’˜—ȱœŠŽs
śǯřȱ Š›’—ȱŠȱ–Š›”Žȱ–Š™ȱȮȱŠ•Ž›—Š’ŸŽȱ•Š¢˜žs
śǯŚȱ Š›”Žȱ–Š™ȱ ’‘ȱŒ˜—›ŠŒ˜r
śǯśȱ Š›”Žȱ–Š™ȱ ’‘ȱꗊ•ȱžœŽ›œȱȁ‘’Ž—Ȃȱ›˜–ȱ‘Žȱœž™™•’Ž›s
śǯŜȱ Š›”Žȱ–Š™ȱ ’‘ȱ’—ĚžŽ—ŒŽ›s
śǯŝȱ Š›”Žȱ–Š™ȱ ’‘ȱꎕȱœŠ•Žœȱ’Ž—’ꮍȱœŽ™Š›ŠŽ•y
śǯŞȱ —’’Š•ȱšžŠ—’ęŒŠ’˜—ȱ˜ȱŠȱ–Š›”Žȱ–Š™ȱȮȱ™Ž›ŒŽ—ŠŽs
śǯşȱ —’’Š•ȱšžŠ—’ęŒŠ’˜—ȱ˜ȱŠȱ–Š›”Žȱ–Š™ȱȮȱꐞ›Žs
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List of figures xvii

śǯŗŖȱ Š›”Žȱ–Š™ȱ•’œ’—ȱ‘Žȱ’쎛Ž—ȱ“ž—Œ’˜—ȱ¢™Žs
śǯŗŗȱ žŠ—’’Žœȱœ™•’ȱ‹Ž ŽŽ—ȱ“ž—Œ’˜—ȱ¢™Žs
śǯŗŘȱ Š›”Žȱ•ŽŸŽ›ŠŽȱ™˜’—œȱ˜—ȱŠȱ–Š›”Žȱ–Š™
śǯŗřȱ ‘Š›Žȱ–Š›”Žȱ•ŽŸŽ›ŠŽȱ™˜’—œȱ˜—ȱŠȱ–Š›”Žȱ–Š™
śǯŗŚȱ Ž•ŽŒ’—ȱ‘Žȱ“ž—Œ’˜—ȱ˜ȱ‹ŽȱœŽ–Ž—Žd
śǯŗśȱ žŠ—’’ŽœȱŽŒ’Žȱ˜—ȱœ™•’ȱ‹Ž ŽŽ—ȱ“ž—Œ’˜—ȱ¢™Žs
śǯŗŜȱ Š›”Žȱ–Š™ȱ˜›ȱŒ˜––Ž›Œ’Š•ȱŒ›˜™ȱ—ž›’Ž—s
śǯŗŝȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™œȱŗȱŠ—ȱŘ
śǯŗŞȱ Š›”Žȱ–Š™ȱŽ¡Š–™•ŽȱȮȱ’—Ž›—Š•ȱ Š••ȱŒ˜ŸŽ›’—
śǯŗşȱ Š›”Žȱ–Š™ȱŽ¡Š–™•ŽȱȮȱŠŒšž’›’—ȱ”—˜ •ŽŽȱǻ‹˜˜”œȱŠ—ȱœž™™˜›ȱ–ŠŽ›’Š•œǼ
śǯŘŖȱ Š›”Žȱ–Š™ȱŽ¡Š–™•ŽȱȮȱœ™ŽŒ’Š•’£ŽȱŽŒ‘—’ŒŠ•ȱŽšž’™–Ž—t
śǯŘŗȱ ˜›”œ‘ŽŽȱȮȱ–Š›”Žȱ–Š™
Ŝǯŗȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™ȱ3
ŜǯŘȱ žœ˜–Ž›ȱ›˜ž™œȱ˜›ȱŽŸŽ•˜™’—ȱ–’Œ›˜ȬœŽ–Ž—s
Ŝǯřȱ ‘Šȱ’œȱŠȱ™›˜žŒ?
http://www.goodfellowpublishers.com/academic-publishing.php?promoCode=&partnerID=&content=story&storyID=237
ŜǯŚȱȱ ’£’—ȱ–’Œ›˜ȬœŽ–Ž—œȱ’—ȱ‘ŽȱŒŠœŽȱœžy
Ŝǯśȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™œȱŗȱ˜ȱ3
ŝǯŗȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™ȱŚ
ŝǯŘȱȱ ’™˜•Š›ȱ–Š™ȱ˜›ȱŽŽ›Ž—s
ŝǯřȱ ™™˜›ž—’¢ȱŠ™ȱ’—ȱ‘ŽȱŗşŜŖœȱ–Š›”Žȱ˜›ȱŒŠ›s
