Chevron Corporation Free Essay Example, 2000 words

Chevron has segmented its markets to include children by stressing on importance of education, young adults and the adults as the individual demographic segment that buy finished oil and gasoline products. On the other hand, psychographic segmentation entails looking at the lifestyle of the customers including their personality, attitudes, social class, opinions and lifestyles. The corporation produces natural gas to target personalities and attitudes that are environmentally conscious since the ventures on the renewable energy source, natural gas, targets customers who have the need and urge to protect and conserve the environment. In terms of social class and lifestyle, the corporation has ventured into oil and gas exploration developed and the developing countries and as such, prices favour both the economies of high and low social class. Moreover, Chevron Corporation adopts a behavioural segmentation where it divides buyers based on their uses, responses, and knowledge. Behaviou ral segmentation takes into consideration such variables as benefits, user status, user rates, loyalty status, readiness stage and attitude towards the product. For instance, there are market segments that buy crude oil products while other segments prefer the finished products like gasoline and other ready petroleum products. We will write a custom essay sample on Chevron Corporation or any topic specifically for you Only $17.96 $11.86/pageorder now Moreover, Chevron Corporation has a unique geographic segment where the Asian segment that accounts for 32% of the total oil production provides 770, 000 barrels daily. On the other hand, there are the US and Canada segments with 32% production accounting for 745,000 barrels a day. The African segment is also a significant segment with 18% production capacity or 433, 000 barrels a day while European, South America and Australian segments produce 8%, 5% and 5% daily, each contributing 179,000, 115, 000 and 108, 000 barrels a day respectively. The way Chevron Corporation segments its markets takes into consideration the five criteria for effective segmentation.