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The following paragraphs will describe the scope and meaning of the terms consumer demographics and psychographics and then explains how marketing analytics is used to optimize sales campaigns for targeting the customers.
Consumer demographics consist of data related to factors like the gender, age groups, marital status, income levels, cultural and social background, regional backgrounds, political or religious affiliations and educational background (Park and Srinivasa, 1994). It is understood that these factors help in shaping the customer’s preferences and likes and also shape his overall attitudes towards products or services as well as the actual consumer behavior.
For example, the age group of the customer will determine what lifecycle stage he is in – if the customer is in his 30s then it is likely that he would be starting on his career and would have a household with spouse and kids. This lifestyle stage would involve the customer in purchases related to house maintenance, groceries or health or medical insurance. Similarly, a teenager would prefer to purchase music while a woman with kids would buy baby food. Demographic data therefore provides a great amount of insight into the likely preferences and needs of potential customers. It is therefore essential from the marketing point of view as it provides a basis of forecasting demands by the companies. By collecting accurate demographic data, the organizations can get a clear picture of prospective customers for their own specific products and services (Brewer, 2005). For example, an organization that manufactures ready to make processed foods would select a target demographic profile for its potential customers as educated married couples with both spouses working and having a substantial income. This profile is chosen because it is expected that people who are married and have kids and are also working, would be hard pressed for time and would therefore prefer processed
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