Describe and explain all bases for segmentation Be complete

Describe and explain all bases for segmentation. Be complete and thorough. What is        PRIZM, and VALS?

Solution

segmentation is the process of dividing the whole market into different submarkets. the bases may be: based on geographical location, based on gender, based in age group, based on education levels, based on income levels of the customers, based on race, based on religion and based on community also. the main objective of segmentation is covering the entire market at different levels and stages.

PRIZM is a Nielsen segmentation system that combines 66 demographic and behavioral segments including 14 social groups based on affluence and urbanization and 11 lifestage groups based on affluence and lifestage.

PRIZM is ideal for clients who are large marketers with extensive customer databases, businesses looking to expand and choose new locations, companies interested in direct mail, agencies and marketers looking to find the right media mix and companies looking for ad content direction.

VALS stands for Values, Attitudes and Lifestyles of the customers\' and these psychographic factors considers for market segmentation. here they focused on the psychological aspects of the customers and based on these they divided the market.