If you have ever started a business, you must be aware that no matter how great your product or service is your business won’t head anywhere unless you make a sale. Marketing helps you get the product to a consumer, but as an art, it is extensive. Consumers must be grouped according to various categories (market segmentation) based on some similarity or commonality. There are various ways to segment a market: Geographical segmentation, lifestyle or psychographic segmentation, distribution segmentation, price segmentation and demographic segmentation, just to name a few.
However, our focus is on the demographic segmentation, which generally involves grouping the markets into sub-categories based on demographic variables such as occupation, age, religion, nationality, gender, income, race, family size and education. Most marketers prefer segmenting a market based on demographic variables, partly due to the fact that a customer’s preferences are closely related to variables such as age and income. (LINDSAYT, 2014)
If you have ever started a business, you must be aware that no matter how great your product or service is your business won’t head anywhere unless you make a sale. Marketing helps you get the product to a consumer, but as an art, it is extensive. Consumers must be grouped according to various categories (market segmentation) based on some similarity or commonality. There are various ways to segment a market: Geographical segmentation, lifestyle or psychographic segmentation, distribution segmentation, price segmentation and demographic segmentation, just to name a few.However, our focus is on the demographic segmentation, which generally involves grouping the markets into sub-categories based on demographic variables such as occupation, age, religion, nationality, gender, income, race, family size and education. Most marketers prefer segmenting a market based on demographic variables, partly due to the fact that a customer’s preferences are closely related to variables such as age and income. (LINDSAYT, 2014)
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