Market researchers segment the markets by looking at their descriptive characteristics, e.g. geographic and demographic. Alternatively, they may also form segments by looking at consumer buying behavior.
Geographic Segmentation – e.g. North America, Latin America, Japan, Asia-Pacific, EMEA (Europe, Middle East, Africa)
Demographic segmentation can be based on variables described below:
Age and life-cycle stage – e.g. apparels for babies, infants, kids, teenagers, adults
Life stage – e.g. products targeted at newlyweds
Gender – e.g. fashion, hairstyling, cosmetics, magazines
Generation – In America, there are GI Generation, Silent Generation, Baby Boomers, Gen-X, Gen-Y, Millennial
Here consumers are grouped on the basis of their knowledge of, attitude toward, use of, or response to a product.
Decision roles – initiator, influencer, decider, buyer, user. Marketers can target one or more groups.
Occasions – Some products are sold year round, while others are available on special occasions such as Christmas, Chinese New Year, Valentine’s Day.
User status – nonusers, ex-users, potential users, first-time users, regular users
Usage rate – light users, medium users, heavy users
Loyalty status – hard-core loyals, split loyals, shifting loyals, switchers
Site note: I am perplexed as to how researchers identify the EMEA market. I prefer to see them as three different segments – Europe, Middle-East & North Africa, Sub-Sahara Africa.
Reference: Kotler & Keller, “Marketing Management”, 12th edition