Which of the following is not a basis for segmenting consumer markets?

Segmenting consumer markets involves dividing a broader market into smaller, more defined categories based on specific characteristics or behaviors that influence consumer choices. Demographics, psychographics, and behavioral factors are widely accepted and utilized bases for segmenting consumer markets.

Demographics refer to statistical characteristics of populations, such as age, gender, income, and education level. These factors are vital for marketers to understand consumer needs and preferences.

Psychographics go a step further by including consumers' lifestyles, values, interests, and personalities. This helps brands to connect on a more emotional level, catering to consumers' psychological needs.

Behavioral factors focus on how consumers interact with products and services, examining their purchasing behavior, usage rates, and brand loyalty. Understanding consumer behavior is crucial for devising effective marketing strategies.

In contrast, price elasticity relates to the sensitivity of consumers to price changes and is primarily used to gauge how demand varies with price adjustments, rather than a basis for forming segments. Price elasticity is a concept in economics and does not categorize consumers in a way that addresses their characteristics or preferences for market segmentation. Therefore, it is not used as a direct method for segmenting consumer markets.