ŝǯŚȱ ™™˜›ž—’¢ȱŠ™ȱ˜›ȱ™‘˜˜Œ˜™’Ž›œȱ’—ȱŗşŝŘ
ŝǯśȱ ¡›ŠŒœȱ˜ȱŠȱȁ—ŽŽœȱŒŠœŒŠŽȂȱ˜›ȱ‘Žȱȁ›Ž•’Žȱ˜ȱ™Š’—ȱŠ—ȱ’—ĚŠ––Š’˜—Ȃ
ŝǯŜȱ ȱ™Ž›ŒŽ™žŠ•ȱ–Š™ȱ˜ȱ‘Žȱ–Š›”Žȱ˜›ȱœ˜Š™
ŝǯŝȱ Ž›ŒŽ™žŠ•ȱ–Š™ȱ˜ȱ‘Žȱ–Š›”Žȱ˜›ȱŠ‹•˜’ȱ—Ž œ™Š™Ž›œȱǻŗşşřǼ
ŝǯŞȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™œȱŗȱ˜ȱŚ
Şǯŗȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™ȱś
ŞǯŘȱ ‘ŽȱŽ—Ž›Š•ȱ›Ž•Š’˜—œ‘’™ȱ‹Ž ŽŽ—ȱ›Žœ˜ž›ŒŽȱ’—ĚŽ¡’‹’•’¢ȦŽŒ‘—’ŒŠ•ȱ•’–’Š’˜—œȱŠ—ȱŸ’Š‹•Žȱ
œŽ–Ž—ȱœ’£e
Şǯřȱ ˜–™Š›’—ȱ–’Œ›˜ȬœŽ–Ž—œȱ ’‘ȱŽŠŒ‘ȱ˜‘Ž›ȱŸ’œžŠ••¢ȱ
ŞǯŚȱ ˜–™Š›’—ȱ–’Œ›˜ȬœŽ–Ž—œȱ ’‘ȱŽŠŒ‘ȱ˜‘Ž›ȱŸ’œžŠ••¢ȱžœ’—ȱŠȱœ™’Ž›Ȭ›Šm
Şǯśȱ ˜–™Š›’—ȱ–’Œ›˜ȬœŽ–Ž—œȱ ’‘ȱŽŠŒ‘ȱ˜‘Ž›ȱŸ’œžŠ••¢ȱžœ’—ȱŠȱ‹Š›ȱŒ‘Š›t
ŞǯŜȱ ˜–™Š›’—ȱŒ•žœŽ›œȱžœ’—ȱŠȱ ˜Ȭ’–Ž—œ’˜—Š•ȱ–Š™ȱȱ
Şǯŝȱ Ž˜›ŽȱŠ—ȱŠŽ›ȱŒ•žœŽ›’—ȱ˜›ȱ‘ŽȱŒŠœŽȱœž¢ȱȱ
ŞǯŞȱ ‘ŽȱŸ˜•ž–ŽȱŠĴ›’‹žŽȱ˜ȱŽŠŒ‘ȱœŽ–Ž—ȱ˜›ȱ‘ŽȱŒŠœŽȱœžy
Şǯşȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™œȱŗȱ˜ȱś
şǯŗȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™ȱŜ
şǯŘȱ ‘Žȱ˜œ˜—ȱŠ›’x
şǯřȱ ‘Žȱ ȦŒ ’—œŽ¢ȱŠ›’¡
şǯŚȱ ‘ŽȱŒ˜—Š•ȱ˜ž›Ȭ‹˜¡ȱ
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xviii Market Segmentation

şǯśȱ ’›ŽŒ’˜—Š•ȱ™˜•’Œ¢ȱ–Š›’¡ȱ˜›ȱŠȱ™˜›˜•’˜ȱ˜ȱœŽ–Ž—œ
şǯŜȱ ŽŠœž›’—ȱœŽ–Ž—ȱŠĴ›ŠŒ’ŸŽ—Žœs
şǯŝȱ •˜Ĵ’—ȱœŽ–Ž—œȱ˜—ȱ‘Žȱ™˜›˜•’˜ȱ–Š›’¡ȱŠŒŒ˜›’—ȱ˜ȱ‘Ž’›ȱŠĴ›ŠŒ’ŸŽ—ŽœœȱȱǻŽŠ›ȱřǼ
şǯŞȱ •˜Ĵ’—ȱœŽ–Ž—œȱ˜—ȱ‘Žȱ™˜›˜•’˜ȱ–Š›’¡ȱŠŒŒ˜›’—ȱ˜ȱ‘Ž’›ȱŠĴ›ŠŒ’ŸŽ—ŽœœȱŠȱ‘Žȱ
‹Ž’——’—ȱ˜ȱ‘Žȱ™•Š——’—ȱ™Ž›’˜ȱǻŽŠ›ȱŖǼ
ŗŖǯŗȱ ‘ŽȱœŽ–Ž—Š’˜—ȱ™›˜ŒŽœœȱȮȱŽ™ȱŝ
ŗŖǯŘȱ •˜Ĵ’—ȱŠȱ›Ž•Š’ŸŽȱŒ˜–™Ž’’ŸŽȱœ›Ž—‘ȱœŒ˜›Žȱ˜ȱŖǯŞŜ
ŗŖǯřȱ •˜Ĵ’—ȱ‹žœ’—Žœœȱ™˜œ’’˜—œȱ˜—ȱ‘Žȱ™˜›˜•’˜ȱ–Š›’¡ȱ˜›ȱŽŠŒ‘ȱœŽ–Ž—ȱŠŒŒ˜›’—ȱ˜ȱ‘Ž’›ȱ
