Three parameters for segmentation are mentioned below:
(i) Demographic Segmentation: It is the most common form of segmentation which all the companies use, where it refers to splitting up the customers based on observable, people-based differences which include age, gender, marital status, family size, occupation, education level, income, religion, and nationality.
(a) Age: Teenagers, Adults, Retired.
(b) Gender: Male, Female, Trans-gender.
(c) Marital Status: Married, Unmarried.
(d) Family Size: Joint family, Nuclear family.
(e) Occupation: Profession, Labour, etc.
(f) Education Level: Student, Undergraduate, Post Graduate, etc.
(g) Income level: Below 50,000, 50,000- 2,00,000, above 2,00,000.
(h) Religion: Hindu, Muslim, Christianity, etc.
(i) Nationality: Indian, Australian, etc.
(ii) Psychographic Segmentation: This segmentation strategy categorises consumers based on psychological variables, including lifestyle, personality, values, interests, attitudes, opinions, and behaviour. Psychographic segmentation helps marketers understand consumers' motivations, preferences, and purchasing behaviours on a deeper level.
(iii) Behaviouristic Segmentation: In this method, customers are classified based on their knowledge, attitude and use of their actual products.