Market Segmentation for Mercedes Benz M Class

Market Segmentation:

The purpose for segmenting a market is to allow your marketing/sales program to focus on the subset of prospects that are "most likely" to purchase your offering. (1) There are four different dimensions used to describe a product’s market segmentation. These four things are demographic, behavioral, psychographic, and geographic. The most popular marketing segmentation used by researchers is the demographic segmentation. (3)

Mercedes Benz M class demographic includes adults, both male and female, mostly middle-aged people. They are not very popular with youngsters since the brand is very expensive. (2) Yes there is college kids and in some cases even high school kids with Mercedes Benz cars, but they were still purchased by their parents. Due to their relative expense, The M class is targeted to people of middle to high incomes. Unlike Chrysler or GMC, for instance, Mercedes doesn’t offer prices ranging from high to low so the products don’t resemble consumers with a low income.

Behavioral segmentation is the most powerful approach because it uses actual consumer behavior or product usage to make distinctions among market segments. (3) When referring to the M class behavioral segmentation, it is purchased among heavy users, it’s a car you can use on a day-to-day basis, whether going to work or to the grocery store. Most of the people that purchase the M class do it for different reasons; quality, beauty, speed, etc.

For the psychographic segmentation the M class is commonly purchased among people who have a family, since it’s a SUV. Some of the reasons its customers prefer the M class is for its safety, and by being a luxury car it gives you a certain status among society.

When referring to the geographic segmentation of the M class, it is mainly targeted toward somewhat wealthy countries. The M class is sold worldwide m even though its biggest market is in the United States.

Other target markets for the M class may include single...