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71-624: The United States Treasury Department issued its first war savings stamps in late 1917 in order to help pay for the costs incurred through involvement in World War I. The estimated cost of World War I for the United States was approximately $ 32 billion, and by the end of the war, the United States government had issued a total of $ 26.4 billion in debt. Although national campaigns had aimed to sell $ 2 billion in war savings stamps, they ultimately accounted for about $ 0.93 billion, or 3.5 percent, of

142-404: A certain extent saw this as a "natural force" in the market that would "not be denied." As Schwarzkopf points out, Smith was codifying implicit knowledge that had been used in advertising and brand management since at least the 1920s. Until relatively recently, most segmentation approaches have retained a tactical perspective in that they address immediate short-term decisions; such as describing

213-465: A consumer classification system designed for market segmentation and consumer profiling purposes. They classify residential regions or postcodes based on census and lifestyle characteristics obtained from a wide range of sources. This allows the segmentation of a population into smaller groups defined by individual characteristics such as demographic, socio-economic, or other shared socio-demographic characteristics. Geographic segmentation may be considered

284-477: A consumer or business market into meaningful sub-groups of current or potential customers (or consumers ) known as segments . Its purpose is to identify profitable and growing segments that a company can target with distinct marketing strategies. In dividing or segmenting markets, researchers typically look for common characteristics such as shared needs, common interests, similar lifestyles, or even similar demographic profiles . The overall aim of segmentation

355-455: A customized offer with an individual price that can be disseminated via real-time communications. Some scholars have argued that the fragmentation of markets has rendered traditional approaches to market segmentation less useful. The limitations of conventional segmentation have been well documented in the literature. Perennial criticisms include: Market segmentation has many critics. Despite its limitations, market segmentation remains one of

426-406: A firm makes is the selection of one or more market segments on which to focus. A market segment is a portion of a larger market whose needs differ somewhat from the larger market. Since a market segment has unique needs, a firm that develops a total product focused solely on the needs of that segment will be able to meet the segment's desires better than a firm whose product or service attempts to meet

497-429: A means of achieving internal homogeneity (similarity within the segments), and external heterogeneity (differences between segments). In other words, they are searching for a process that minimizes differences between members of a segment and maximizes differences between each segment. In addition, the segmentation approach must yield segments that are meaningful for the specific marketing problem or situation. For example,

568-473: A nation of 103 million people. The speakers attended training sessions through local universities, and were given pamphlets and speaking tips on a wide variety of topics, such as buying Liberty Bonds, registering for the draft, rationing food, recruiting unskilled workers for munitions jobs, and supporting Red Cross programs. Ethnic groups were reached in their languages. With many millions of German Americans , Irish Americans and Scandinavian Americans in

639-444: A person's hair color may be a relevant base for a shampoo manufacturer, but it would not be relevant for a seller of financial services. Selecting the right base requires a good deal of thought and a basic understanding of the market to be segmented. In reality, marketers can segment the market using any base or variable provided that it is identifiable, substantial, responsive, actionable, and stable. For example, although dress size

710-448: A plethora of sugar substitutes including smart sugar which is essentially a blend of pure sugar and a sugar substitute. Each of these product types is designed to meet the needs of specific market segments. Invert sugar and sugar syrups, for example, are marketed to food manufacturers where they are used in the production of conserves, chocolate, and baked goods. Sugars marketed to consumers appeal to different usage segments – refined sugar

781-438: A sense of patriotic duty to purchase them to support war efforts. President Woodrow Wilson called upon “every man, woman and child” to save for the war and designated June 28, 1918 as National War Savings Day. Governors, mayors, and other political leaders led by example by purchasing war savings stamps and encouraged their constituents to do the same. The Four Minute Men organization, authorized by President Wilson, also developed

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852-494: A series of speech outlines related to war savings stamps for its volunteers to deliver. Support for war savings stamps also came from a variety of non-government sources. Advertisements were often donated by local newspapers in order to inform people of how war savings stamps worked and to encourage their purchase. War savings societies formed within communities across the country to promote the value of thrift and to collect funds for war savings stamps. Children were also recruited to

