Contemporary Business Studies - Academy of Knowledge Process ...

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International Journal of Contemporary Business StudiesVol: 4, No: 2. February, 2013 ISSN 2156-7506Available online at http://www.akpinsight.webs.comsuitable customers for given product because some customers have some other preference and choicesand they like to use their money in some different ways(Bauer & Auer-Srnka, 2012).9.RESEARCH HYPOTHESISThe following hypothesis is to verify the relationship between the constructs:H1: Behavioral attributes have significant impact on market segmentation.H2: Psychographic variables have significant impact on market segmentation.H3: Geographic attributes have significant impact on market segmentation.H4: Demographic variables have significant impact on market segmentation.10. RESEARCH METHODOLOGYThe research methodology that used to prove these above mention hypothesis enclose research designprocedure, instrument of study, statistical tool and method of analysis will be explained.10.1 Research study designNon experimental research method is used in this methodology which companies normally used toestablish and applying marketing principles. This research focused small companies that if they usedprinciple of segmentation of market and they target group of customers as per their common character.Through questioner and personal interview primary data has collected and instruments are used to foundnew market trends.10.2 Theoretical frameworkThe following diagram represents four major criteria of Market Segmentation.10.3 ProcedureQualitative research in segmentation is to segment effectively, we need to understand what drives thesegments, not just how to mean them.2013©Academy of Knowledge Process50
International Journal of Contemporary Business StudiesVol: 4, No: 2. February, 2013 ISSN 2156-7506Available online at http://www.akpinsight.webs.com10.3.1 Qualitative Market Segmentation ResearchIn this, we use judgment regarding segment configuration and product brand positioning. We considerpreliminary groups/ other qualitative methods -- such as in depth interviews -- among market segmentsfor which we have hypotheses. We listen to their language. In focus groups, we investigate how they talkabout the product or service category.Our research about market segmentation focused on proving hypotheses, increase knowledge aboutconsumers’ behavior. Consumer may be businessman or may be low income employee. Our prime objectis to develop dimensions of new market techniques not to conclude new trends as per their size andimportance(De Mooij, 2010).10.3.2 Quantitative Market Segmentation Research:Market segmentation has various dimensions. It may include behavioral, attitudinal, and demographic ormay be mixed of these segmentations form psychographic segments. Factors may also consider consumerfrequency to buy, product category, and most important is estimated or expected price of product andconsumer attitudes. Peoples like those products which provide them maximum satisfaction so marketerstry to consider and plain the product to fulfill maximum desire of consumer like economic, maximumutility, style and as per attitude(Bauer & Auer-Srnka, 2012).Instrument of StudyThe scale constructed to measure basis of market segmentation. Scale used for measuring marketsegmentation includes demographic and psychographic questions.Statistical ToolOne of the basic decisions was about preparation of data for statistical analysis. We standardized allvariables and used the principal components method for determining the importance of selected variablesand within variables standardization because not all variables were measured in the same units ofmeasurement. Common statistical techniques for segmentation analysis are used (Kesting & Rennhak,2011).11.CONCLUSION:Research findings determine a range of barriers exist which vary in different organizations. Companiestry to enjoy the benefits of database on the basis of structure collect data manage data and try to handlethis data. Companies make researches on consumer behavior and try to focus on customer orientedproducts and develop and make a system that fulfills the needs of customers on present situation (Chen &Green, 2009).The area of market segmentation has now been discussed in order to realize the purpose of this thesis i.e.to provide a framework for exemplifying how market segmentation can determine the right targetaudience. In discussing these areas it can be concluded that the market segmentation can determine theright target audience by following the market segmentation process and thus help a company to design anappropriate marketing strategy (Kotler, 2007).In regards to the market segmentation, the different concepts within market segmentation wereestablished. The reason for choosing the demographic segmentation is due to the fact that most companiesmust consider e.g. the ages of their target customer in order to create an appropriate marketing strategy(Kotler et al., 2009).2013©Academy of Knowledge Process51
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