›Ž•Š’ŸŽȱŒ˜–™Ž’’ŸŽȱœ›Ž—h
ŗŖǯŚȱ ‘Žȱ’—’’Š•ȱœŽ–Ž—ȱ™˜›˜•’˜ȱ–Š›’x
ŗŖǯśȱ ‘ŽȱœŽ–Ž—ȱ™˜›˜•’˜ȱ–Š›’¡ȱ˜›ȱ‘ŽȱŒŠœŽȱœžy
ŗŖǯŜȱ ‘Žȱ’›ŽŒ’˜—Š•ȱ™˜•’Œ¢ȱ–Š›’x
ŗŖǯŝȱ Ž••Ȭ‹Š•Š—ŒŽȱ™˜›˜•’o
ŗŖǯŞȱ ˜˜›•¢ȱ‹Š•Š—ŒŽȱ™˜›˜•’˜ȱǻŗǼ
ŗŖǯşȱ ˜˜›•¢ȱ‹Š•Š—ŒŽȱ™˜›˜•’˜ȱǻŘǼ
http://www.goodfellowpublishers.com/academic-publishing.php?promoCode=&partnerID=&content=story&storyID=237
ŗŖǯŗŖȱ ˜›˜•’˜ȱ–Š›’¡ȱ˜›ȱ¡Ž›Œ’œŽœȱşǯŗȱŠ—ȱŗŖǯŗ
ŗŖǯŗŗȱ ˜›”œ‘ŽŽȱȮȱ™˜›˜•’˜ȱ–Š›’x
ŗŗǯŗȱ —’’Š•ȱšžŠ—’ęŒŠ’˜—ȱ˜ȱŠȱ–Š›”Žȱ–Š™ȱȮȱꐞ›Žs
ŗŗǯŘȱ Š›”Žȱ–Š™ȱ’—ȱ‘Žȱ‘˜›’£˜—Š•ȱ˜›–Št
ŗŗǯřȱ Š›”Žȱ–Š™ȱ ’‘ȱŒ˜–™Š—¢ȱœ‘Š›ŽȱŠ—ȱ—ž–‹Ž›ȱ˜ȱž—’s
ŗŗǯŚȱ Š›”Žȱ–Š™ȱ ’‘ȱ‘Žȱ›˜žŽœȱ‹Ž ŽŽ—ȱ“ž—Œ’˜—ȱ¢™Žs
ŗŗǯśȱ ŽŠ’•ŽȱšžŠ—’ęŒŠ’˜—ȱ˜ȱŠȱ–Š›”Žȱ–Š™
ŗŗǯŜȱ Š›”Žȱ•ŽŸŽ›ŠŽȱ™˜’—œȱ˜—ȱŠȱ–Š›”Žȱ–Š™
ŗŗǯŝȱ ŽŠ’•ŽȱšžŠ—’ęŒŠ’˜—ȱ˜ȱŠȱ–Š›”Žȱ–Š™ȱ ’‘ȱ•ŽŸŽ›ŠŽȱ™˜’—s
ŗŗǯŞȱ ŽŠ’•Žȱ–Š›”Žȱ–Š™ȱŽ¡Š–™•ŽȱȮȱ›˜Ž›’•’£Ž›ȱž™™•’Žs
ŗŗǯşȱ ŽŠ’•Žȱ–Š›”Žȱ–Š™ȱŽ¡Š–™•ŽȱȮȱœ™ŽŒ’Š•’£ŽȱŽŒ‘—’ŒŠ•ȱŽšž’™–Ž—t
ŗŗǯŗŖȱ ŽŠ’•Žȱ–Š›”Žȱ–Š™ȱŽ¡Š–™•ŽȱȮȱŒ˜–™Š›’—ȱŠȱŒ˜–™Š—¢Ȃœȱ›˜žŽœȱ˜ȱ–Š›”Žȱ ’‘ȱ‘Žȱ
›˜žŽœȱžœŽȱ‹¢ȱ‘Žȱꗊ•ȱžœŽ›s
ŗŘǯŗȱ ȱ™›˜ŒŽœœȱ˜›ȱ–ž•’Œ‘Š——Ž•ȱœ›ŠŽ¢ȱ˜›–ž•Š’˜n
ŗŘǯŘȱ ›Š’’˜—Š•ȱŠ—ȱ™˜Ž—’Š•ȱ–Š›”Žȱ–Š™œȱ’—ȱŒŠ›ȱ›ŽŠ’•’—ȱŠ—ȱ›Ž•ŠŽȱꗊ—Œ’—
ŗŘǯřȱ ŽŒ˜—ꐞ›’—ȱ‘ŽȱŸŠ•žŽȱ–Š™ȱȮȱ›˜ŒŽ›’Žs
ŗŘǯŚȱ ˜—ȬŽ›–ȱ’—ŸŽœ–Ž—ȱȮȱžž›Žȱ–Š›”Žt
ŗŘǯśȱ ‘Š——Ž•ȱŒ‘Š’—œȱȮȱ‘Žȱ–Š›”Žȱ˜›ȱœȱ’—ȱŗşşśȱŠ—ȱŘŖŗŖ
ŗŘǯŜȱ ‘Š——Ž•ȱŒ‘Š’—œȱȮȱ‘˜Ž•ȱŒ‘Š’n
ŗŘǯŝȱ ‘Š——Ž•ȱŒ‘Š’—œȱ’—ȱŠ‹ž•Š›ȱ˜›–ȱȮȱȁž— ˜›œ‘’™™Ž›œȂȱœŽ–Ž—t
ŗŘǯŞȱ ‘Š——Ž•ȱŒ‘Š’—œȱ’—ȱŠ‹ž•Š›ȱ˜›–ȱȮȱȁ ˜‘—ȱŠ—ȱŠ›¢ȱ’ŸŽ•¢ȂȱœŽ–Ž—t
ŗŘǯşȱ ‘ŽȱŒ‘Š——Ž•ȱŸŠ•žŽȱŒž›ŸŽȱȮȱ‹˜˜”œȱŽ¡Š–™•e
