Question
“Consumer is always a rational human being. Hence, economic basis for segmentation is the most appropriate method”. Do you agree? Explain with the help of suitable examples.
Answer :
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Skip in 10
The statement that a consumer is always a rational human being and, therefore, economic basis for segmentation is the most appropriate method cannot be accepted completely. In marketing, consumers are not always rational decision-makers. Their purchasing behaviour is influenced by economic factors as well as psychological, social, cultural, personal and situational factors. Therefore, economic segmentation is important, but it cannot be considered the most appropriate method for every product or market. Economic segmentation divides consumers according to their income, purchasing power, occupation, economic status or spending capacity. It is particularly useful when the price of a product is closely related to the consumer's ability to purchase it. For example, automobile companies offer different models for different income groups. Luxury brands such as Mercedes-Benz and BMW
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