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Industry Market Segmentation
(i) Mutual funds: different investor groups have different investment goals because of age, financial responsibilities, earning capabilities and risk taking capabilities. Mutual funds have segmented markets based on investment goals and target these markets with a variety of products like pure equity funds, balance of debt and equity funds, tax savings plans, gilt funds, young citizens funds and so on.
(ii) Life insurance: the market is segmented according to various life stages of buyers and includes products like investment policies, endowment schemes, term policies, savings or child specific solutions and retirement schemes. The rural market is a vast uninsured market in India; companies have launched different schemes for these markets. Birla Sun Life Insurance has launched “Bima Kavach Yojana” a unique affordable insurance product for the rural market to provide a security net for the population below the poverty line, who have never experienced insurance, and to increase the awareness about life insurance amongst the rural masses. Tata-AIG has launched “project micro insurance” for the landless, daily wagers in rural Andhra Pradesh.
(iii) Credit cards: market segmentation is done as per income levels and usage patterns per the income group. The very rich want convenience and wide acceptability, level of service and higher credit limit from their cards as card usage is very high. Interestingly, on the other hand, the climbers are motivated to own a card as it gives them prestige; other factors do not seem to matter as much simply because card usage is very low. Credit card issuers have also created a variety of affinity or co-branded cards to target different types of usage. Those customers who extensively use their cards for travel are offered co-branded cards with airlines and hotels. Likewise those who use their card extensively for shopping, can chose co branded cards of retailers.
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(ii) Life insurance: the market is segmented according to various life stages of buyers and includes products like investment policies, endowment schemes, term policies, savings or child specific solutions and retirement schemes. The rural market is a vast uninsured market in India; companies have launched different schemes for these markets. Birla Sun Life Insurance has launched “Bima Kavach Yojana” a unique affordable insurance product for the rural market to provide a security net for the population below the poverty line, who have never experienced insurance, and to increase the awareness about life insurance amongst the rural masses. Tata-AIG has launched “project micro insurance” for the landless, daily wagers in rural Andhra Pradesh.
(iii) Credit cards: market segmentation is done as per income levels and usage patterns per the income group. The very rich want convenience and wide acceptability, level of service and higher credit limit from their cards as card usage is very high. Interestingly, on the other hand, the climbers are motivated to own a card as it gives them prestige; other factors do not seem to matter as much simply because card usage is very low. Credit card issuers have also created a variety of affinity or co-branded cards to target different types of usage. Those customers who extensively use their cards for travel are offered co-branded cards with airlines and hotels. Likewise those who use their card extensively for shopping, can chose co branded cards of retailers.
Services:- Industry Market Segmentation Homework | Industry Market Segmentation Homework Help | Industry Market Segmentation Homework Help Services | Live Industry Market Segmentation Homework Help | Industry Market Segmentation Homework Tutors | Online Industry Market Segmentation Homework Help | Industry Market Segmentation Tutors | Online Industry Market Segmentation Tutors | Industry Market Segmentation Homework Services | Industry Market Segmentation
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