ŗŘǯŗŖȱ ‘ŽȱŒ‘Š——Ž•ȱŸŠ•žŽȱŒž›ŸŽȱȮȱŠ—ȱŠ•Ž›—Š’ŸŽȱ™›ŽœŽ—Š’˜n
ŗŘǯŗŗȱ ‘Žȱ™›’˜›’’£Š’˜—ȱ–Š›’¡ȱȱȱȱ
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List of figures xix

ŗŘǯŗŘȱ ‘Žȱ™›’˜›’’£Š’˜—ȱ–Š›’¡ȱȮȱ’—œž›Š—ŒŽȱŒ˜–™Š—¢ȱȱȱȱȱ
ŗŘǯŗřȱ ˜›”œ‘ŽŽȱȮȱ‘Žȱ™›’˜›’’£Š’˜—ȱ–Š›’¡ȱȱȱȱ
ŗŘǯŗŚȱ ‘Žȱ™›’˜›’’£Š’˜—ȱ–Š›’¡ȱȮȱ•˜ŒŠ’—ȱ‘Žȱ™˜’—œȱ˜ȱ’—Ž›œŽŒ’˜—ȱȱȱȱ
ŗřǯŗȱ ‹“ŽŒ’ŸŽœȱŠ—ȱœ›ŠŽ’Žœȱ’—ȱŠȱŒ˜›™˜›ŠŽȱ›Š–Ž ˜›k
ŗřǯŘȱ ‘Žȱ—œ˜ěȱŠ›’x
ŗřǯřȱ ›˜žŒȱ•’ŽȱŒ¢Œ•Žœȱ ’‘’—ȱœŽ–Ž—s
ŗřǯŚȱ ‘Žȱ˜œ˜—ȱŠ›’¡ȱǻ‹Šœ’Œȱ˜ž•’—ŽǼ
ŗřǯśȱ ›ŠŽ’ŽœȱœžŽœŽȱ‹¢ȱ™˜›˜•’˜ȱ–Š›’¡ȱŠ—Š•¢œ’s
ŗřǯŜȱ ‘Žȱ’–™˜›Š—ŒŽȱ˜ȱ–Š›”Žȱœ‘Š›e
ŗřǯŝȱ ž™™•¢ȱŠ—ȱŽ–Š—ȱŒž›ŸŽs
ŗřǯŞȱ ˜œȱŸŽ›œžœȱ’쎛Ž—’Š’˜—ȱ–Š›’x
ŗřǯşȱ ‘Žȱ’–™ŠŒȱ˜—ȱž—’ȱŒ˜œœȱ˜ȱ‘Žȱ•ŽŠ›—’—ȱŒž›Ÿe
ŗřǯŗŖȱ ˜œȦ‹Ž—Žęȱ–Š›’x
ŗřǯŗŗȱ Š™ȱŠ—Š•¢œ’s
ŗřǯŗŘȱ ŽŒ‘—˜•˜’ŒŠ•ȱŠ—ȱœŽ–Ž—ȱ—Ž —Žœs
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ŗřǯŗřȱ ›˜ęȦ’Ÿ’œ’˜—ȱ™›˜ęȱ’–™›˜ŸŽ–Ž—ȱ˜™’˜—s
ŗřǯŗŚȱ ˜–™›Ž‘Ž—œ’ŸŽȱ•’œȱ˜ȱ˜™’˜—œȱ˜›ȱꕕ’—ȱ‘ŽȱȁŠ™ȂȱŠ—ȱœžŽœŽȱ–ŽŠœž›Ž–Ž—s
ŗřǯŗśȱ Š™ȱŠ—Š•¢œ’œȱȮȱ™•˜Ĵ’—ȱ‘Žȱ›ŽŸŽ—žŽȱ™˜œ’’˜—œȱ˜›ȱ¡Ž›Œ’œŽȱŗřǯŗ
ŗřǯŗŜȱ ˜›”œ‘ŽŽȱȮȱŒž››Ž—ȱŠ—ȱŠŒ‘’ŽŸŠ‹•ŽȱœŠ•Žœȱ›ŽŸŽ—žŽȱ˜ȱŽ¡’œ’—ȱ™›˜žŒœȱ’—ȱŽ¡’œ’—ȱ
œŽ–Ž—œ
ŗřǯŗŝȱ ˜›”œ‘ŽŽȱȮȱœŠ•Žœȱ›ŽŸŽ—žŽȱ˜ȱ—Ž ȱ™›˜žŒœȱ’—ȱŽ¡’œ’—ȱœŽ–Ž—s
ŗřǯŗŞȱ ˜›”œ‘ŽŽȱȮȱœŠ•Žœȱ›ŽŸŽ—žŽȱ˜ȱŽ¡’œ’—ȱ™›˜žŒœȱ’—ȱ—Ž ȱœŽ–Ž—s
ŗřǯŗşȱ Š™ȱŠ—Š•¢œ’œȱȮȱ™•˜Ĵ’—ȱ‘Žȱ™›˜ęȱ™˜œ’’˜—œȱ˜›ȱ¡Ž›Œ’œŽȱŗřǯŗ
ŗřǯŘŖȱ ˜›”œ‘ŽŽȱȮȱŒž››Ž—ȱŠ—ȱŠŒ‘’ŽŸŠ‹•Žȱ™›˜ęȱŸŠ•žŽȱ˜ȱŽ¡’œ’—ȱ™›˜žŒœȱ’—ȱŽ¡’œ’—ȱ
œŽ–Ž—s
ŗřǯŘŗȱ ˜›”œ‘ŽŽȱȮȱ™›˜ęȱŸŠ•žŽȱ˜ȱ—Ž ȱ™›˜žŒœȱ’—ȱŽ¡’œ’—ȱœŽ–Ž—s
ŗřǯŘŘȱ ˜›”œ‘ŽŽȱȮȱ™›˜ęȱŸŠ•žŽȱ˜ȱŽ¡’œ’—ȱ™›˜žŒœȱ’—ȱ—Ž ȱœŽ–Ž—s
