6. The four bases for segmenting consumer markets are geographic segmentation, demographic segmentation, psychographic segmentation, and product-related segmentation. Geographic segmentation is dividing an overall market into homogenous groups on the basis of population locations. A look at the worldwide population distribution illustrates why so many firms are pursuing customers outside the United States. While population numbers indicate the overall size of a market, other geographic indicators, such as job growth, can also give useful guidance to marketers. Demographic segmentation divides consumer groups according to characteristics such as sex, age, income, occupation, education, household size, and stage in the family life cycle. When segmenting by age many sociologists talk about the cohort effect, which is the tendency for members of a generation to be influenced by the same events. There are the Generation X’ers, which include 21% of the U.S. population. The Baby Boomers consist of 42% of all U.S. adults. Seniors also take up 26% of the American population. When segmenting by ethnic groups people must be aware that Americas ethnic make-up is changing because of comparatively high immigration and birthrates among some minority groups. The census bureau projects that by the year 2050; nearly half of the population will belong to non-white minority groups. The three largest and fastest growing racial/ethnic groups are African-American, Hispanics, and Asian Americans. The family life cycle is the process of family formation and the dissolution, which affects market segmentation because life stage, not age, is the primary determinant of many consumer purchases. As people move from one life stage to another, they become potential consumers for different types of goods and services. Psychographic segmentation is dividing a population into homogenous groups on the basis of psychological and lifestyle profiles. A lifestyle refers to people’s decisions about how to live their daily lives, including family, job, social, and consumer activities. The most common method for developing psychographic profiles of a population is to conduct a large-scale survey that asks consumers to agree or disagree with a collection of several hundred AIO statements. Product-related segmentation can take several forms. Segmenting by the benefits that people seek when they buy a product. Segmenting according to consumer brand loyalty to a product. Under segmenting by usage rates, there is the 80/20 principal which is an idea that a big percentage of a products revenue roughly 80%-comes from a relatively small percentage of total customers-around 20%.

8. Relationship marketing is the development and maintenance of long-term, cost effective relationships with individual customers, suppliers, empl

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