923-403: A variety of salt products; cooking salt, table salt, sea salt, rock salt, kosher salt, mineral salt, herbal or vegetable salts, iodized salt, salt substitutes, and many more. Sugar also comes in many different types - cane sugar , beet sugar , raw sugar , white refined sugar , brown sugar , caster sugar , sugar lumps, icing sugar (also known as milled sugar), sugar syrup , invert sugar , and

994-425: Is a family of approaches that specifically addresses this issue by combining two or more variable bases into a single segmentation. This emergence has been driven by three factors. First, the development of more powerful AI and machine learning algorithms to help attribute segmentations to customer databases; second, the rapid increase in the breadth and depth of data that is available to commercial organisations; third,

1065-403: Is an applied example of behavioural segmentation, using attitude to a product or service as a key descriptor or variable which has been customized for the specific application. Purchase or usage occasion segmentation focuses on analyzing occasions when consumers might purchase or consume a product. This approach customer-level and occasion-level segmentation models and provides an understanding of

1136-483: Is estimating the parameters for p and q . However, the Bass model has been so widely used in empirical studies that the values of p and q for more than 50 consumer and industrial categories have been determined and are widely published in tables. The average value for p is 0.037 and for q is 0.327. A major step in the segmentation process is the selection of a suitable base. In this step, marketers are looking for

1207-439: Is expensive for individual firms. For this reason, many companies purchase data from commercial market research firms, many of whom develop proprietary software to interrogate the data. The labels applied to some of the more popular demographic segments began to enter the popular lexicon in the 1980s. These include the following: Psychographic segmentation, which is sometimes called psychometric or lifestyle segmentation,

1278-444: Is killing off demographics. Typical behavioural variables and their descriptors include: Note that these descriptors are merely commonly used examples. Marketers customize the variables and descriptors for both local conditions and for specific applications. For example, in the health industry, planners often segment broad markets according to 'health consciousness' and identify low, moderate, and highly health-conscious segments. This

1349-498: Is measured by studying the activities, interests, and opinions (AIOs) of customers. It considers how people spend their leisure, and which external influences they are most responsive to and influenced by. Psychographics is a very widely used basis for segmentation because it enables marketers to identify tightly defined market segments and better understand consumer motivations for product or brand choice. While many of these proprietary psychographic segmentation analyses are well-known,

1420-438: Is not a standard base for segmenting a market, some fashion houses have successfully segmented the market using women's dress size as a variable. However, the most common bases for segmenting consumer markets include: geographics, demographics, psychographics, and behavior. Marketers normally select a single base for the segmentation analysis, although, some bases can be combined into a single segmentation with care. Combining bases

1491-461: Is one of the more commonly used approaches to segmentation and is widely used in many consumer markets including motor vehicles, fashion and clothing, furniture, consumer electronics, and holiday-makers. Loker and Purdue, for example, used benefit segmentation to segment the pleasure holiday travel market. The segments identified in this study were the naturalists, pure excitement seekers, and escapists. Attitudinal segmentation provides insight into

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1562-447: Is primarily for use on the table, while caster sugar and icing sugar are primarily designed for use in home-baked goods. Many factors are likely to affect a company's segmentation strategy: The process of segmenting the market is deceptively simple. Marketers tend to use the so-called S-T-P process , that is S egmentation→ T argeting → P ositioning, as a broad framework for simplifying the process. Segmentation comprises identifying

1633-507: 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. " From an economic perspective, segmentation is built on the assumption that heterogeneity in demand allows for demand to be disaggregated into segments with distinct demand functions. The business historian Richard S. Tedlow identifies four stages in

1704-434: Is that segmentations developed using a single variable base, e.g. attitudes, are useful only for specific business functions. As an example, segmentations driven by functional needs (e.g. “I want home appliances that are very quiet”) can provide clear direction for product development, but tell little about how to position brands, or who to target on the customer database and with what tonality of messaging. Hybrid segmentation

1775-830: Is the foundation of an emerging form of segmentation known as ‘Hybrid Segmentation’ (see § Hybrid segmentation ). This approach seeks to deliver a single segmentation that is equally useful across multiple marketing functions such as brand positioning, product and service innovation as well as eCRM. The following sections provide a description of the most common forms of consumer market segmentation. Geographic segmentation divides markets according to geographic criteria. In practice, markets can be segmented as broadly as continents and as narrowly as neighborhoods or postal codes. Typical geographic variables include: The geo-cluster approach (also called geodemographic segmentation ) combines demographic data with geographic data to create richer, more detailed profiles. Geo-cluster approaches are