ŗŚǯŗȱ ‘Žȱ’—ĚžŽ—ŒŽȱ˜ȱœ’£ŽȱŠ—ȱ’ŸŽ›œ’¢ȱ˜—ȱ‘Žȱ—ŽŽȱ˜›ȱ˜›–Š•’£Š’˜—ȱ’—ȱ–Š›”Ž’—
ŗŚǯŘȱ ›’—’—ȱœŽ–Ž—œȱ˜ȱ•’Žȱžœ’—ȱŒŠ›˜˜—ȱŒ‘Š›ŠŒŽ›s
ŗśǯŗȱ ’쎛Ž—ŒŽœȱ’—ȱŠĴ’žŽȱ‹Ž ŽŽ—ȱœŽ–Ž—œȱ˜›ȱ‘›ŽŽȱœŽ›Ÿ’ŒŽȱ›Žšž’›Ž–Ž—s
ŗśǯŘȱ ˜¢Š•¢ȱ˜ȱ •˜‹Š•ŽŒ‘ȱ‹¢ȱœŽ–Ž—t
ŗśǯřȱ Ž–Ž—ȱŠĴ›ŠŒ’ŸŽ—Žœœȱ˜›ȱ •˜‹Š•ŽŒh
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xx Market Segmentation

List of tables
Řǯŗȱ Ž–Ž—œȱ’—ȱ‘Žȱ–Š›”Žȱ˜›ȱ˜˜‘™Šœe
řǯŗȱ Šœȱ›ŠŒ”ȱȮȱ›ŽŒ˜›’—ȱ–’Œ›˜ȬœŽ–Ž—œȱŠ—ȱ’—’ŒŠ’—ȱ‘Žȱ›Ž•Š’ŸŽȱ’–™˜›Š—ŒŽȱ˜ȱ‘Ž’›ȱ
s
řǯŘȱ Šœȱ›ŠŒ”ȱȮȱŠ’—ȱ™›˜ę•’—ȱŒ‘Š›ŠŒŽ›’œ’Œœȱ˜ȱ–’Œ›˜ȬœŽ–Ž—s
řǯřȱ Šœȱ›ŠŒ”ȱȮȱ›ŽŒ˜›’—ȱœȱŠ—ȱ’—’ŒŠ’—ȱ‘Ž’›ȱ›Ž•Š’ŸŽȱ’–™˜›Š—ŒŽȱ˜ȱ–’Œ›˜ȬœŽ–Ž—s
řǯŚȱ Šœȱ›ŠŒ”ȱȮȱœŽ–Ž—ȱŠĴ›ŠŒ’ŸŽ—ŽœœȱŽŸŠ•žŠ’˜—ȱǻŽŠ›ȱřǼ
řǯśȱ Šœȱ›ŠŒ”ȱȮȱŒ˜–™Ž’’ŸŽȱœ›Ž—‘ȱŽŸŠ•žŠ’˜—ȱǻŽŠ›ȱŖǼ
Śǯŗȱ Žę—’—ȱ–Š›”Žœ
śǯŗȱ Š›”Žȱ–Š™ȱ ’‘ȱŒ˜—›ŠŒ˜›œȱ™›ŽœŽ—Žȱ’—ȱŠ‹ž•Š›ȱ˜›m
śǯŘȱ —’’Š•ȱšžŠ—’ęŒŠ’˜—ȱ˜ȱŠȱ–Š›”Žȱ–Š™ȱ’—ȱŠ‹ž•Š›ȱ˜›m
śǯřȱ Š›”Žȱ–Š™ȱŽ¡Š–™•Žȱ’—ȱŠ‹ž•Š›ȱ˜›–ȱȮȱ’Ž–œȱ’—œŠ••Žȱ’—ȱ™›Ž–’œŽœ
Ŝǯŗȱ Ž–Ž—œȱ’—ȱ‘Žȱ–Š›”Žȱ˜›ȱ˜˜‘™Šœe
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ŜǯŘȱ ŽŒ˜›’—ȱ–’Œ›˜ȬœŽ–Ž—œȱŠ—ȱ‘Ž’›ȱ s

Ŝǯřȱ —’ŒŠ’—ȱ‘Žȱ›Ž•Š’ŸŽȱ’–™˜›Š—ŒŽȱ˜ȱ œȱ˜ȱ–’Œ›˜ȬœŽ–Ž—s
ŜǯŚȱ ’—ȱ™›˜ę•’—ȱŒ‘Š›ŠŒŽ›’œ’Œœȱ˜ȱ–’Œ›˜ȬœŽ–Ž—s
Ŝǯśȱ ŽŒ˜›’—ȱ’—˜›–Š’˜—ȱ˜—ȱ ‘Šǰȱ ‘Ž›Žǰȱ ‘Ž—ȱŠ—ȱ‘˜w
ŜǯŜȱ Ž—’¢’—ȱ’—ĚžŽ—’Š•ȱŽŠž›Žs
Ŝǯŝȱ žœ˜–Ž›ȱ™›˜ę•Žœȱ˜›ȱœŽ–Ž—œȱ’—ȱ‘Žȱ–Š›”Žȱ˜›ȱ˜˜‘™Šœe
ŜǯŞȱ ŽŠž›Žȱ•’œȱ˜›ȱ‘ŽȱŒŠœŽȱœžy
Ŝǯşȱ ›’˜›’’£’—ȱŽŠž›Žȱ›˜ž™œȱ˜›ȱŠȱ™›Ž•’–’—Š›¢ȱœŽ–Ž—ȱ’—ȱ‘ŽȱŒŠœŽȱœžy
ŜǯŗŖȱȱ ȱœŽ•ŽŒ’˜—ȱ˜ȱ–’Œ›˜ȬœŽ–Ž—œȱŠ—ȱ‘Ž’›ȱ œȱ˜›ȱŠȱ™›Ž•’–’—Š›¢ȱœŽ–Ž—ȱ’—ȱ‘ŽȱŒŠœŽȱ
