Variables of Demographic Segmentation
The variables of demographic segmentation are discussed in our Demographic Segmentation assignment help online as follows:
Age: Age is a basic variable. Consumer preferences change with age. The variables may be viewed according to the life cycle stages: children, adults, and seniors. Fashion designers target their collections according to different age groups.
Gender: Men, as well as women, have different needs, likes, dislikes, and thought processes. While men may look for the latest technologies, women may want the latest in fashion. Many products are available in the market that is focused on gender including clothing, deodorants, footwear, accessories, and automobiles. Women have gained a lot of acceptance in developed economies and so there has been an increasing focus on women together with men.
Life cycle stage: The life cycle stage of consumers defines the need for particular customers. For instance, a toddler shall need infant food, a kid shall need toys and dolls, middle-aged customers shall need investment and insurance plans, and an old-aged person shall need retirement plans.
Income: Income segmentation enables you to measure the purchasing power of the audience. When you have knowledge of the consumers’ income range then you shall find data that can say how people spend their money on the lower and higher-end. Several organizations use the data for selling various products of the same brand depending on the income level.
Religion, ethnicity, and race: With the increase in global advertising and international business, there has been a segmentation based on race, ethnicity, religion, and nationality. The groups have several cultures and they come with conflicting preferences, interests, beliefs, and attitudes. This might impact the buying habits and marketing. It must be carefully used so it does not offend customers.
Importance of Demographics Segmentation
The importance of Demographic Segmentation is mentioned in our Demographic Segmentation essay help online. One of the greatest benefits is that the information is readily available. You can use census data for deciding where, who, and how you should market the product.
Businesses do not miss out on the opportunities of the growing market is by offering bilingual employees to work with the customers. It can be commonly seen that TV, business, and newspapers in English as well as Spanish.
Another benefit is customer loyalty and retention. When an organization spends time to focus on the needs and wants of the customers, they shall get repeat customers.