1846-454: Is to identify high-yield segments – that is, those segments that are likely to be the most profitable or that have growth potential – so that these can be selected for special attention (i.e. become target markets ). Many different ways to segment a market have been identified. Business-to-business (B2B) sellers might segment the market into different types of businesses or countries , while business-to-consumer (B2C) sellers might segment

1917-449: Is unique. However, analogous product adoption and growth rates can provide the analyst with benchmark estimates and can be used to cross-validate other methods that might be used to forecast sales or market size. A more robust technique for estimating the market potential is known as the Bass diffusion model , the equation for which follows: Where: The major challenge with the Bass model

1988-474: Is used by the nation's census collectors. Examples of demographic variables and their descriptors include: In practice, most demographic segmentation utilizes a combination of demographic variables. The use of multiple segmentation variables normally requires the analysis of databases using sophisticated statistical techniques such as cluster analysis or principal components analysis. These types of analysis require very large sample sizes. However, data collection

2059-691: Is widely used by Governments and public sector departments such as urban planning, health authorities, police, criminal justice departments, telecommunications, and public utility organizations such as water boards. Segmentation according to demography is based on consumer demographic variables such as age, income, family size, socio-economic status, etc. Demographic segmentation assumes that consumers with similar demographic profiles will exhibit similar purchasing patterns, motivations, interests, and lifestyles and that these characteristics will translate into similar product/brand preferences. In practice, demographic segmentation can potentially employ any variable that

2130-514: The S-T-P approach ; S egmentation → T argeting → P ositioning to provide the framework for marketing planning objectives. That is, a market is segmented, one or more segments are selected for targeting , and products or services are positioned in a way that resonates with the selected target market or markets. Market segmentation is the process of dividing mass markets into groups with similar needs and wants. The rationale for market segmentation

2201-609: The American war effort in the First World War and were presented during the four minutes between reels changing in movie theaters across the country. The speeches were made to be four minutes so that they could be given at town meetings, restaurants, and other places that had an audience. On April 6, 1917, the US Congress declared war on Germany. President Wilson was determined to rouse the public. Wilson established

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2272-646: The Red Cross . The Brethren in Christ had a similar program for their members. Four Minute Men The Four Minute Men were a group of volunteers authorized by United States President Woodrow Wilson to give four-minute speeches on topics given to them by the Committee on Public Information (CPI). In 1917–1918, over 750,000 speeches were given in 5,200 communities by over 75,000 accomplished orators, reaching about 400 million listeners. The topics dealt with

2343-780: The British market; French postal delivery vans for Continental Europe and American locomotives intended for sale in America. Such activities suggest that basic forms of market segmentation have been practiced since the 17th century and possibly earlier. Contemporary market segmentation emerged in the first decades of the twentieth century as marketers responded to two pressing issues. Demographic and purchasing data were available for groups but rarely for individuals and secondly, advertising and distribution channels were available for groups, but rarely for single consumers. Between 1902 and 1910, George B Waldron, working at Mahin's Advertising Agency in

2414-527: The Four Minute Men, who then would appoint a city or community chairman. Each of these appointments needed to be approved in Washington. The local chairman would then appoint a number of speakers to cover the theaters in the city or community for which he is responsible. Market segmentation In marketing , market segmentation or customer segmentation is the process of dividing

2485-541: The United States used tax registers, city directories, and census data to show advertisers the proportion of educated vs illiterate consumers and the earning capacity of different occupations, etc. in a very early example of simple market segmentation. In 1924 Paul Cherington developed the 'ABCD' household typology; the first socio-demographic segmentation tool. By the 1930s, market researchers such as Ernest Dichter recognized that demographics alone were insufficient to explain different marketing behaviors and began exploring

2556-422: The United States, and poor rural Southerners with strong isolationist feelings, there was a strong need for a propaganda campaign to stir support for the war. This effort had many unique challenges to meet to address the existing political climate . Wilson needed to speak directly to the fragmented and spread out audience in the United States. He had to address the country's self-perception to generate support for