study
Ŝǯŗŗȱ ’‘ȬŒ•ŠœœȱŠ—Š•¢’ŒȱŸŽ›œ’˜—ȱ˜ȱ‘ŽȱŘŖŖŗȱ˜Œ’˜ȬŽŒ˜—˜–’Œȱ•Šœœ’ęŒŠ’˜—ȱǻ ǼȱŠ—ȱ’œȱ
Š™™›˜¡’–ŠŽȱ›Ž•Š’˜—œ‘’™ȱ ’‘ȱ˜‘Ž›ȱœŒ‘Ž–Žs
ŜǯŗŘȱ ˜›”œ‘ŽŽȱȮȱ–Š”’—ȱœŽ—œŽȱ˜ȱ–ŽŠ—’—•ŽœœȱŽŠž›Žs
Ŝǯŗřȱ ˜›”œ‘ŽŽȱȮȱ›ŽŒ˜›’—ȱ–’Œ›˜ȬœŽ–Ž—œǰȱ‘Ž’›ȱ œǰȱ™›˜ę•’—ȱŒ‘Š›ŠŒŽ›’œ’ŒœȱŠ—ȱœ’£e
ŝǯŗȱ ŽŒ˜›’—ȱœȱŠ—ȱ’—’ŒŠ’—ȱ‘Ž’›ȱ›Ž•Š’ŸŽȱ’–™˜›Š—ŒŽȱ˜ȱ–’Œ›˜ȬœŽ–Ž—s
ŝǯŘȱȱ ȱœŽŸŽ—Ȭ™˜’—ȱœŒŠ•Žȱ˜›ȱ›Š’—ȱs
ŝǯřȱ ‘Žȱȁ›Š’—ȂȱŠ™™›˜ŠŒ‘ȱ˜ȱœ’—’¢’—ȱŠȱȂœȱ’–™˜›Š—Œe
ŝǯŚȱ ‘Žȱȁ˜Š•ȱœž–ȂȱŠ™™›˜ŠŒ‘ȱ˜ȱœ’—’¢’—ȱŠȱȂœȱ’–™˜›Š—Œe
ŝǯśȱ œȱŠ—ȱ‘Ž’›ȱœŒ˜›Žœȱ˜›ȱŠȱœŽ•ŽŒ’˜—ȱ˜ȱ–’Œ›˜ȬœŽ–Ž—œȱ’—ȱ‘ŽȱŒŠœŽȱœžy
ŝǯŜȱ ˜›”œ‘ŽŽȱȮȱŽŸŽ•˜™’—ȱ œȱ’—˜ȱ‹Ž—Žęs
ŝǯŝȱ ˜›”œ‘ŽŽȱȮȱ›ŽŒ˜›’—ȱœȱŠ—ȱ‘Ž’›ȱ›Ž•Š’ŸŽȱ’–™˜›Š—ŒŽȱ‹¢ȱ–’Œ›˜ȬœŽ–Ž—ǰȱŠ•˜—ȱ
’‘ȱ‘Ž’›ȱ•’—”ȱ˜ȱŽŠž›Žœȱǻ˜™’˜—Š•Ǽ
Şǯŗȱ ˜˜”’—ȱ˜›ȱ’œ’—Œȱ™ŠĴŽ›—œȱŠŒ›˜œœȱ–’Œ›˜ȬœŽ–Ž—s
ŞǯŘȱ ’Œ›˜ȬœŽ–Ž—ȱŽŠ’•œȱ˜›ȱŠȱŒ•žœŽ›’—ȱ›˜ž’—e
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List of tables xxi

Şǯřȱ Š•Œž•Š’—ȱ‘Žȱ’쎛Ž—ŒŽȱ‹Ž ŽŽ—ȱ–’Œ›˜ȬœŽ–Ž—s

ŞǯŚȱ ’쎛Ž—ŒŽȱœŒ˜›Žœȱ˜›ȱ꟎ȱ–’Œ›˜ȬœŽ–Ž—s
Şǯśȱ Š•Œž•Š’—ȱ Ž’‘ŽȱŠŸŽ›ŠŽȱȱœŒ˜›Žœȱ˜›ȱŠȱŒ•žœŽ›
ŞǯŜȱ •žœŽ›’—ȱž™Še
Şǯŝȱ ›’˜›’’£’—ȱs
ŞǯŞȱ Š—Š›ȱ˜›–Šœȱ˜›ȱŒ˜–™Š›’—ȱŒ•žœŽ›s
Şǯşȱ Ž–Ž—ȱŠŽȱ™›˜ę•Žœȱ’—ȱŠȱ–Š›”Ž
ŞǯŗŖȱ œȱŠ—ȱ‘Ž’›ȱœŒ˜›Žœȱ˜›ȱŠȱœŽ•ŽŒ’˜—ȱ˜ȱ–’Œ›˜ȬœŽ–Ž—œȱ’—ȱ‘ŽȱŒŠœŽȱœžy
Şǯŗŗȱ ‘ŽȱŒ˜—Œ•ž’—ȱœŽ–Ž—œȱŠ—ȱ‘Ž’›ȱ–Š›”ŽȱȱœŒ˜›Žœȱ˜›ȱ‘ŽȱŒŠœŽȱœž¢
ŞǯŗŘȱ Ž–Ž—ȱŽ–˜›Š™‘’Œœȱ˜ȱ‘Žȱ‘’œ˜›’ŒŠ•ȱ›˜–Š—ŒŽȱ—˜ŸŽ•ȱ–Š›”ŽȱǻǼ
Şǯŗřȱ ˜›”œ‘ŽŽȱȮȱ›ŽŒ˜›’—ȱŒ•žœŽ›œȦœŽ–Ž—œǰȱ‘Ž’›ȱœǰȱ™›˜ę•’—ȱŒ‘Š›ŠŒŽ›’œ’ŒœȱŠ—ȱœ’£e
ŞǯŗŚȱȱ ˜›”œ‘ŽŽȱȮȱŒŠ•Œž•Š’—ȱ‘Žȱ™›˜ę•’—ȱŒ‘Š›ŠŒŽ›’œ’Œœȱ˜›ȱŠȱœŽ–Ž—t
