Answer: see explanation below.
Explanation:
Market segmentation is the process of dividing a large consumer base, that consists of existing and potential customers, into sub-groups of consumers based on the fact that they share some kind of characteristics. These characteristics include, age, income, personality traits or behavior. The segments can later be used to adopt an effective marketing mix that will ensure that customers will be influenced.
There are four types of Market Segmentation.
1. Geographic Segmentation:
Geographic segmentation targets different customer groups based on geographic borders. Some customers have needs that are particular to their environment and location. Understanding this will help to determined where to market your product and where to expand your business to.
2. Demographic Segmentation:
Demographic segmentation targets a market by demographic traits such as education level, race, income level, family size, nationality, gender, age, occupation, religion, etc.
3. Psychographic Segmentation:
Psychographic segmentation targets customers based on their intrinsic and personal traits, this differs from demographic segmentation because it focuses on traits like interests, attitudes, lifestyle, values, etc. Markets like the luxury car markets use psychographic segmentation to target people who think that owning luxury cars reflect their kind of lifestyle.
4. Behavioral Segmentation
Behavioral segmentation is somewhat similar to psychographic segmentation, but here, the focus is on the way customers go through their decision making and buying process. The way customers will react to your brand and how they use it is very useful in creating this segmentation.
Social class:
Social class is a concept in the field of social science, it is a model of social stratification that groups people into different hierarchical categories. The most common categories include, upper class, middle class, and lower class.
Social class is often divided based on wealth, influence, and status in society.
Target Market:
A target market refers to a particular group people, these people are potential customers who are likely to buy a company's products or services. They share common traits like demographics and geographic location. These groups also include specific customers to whom a company's marketing efforts are directed.
Niche market:
A niche market is a sub-segment of a larger market that is created based on its own unique needs, or preferences, that makes it different from the market at large. For instance, within the market for women's shoes are many different segments or niches. Niche markets are commonly created by recognizing what customers' wants are and then trying to meet these needs better than the competition.
The industries that overlap with sport fans include:
- sports tourism,
- sporting goods (manufacturing and retail),
- sports apparel,
- amateur participant sports,
- recreation,
- outdoor sports,
- sports businesses such as sport marketing firms, etc.
These industries overlap with sport fans because fans who are interested in various sports have diverse needs to fill, and these industries are there to help to fulfill these needs, while making profit.