2627-617: The War Savings Certificate stamps, the Treasury also issued a set of 25-cent Thrift stamps, which bore no interest. The purpose of the Thrift stamps was to allow individuals without the means to purchase a War Savings Certificate stamp outright to gradually accumulate enough Thrift stamps to exchange for one later. The Treasury supplied Thrift cards, to which a total of sixteen Thrift stamps could be affixed. A full Thrift card

2698-460: The country, and President Wilson needed their support for the war. To address each group's specific needs, the director of the Four Minute Men, William McCormick Blair , delegated the duty of speaking to local men. Well known and respected community figures often volunteered for the Four Minute Men program. This gave the speeches a local voice. The Four Minute Men were given general topics and talking points to follow and rotated between theaters to help

2769-399: The current “market served” and are concerned with informing marketing mix decisions. However, with the advent of digital communications and mass data storage, it has been possible for marketers to conceive of segmenting at the level of the individual consumer. Extensive data is now available to support segmentation in very narrow groups or even for a single customer, allowing marketers to devise

2840-489: The enduring concepts in marketing and continues to be widely used in practice. One American study, for example, suggested that almost 60 percent of senior executives had used market segmentation in the past two years. A key consideration for marketers is whether they should segment. Depending on company philosophy, resources, product type, or market characteristics, a business may develop an undifferentiated approach or differentiated approach . In an undifferentiated approach,

2911-425: The evolution of market segmentation: The practice of market segmentation emerged well before marketers thought about it at a theoretical level. Archaeological evidence suggests that Bronze Age traders segmented trade routes according to geographical circuits. Other evidence suggests that the practice of modern market segmentation was developed incrementally from the 16th century onwards. Retailers, operating outside

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2982-541: The first modern propaganda office, the Committee on Public Information (CPI), headed by George Creel . Creel set out to systematically reach every person in the United States multiple times with patriotic information about how the individual could contribute to the war effort. The CPI also worked with the post office to censor seditious counter-propaganda. Creel set up divisions in his new agency to produce and distribute innumerable copies of pamphlets, newspaper releases, magazine advertisements, films, school campaigns, and

3053-569: The first step in international marketing, where marketers must decide whether to adapt their existing products and marketing programs to the unique needs of distinct geographic markets. Tourism Marketing Boards often segment international visitors based on their country of origin. Several proprietary geo-demographic packages are available for commercial use. Geographic segmentation is widely used in direct marketing campaigns to identify areas that are potential candidates for personal selling, letter-box distribution, or direct mail. Geo-cluster segmentation

3124-404: The increasing prevalence of customer databases amongst companies (which generates the commercial demand for segmentation to be used for different purposes). A successful example of hybrid segmentation came from the travel company TUI, which in 2018 developed a hybrid segmentation using a combination of geo-demographics, high-level category attitudes, and more specific holiday-related needs. Before

3195-427: The individual customers’ needs, behaviour, and value under different occasions of usage and time. Unlike traditional segmentation models, this approach assigns more than one segment to each unique customer, depending on the current circumstances they are under. Benefit segmentation (sometimes called needs-based segmentation ) was developed by Grey Advertising in the late 1960s. The benefits-sought by purchasers enables

3266-604: The late sixteenth century, was to invite favored customers into a back room of the store, where goods were permanently on display. Yet another technique that emerged around the same time was to hold a showcase of goods in the shopkeeper's private home for the benefit of wealthier clients. Samuel Pepys, for example, writing in 1660, describes being invited to the home of a retailer to view a wooden jack. The eighteenth-century English entrepreneurs, Josiah Wedgewood and Matthew Boulton , both staged expansive showcases of their wares in their private residences or in rented halls to which only

3337-436: The major metropolitan cities, could not afford to serve one type of clientele exclusively, yet retailers needed to find ways to separate the wealthier clientele from the "riff-raff". One simple technique was to have a window opening out onto the street from which customers could be served. This allowed the sale of goods to the common people, without encouraging them to come inside. Another solution, that came into vogue starting in

3408-550: The majority of studies based on psychographics are custom-designed. That is, the segments are developed for individual products at a specific time. One common thread among psychographic segmentation studies is that they use quirky names to describe the segments. Behavioural segmentation divides consumers into groups according to their observed behaviours. Many marketers believe that behavioural variables are superior to demographics and geographics for building market segments, and some analysts have suggested that behavioural segmentation