Şǯŗśȱ ˜›”œ‘ŽŽȱȮȱŒŠ•Œž•Š’—ȱ‘Žȱ ȱŽŠ’•œȱ˜›ȱŠȱœŽ–Ž—t
ŞǯŗŜȱ ˜›”œ‘ŽŽȱȮȱŒŠ•Œž•Š’—ȱ‘Žȱ’쎛Ž—ŒŽȱ‹Ž ŽŽ—ȱ–’Œ›˜ȬœŽ–Ž—œȦŒ•žœŽ›s
Şǯŗŝȱ ˜›”œ‘ŽŽȱȮȱŒŠ•Œž•Š’—ȱ Ž’‘ŽȱŠŸŽ›ŠŽȱȱœŒ˜›Žœȱ˜›ȱŠȱŒ•žœŽr
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ŞǯŗŞȱ ˜›”œ‘ŽŽȱȮȱŒ•žœŽ›ȱ›ž—ȱ›ŽŒ˜›d
şǯŗȱ ˜›Ž›Ȃœȱ’ŸŽȱ˜›ŒŽœȱ–˜Žl
şǯŘȱ ›˜ęȱ™˜Ž—’Š•ȱœž‹ȬŠŒ˜›œȱ’—ȱ‘Žȱ–Š›”Žȱ˜›ȱ™‘Š›–ŠŒŽž’ŒŠ•s
şǯřȱ ¡Š–™•Žȱ Ž’‘’—œȱ˜ȱœŽ–Ž—ȱœ’£Žǰȱ–Š›’—ȱŠ—ȱ›˜ h
şǯŚȱ Ž’‘’—ȱœŽ–Ž—ȱŠĴ›ŠŒ’ŸŽ—ŽœœȱŠŒ˜›s
şǯśȱ Š›Š–ŽŽ›œȱŠ—ȱ‘Ž’›ȱœŒ˜›Žœȱ˜›ȱ‘ŽȱœŽ–Ž—ȱŠĴ›ŠŒ’ŸŽ—ŽœœȱŠŒ˜›s
şǯŜȱ Ž–Ž—ȱŠĴ›ŠŒ’ŸŽ—ŽœœȱŽŸŠ•žŠ’˜—ȱǻŽŠ›ȱřǼ
şǯŝȱ Ž–Ž—ȱŠĴ›ŠŒ’ŸŽ—ŽœœȱŽŸŠ•žŠ’˜—ȱǻŽŠ›ȱŖǼ
şǯŞȱ ‘Žȱ›Š—Žȱ˜ȱ Ž’‘ŽȱŠĴ›ŠŒ’ŸŽ—ŽœœȱœŒ˜›Žœȱ’—ȱŠȱ–Š›”Žȱ ’‘ȱ—’—ŽȱœŽ–Ž—s
şǯşȱ Ž–Ž—ȱŽŠ’•œȱ˜›ȱ¡Ž›Œ’œŽȱşǯŗ
şǯŗŖȱ Š›Š–ŽŽ›œȱŠ—ȱ‘Ž’›ȱœŒ˜›Žœȱ˜›ȱ‘ŽȱœŽ–Ž—ȱŠĴ›ŠŒ’ŸŽ—ŽœœȱŠŒ˜›œȱ’—ȱ¡Ž›Œ’œŽȱşǯŗ
şǯŗŗȱ Ĵ›ŠŒ’ŸŽ—ŽœœȱŠŒ˜›ȱœŒ˜›Žœȱ˜›ȱŽ–Ž—ȱŗȱ’—ȱ¡Ž›Œ’œŽȱşǯŗ
şǯŗŘȱ Ĵ›ŠŒ’ŸŽ—ŽœœȱŠŒ˜›ȱœŒ˜›Žȱ›Š—Žœȱ˜›ȱŽ–Ž—ȱŗȱ’—ȱ¡Ž›Œ’œŽȲşǯŗ
şǯŗřȱ Ĵ›ŠŒ’ŸŽ—ŽœœȱŠŒ˜›ȱœŒ˜›Žœȱ˜›ȱŽ–Ž—ȱŘȱ’—ȱ¡Ž›Œ’œŽȱşǯŗ
şǯŗŚȱ Ĵ›ŠŒ’ŸŽ—ŽœœȱŠŒ˜›ȱœŒ˜›Žȱ›Š—Žœȱ˜›ȱŽ–Ž—ȱŘȱ’—ȱ¡Ž›Œ’œŽȲşǯŗ
şǯŗśȱ ˜›”œ‘ŽŽȱȮȱŒŠ•Œž•Š’—ȱœŽ–Ž—ȱŠĴ›ŠŒ’ŸŽ—Žœs
ŗŖǯŗȱ Ž’‘’—ȱœȱŠ—ȱ‘Ž’›ȱŒ˜—œ’žŽ—ȱs
ŗŖǯŘȱ ¡™›Žœœ’—ȱ‘Žȱ›Ž•Š’ŸŽȱ’–™˜›Š—ŒŽȱ˜ȱœȱ—ž–Ž›’ŒŠ••y
ŗŖǯřȱ ˜–™Ž’’ŸŽȱœ›Ž—‘ȱŽŸŠ•žŠ’˜—ȱǻŽŠ›ȱŖǼ
ŗŖǯŚȱ ˜–™Ž’’ŸŽȱœ›Ž—‘ȱŠœȱ™Ž›ŒŽ’ŸŽȱ‹¢ȱŽ–Ž—ȱŗȱ’—ȱ¡Ž›Œ’œŽȱŗŖǯŗ
ŗŖǯśȱ Ž•Š’ŸŽȱŒ˜–™Ž’’ŸŽȱœ›Ž—‘ȱŽŸŠ•žŠ’˜—ȱ˜›ȱŽ–Ž—ȱŗȱ’—ȱ¡Ž›Œ’œŽȱŗŖǯŗ
ŗŖǯŜȱ Ž•Š’ŸŽȱŒ˜–™Ž’’ŸŽȱœ›Ž—‘ȱœŒ˜›Žȱ›Š—Žœȱ˜›ȱŽ–Ž—ȱŗȱ’—ȱ¡Ž›Œ’œŽȱŗŖǯŗ
ŗŖǯŝȱ ˜–™Ž’’ŸŽȱœ›Ž—‘ȱŠœȱ™Ž›ŒŽ’ŸŽȱ‹¢ȱŽ–Ž—ȱŘȱ’—ȱ¡Ž›Œ’œŽȱŗŖǯŗ
