Age and life-cycle segmentation refers to dividing a market into different age and life-cycle groups.
Consumer needs and wants change with age. Some companies use this segmentation, offering different products, or using different marketing approaches for different age and life-cycle groups. For example, for children, Oscar Mayer offers Lunchables, full of fun, kid-appealing finger food. For older generations, it markets Deli Creations, “with all the warmth, flavor, and fresh-baked taste you look forward to- in a microwave minute without having to go out.
Age and life-cycle segmentation is a demographic strategy of segmentation where a product-market is divided into segments depending on the age so that the company can more accurately target its offerings to the needs and wants of life’s each stage of interest to it. Thus, a company can develop various products and various marketing approaches for school-going children, teenagers, varsity students, newly married couples, old married couples, mature adults, senior citizens, and the like.
Use of the term in Sentence:
- The company has developed various products and various marketing approaches based on age and life-cycle segmentation.
More from this Section
- Marketing intermediaries
Firms that help the company to promote, sell, and distribute its products to final buyers. ...
- Internet business models
Internet business models is a subset of e- business models that uses the internet to add ...
- The selling concept
The selling concept holds that consumers and businesses, if lift alone, won’t buy enough ...
- Direct investment
Direct investment refers to enter a foreign market by developing foreign-based assembly ...
Demand is the willingness and ability of buyers to purchase goods and services. ...