3479-617: The market into demographic segments, such as lifestyle, behavior, or socioeconomic status. Market segmentation assumes that different market segments require different marketing programs – that is, different offers, prices, promotions, distribution, or some combination of marketing variables. Market segmentation is not only designed to identify the most profitable segments but also to develop profiles of key segments to better understand their needs and purchase motivations. Insights from segmentation analysis are subsequently used to support marketing strategy development and planning. Many marketers use

3550-420: The market to be divided into segments with distinct needs, perceived value, benefits sought, or advantage that accrues from the purchase of a product or service. Marketers using benefit segmentation might develop products with different quality levels, performance, customer service, special features, or any other meaningful benefit and pitch different products at each of the segments identified. Benefit segmentation

3621-410: The market to be segmented; identification, selection, and application of bases to be used in that segmentation; and development of profiles. Targeting comprises an evaluation of each segment's attractiveness and selection of the segments to be targeted. Positioning comprises the identification of optimal positions and the development of the marketing program. Perhaps the most important marketing decision

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3692-457: The marketer ignores segmentation and develops a product that meets the needs of the largest number of buyers. In a differentiated approach, the firm targets one or more market segments and develops separate offers for each segment. In consumer marketing, it is difficult to find examples of undifferentiated approaches. Even goods such as salt and sugar , which were once treated as commodities, are now highly differentiated. Consumers can purchase

3763-489: The mindset of customers, especially the attitudes and beliefs that drive consumer decision-making and behaviour. An example of attitudinal segmentation comes from the UK's Department of Environment which segmented the British population into six segments, based on attitudes that drive behaviour relating to environmental protection: One of the difficulties organisations face when implementing segmentation into their business processes

3834-469: The needs of multiple segments. Current research shows that, in practice, firms apply three variations of the S-T-P framework : ad-hoc segmentation, syndicated segmentation, and feral segmentation. The market for any given product or service is known as the market potential or the total addressable market (TAM). Given that this is the market to be segmented, the market analyst should begin by identifying

3905-404: The onset of Covid-19 travel restrictions, they credited this segmentation with having generated an incremental £50 million of revenue in the UK market alone in just over two years. Facebook has recently developed what marketing professor Mark Ritson describes as a “very impressive” hybrid segmentation using a combination of behavioural, attitudinal, and demographic data. With a clear break from

3976-564: The percentage likely to use the product or service, and finally estimate the revenue potential. Another approach is to use a historical analogy. For example, the manufacturer of HDTV might assume that the number of consumers willing to adopt high-definition TV will be similar to the adoption rate for color TV. To support this type of analysis, data for household penetration of TV, Radio, PCs, and other communications technologies are readily available from government statistics departments. Finding useful analogies can be challenging because every market

4047-573: The promotion of the Series E war bonds. In order to mobilize the home front to support the war efforts ideologically and financially, the Treasury Department's primary message revolved around patriotism. With support from the advertising industry, which donated $ 250 million worth of advertising during the first three years of the campaign, war bonds and stamps permeated everyday life. Advertisements appeared as posters on trolley cars, songs on

4118-413: The purchase of a stamp. Filled collection booklets could later be used to purchase Series E war bonds. For example, a full 25-cent booklet contained 75 stamps and was worth $ 18.75, which was the initial price of a $ 25 war bond. Thus, a full 25-cent booklet would be exchanged for a $ 25 war bond with a time to maturity of ten years. The promotion of war savings stamps during World War II was closely tied with

4189-724: The radio, and movies featuring Hollywood stars like Frank Sinatra and Bob Hope. Utilizing the concept of market segmentation , numerous campaigns were developed to target different populations such as women, immigrants, and children. The Treasury developed classroom material that highlighted the positive impact of war savings stamps while enforcing math skills. During World War II, the Mennonite Central Committee offered red Civilian Public Service stamps and blue War Sufferers' Relief stamps for ten cents each to help fund peaceful programs and offer an alternative for children from families who could not conscientiously fund

4260-410: The size of the potential market. For existing products and services, estimating the size and value of the market potential is relatively straightforward. However, estimating the market potential can be very challenging when a product or service is new to the market and no historical data on which to base forecasts exists. A basic approach is to first assess the size of the broad population, then estimate