ŗŖǯŞȱ Ž•Š’ŸŽȱŒ˜–™Ž’’ŸŽȱœ›Ž—‘ȱŽŸŠ•žŠ’˜—ȱ˜›ȱŽ–Ž—ȱŘȱ’—ȱ¡Ž›Œ’œŽȱŗŖǯŗ
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xxii Market Segmentation

ŗŖǯşȱ Ž•Š’ŸŽȱŒ˜–™Ž’’ŸŽȱœ›Ž—‘ȱœŒ˜›Žȱ›Š—Žœȱ˜›ȱŽ–Ž—ȱŘȱ’—ȱ¡Ž›Œ’œŽȱŗŖǯŗ
ŗŖǯŗŖȱ ˜›”œ‘ŽŽȱȮȱŒŠ•Œž•Š’—ȱ›Ž•Š’ŸŽȱŒ˜–™Š—¢ȱŒ˜–™Ž’’ŸŽ—Žœs
ŗŗǯŗȱ —’’Š•ȱšžŠ—’ęŒŠ’˜—ȱ˜ȱŠȱ–Š›”Žȱ–Š™ȱ’—ȱŠ‹ž•Š›ȱ˜›m
ŗŗǯŘȱ Š›”Žȱ–Š™ȱ ’‘ȱŒ˜–™Š—¢ȱœ‘Š›ŽȱŠ—ȱ—ž–‹Ž›ȱ˜ȱž—’œȱ’—ȱŠ‹ž•Š›ȱ˜›m
ŗŗǯřȱ ŽŠ’•ŽȱšžŠ—’ęŒŠ’˜—ȱ˜ȱŠȱ–Š›”Žȱ–Š™ȱ’—ȱŠ‹ž•Š›ȱ˜›m
ŗŗǯŚȱ ž••¢ȱŽŠ’•ŽȱšžŠ—’ęŒŠ’˜—ȱ˜ȱŠȱ–Š›”Žȱ–Š™ȱ’—ȱŠ‹ž•Š›ȱ˜›m
ŗŗǯśȱ ŽŠ’•Žȱ–Š›”Žȱ–Š™ȱŽ¡Š–™•Žȱ’—ȱŠ‹ž•Š›ȱ˜›–ȱȮȱ’Ž–œȱ’—œŠ••Žȱ’—ȱ™›Ž–’œŽs
ŗŘǯŗȱ ¢™Žœȱ˜ȱ’—Ž›–Ž’Š›’Žs
ŗŘǯŘȱ ŸŠ•žŠ’—ȱ™˜Ž—’Š•ȱŒ‘Š—Žœȱ˜ȱ‘Žȱ–Š›”Žȱ–Š™ȦŸŠ•žŽȱŒ‘Š’n
ŗŘǯřȱ ‘ŽȱŒ‘Š——Ž•ȱŸŠ•žŽȱŒž›ŸŽȱȮȱŒŠ•Œž•Š’˜—œȱ˜›ȱ‘ŽȱŠ•Ž›—Š’ŸŽȱ™›ŽœŽ—Š’˜n
ŗŘǯŚȱ ˜›”œ‘ŽŽȱȮȱ‘ŽȱŒ˜––ž—’ŒŠ’˜—œȱ–’x
ŗŘǯśȱȱ ‘ŽȱŒ˜––ž—’ŒŠ’˜—œȱ–’x
ŗŘǯŜȱ ˜›”œ‘ŽŽȱȮȱŒŠ•Œž•Š’—ȱŒ‘Š——Ž•Ȭ›Ž•ŠŽȱ˜™™˜›ž—’¢ȱŠĴ›ŠŒ’ŸŽ—Žœœȱ˜ȱ‘Žȱ˜›Š—’£Š’˜n
ŗŘǯŝȱ ˜›”œ‘ŽŽȱȮȱŒŠ•Œž•Š’—ȱŒ‘Š——Ž•Ȭ›Ž•ŠŽȱ˜™™˜›ž—’¢ȱŠĴ›ŠŒ’ŸŽ—Žœœȱ˜ȱŠȱœŽ–Ž—t
ŗřǯŗȱ ž’Ž•’—ŽœȱœžŽœŽȱ˜›ȱ’쎛Ž—ȱ™˜œ’’˜—’—ȱ˜—ȱ‘Žȱ’›ŽŒ’˜—Š•ȱ™˜•’Œ¢ȱ–Š›’¡
http://www.goodfellowpublishers.com/academic-publishing.php?promoCode=&partnerID=&content=story&storyID=237
ŗřǯŘȱ œ’—ȱŒ˜–™Ž’’ŸŽȱœ›Ž—‘ȱŽŸŠ•žŠ’˜—ȱ˜ȱ™›’˜›’’£ŽȱŠ›ŽŠœȱ˜›ȱ’–™›˜ŸŽ–Ž—t
ŗřǯřȱ œ’—ȱœȱŠ—ȱœȱ˜ȱŽŽ›–’—Žȱœ™ŽŒ’ęŒȱ–Š›”Ž’—ȱœ›ŠŽ’Žs
ŗřǯŚȱ ˜›”œ‘ŽŽȱȮȱ™›˜žŒ’Ÿ’¢ȱŠŒ’˜—œȱ˜ȱŒ•˜œŽȱ‘ŽȱœŠ•ŽœȱŠ™ȱ
ŗřǯśȱ ˜›”œ‘ŽŽȱȮȱ™›˜žŒ’Ÿ’¢ȱŠŒ’˜—œȱ˜ȱŒ•˜œŽȱ‘Žȱ™›˜ęȱŠ™ȱȱȱ
ŗśǯŗȱ •˜‹Š•ŽŒ‘ȂœȱœŽ–Ž—œȱȱȱ
Chapter extract

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