Perfumes Guyana provides luxury products through unique experience provided in their fragrance showroom. It is a mental concept that influence consumer’s perceived value determined by personal and interpersonal motivations and beliefs. These products are targeted to consumers with expressions for fashion, quality and class. Seemingly though, luxury products fulfil consumer psychological needs. Psychographic segmentation divides the market on principles such as lifestyle, values, social class, and personality (Kotler, 2012). The marketing manager dedicates time studying the target audience by clearly defining the ideal buyer persona and develop relationships. Budget conscious individuals are their main target since these people value a good deal and tend to be smart shoppers. Tactically creating ads appealing to their intrinsic budget-savvy personality using phrases such as “Unbeatable Prices” and “Buy one, get the other at 50% off)” and “Coupons” echoes to the audience they are trying to reach.
Segregating consumers according to usage, loyalties, awareness, occasions, liking, and purchase patterns relates to behavioral segmentation. Special gift packages are prepared and displayed targeting shoppers during graduations, holidays and special occasions, during these seasons they are less price sensitive.
Geographic segmentation was implemented to target consumers within the region the company is located. Television channels accessible to the target audience within parameters of the business were used which avoids wasting excess advertising dollars on ads that will prove futile.
BENEFITS OF MARKET SEGMENTATION
Exhibiting a comprehensive understanding of their audience needs and wants through a two-way communication, the marketing managers are able to strategically position their products. This creates customer loyalty and raving fans who can have positive impact by making referrals, repeat purchases, and increase customer base while improving the financial performance.