4331-645: The speeches of the Four Minute Men. The CPI created colorful posters that appeared in every store window, catching the attention of the passersby for a few seconds. Movie theaters were widely attended, and the CPI trained thousands of volunteer speakers to make patriotic appeals during the four-minute breaks needed to change reels. They also spoke at churches, lodges, fraternal organizations, labor unions, and even logging camps. CPI Director George Creel boasted that in 18 months his 75,000 volunteers delivered over 7.5 million four-minute orations to over 300 million listeners, in

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4402-532: The speeches seem fresh, instead of generic propaganda. The speeches usually depicted Woodrow Wilson as a larger-than-life character and the Germans as less-than-human Huns. The Four Minute Men were a division of the Committee on Public Information, headed by George Creel . The Committee on Public Information appointed William McCormick Blair as director of the Four Minute Men. Blair appointed state chairmen of

4473-591: The stamp increased by one cent for each month after January 1918 until sales ended in December 1918. Owners of these stamps could also redeem them for cash prior to the maturity date and receive the amount paid plus one cent for every month after the original purchase. The Treasury issued a new series of War Savings Certificate stamps in subsequent years, with the same interest rate and time to maturity. The final series of War Savings Certificate stamps were issued on December 21, 1920, maturing on January 1, 1926. Along with

4544-431: The total debt issued. Despite the low proportion of total debt purchased as war savings stamps, they represented real additional savings whereas other issues were at least partly monetized already. In addition, government and society leaders utilized the war savings stamps program as a vehicle to teach the importance of saving and thrift. The primary, interest-earning stamp issued was the War Savings Certificate stamp, which

4615-574: The upper classes were invited while Wedgewood used a team of itinerant salesmen to sell wares to the masses. Evidence of early marketing segmentation has also been noted elsewhere in Europe. A study of the German book trade found examples of both product differentiation and market segmentation in the 1820s. From the 1880s, German toy manufacturers were producing models of tin toys for specific geographic markets; London omnibuses and ambulances destined for

4686-615: The use of lifestyles, attitudes, values, beliefs and culture to segment markets. With access to group-level data only, brand marketers approached the task from a tactical viewpoint. Thus, segmentation was essentially a brand-driven process. Wendell R. Smith is generally credited with being the first to introduce the concept of market segmentation into the marketing literature in 1956 with the publication of his article, "Product Differentiation and Market Segmentation as Alternative Marketing Strategies." Smith's article makes it clear that he had observed "many examples of segmentation" emerging and to

4757-449: The war saving efforts primarily through their schools. Children received school kits, which included penny and nickel savings booklets so that children could save up for a 25-cent Thrift stamp a few cents at a time. The United States Treasury Department began to issue a series of war savings stamps in late 1942. Unlike the War Savings Certificate stamps from World War I, these war savings stamps earned no interest. Instead, their sole purpose

4828-432: The war. The Four Minute Men provided an answer to these challenges. In addition, the Four Minute Men urged citizens to purchase Liberty Bonds and Thrift Stamps. The Four Minute Men idea became a useful tool in the propaganda campaign because it addressed a specific rhetorical situation . One of the challenges of the effort was the fragmented audiences of the United States. Many different heritages were represented in

4899-429: Was to facilitate saving toward the purchase of Series E war bonds . The war savings stamps introduced during World War II were released in five different denominations – 10 cents, 25 cents, 50 cents, one dollar, and five dollars, all featuring a Minuteman statue. These stamps were purchased at face value and earned no interest. Individuals accumulated their war savings stamps in various collection booklets provided with

4970-449: Was worth 5 dollars at maturity on January 1, 1923. These stamps needed to be affixed to an engraved folder called the War Savings Certificate, which carried the name of the purchaser, and could only be redeemed by that individual. Between December 3, 1917, and January 31, 1918, each stamp could be purchased at the price of $ 4.12. If purchased on January 2, 1918, the return on the investment would be 4 percent, compounded quarterly. The price of

5041-498: Was worth four dollars and could be combined with the appropriate number of cents to purchase a War Savings Certificate stamp. Promotion of war savings stamps pervaded American culture during World War I. The Treasury Department established the War Savings Organization in order to coordinate marketing efforts throughout the nation. A wide variety of posters were produced to promote war savings stamps, often invoking

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