Values and Value Creation Blog Post #3
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Transcript of Values and Value Creation Blog Post #3
Market SegmentationWhat Rome Can Teach Us
Percent of students at bgiHypothetical Segmentation Based on Geography
When we perform effective market segmentation, we can learn how to best communicate with our various audiences as well as what to develop and how.
Sometimes it’s based on language
Sometimes it’s based on affluence
We can segment based on any number of things: race, ethnicity, location, religion, age… The list goes on.
So what can we learn about market segmentation from ancient Rome?
Let’s talk cars
It can take forever to make a purchase decision on a vehicle
There are many models designed to fit many different market segments.
Is it fuel-efficient?
Is it safe?
Does it have an awesome sound system?
I love the history channelI was watching it the other day and they were talking about Roman technologies that
are very similar to what we have/use now.
They mentioned that Romans developed many different types of chariots and carriages based on the needs of the various people who would use them.
They based the segmentation mostly on class
The Small-CompactThe entry level model featured not much more than two wheels and a bench
The Sports EditionFor families with more money, they had two-seaters (still used stone as the seat)
The midsizeMore affluent folks enjoyed cushions and carriages drawn by multiple horses
The exoticRoyalty carriages featured covers to protect from sun, shades that could be pulled away,
sleeping quarters, etc.
The Moral of the storyEven in ancient times, artisans and merchants focused on the customer and their needs
to develop products that made sense.