demographic segmentation
Examples of demographic segmentation in the following topics:
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Marketing Data Types
- In cold regions you can sell warm clothes Demographic segmentation consists of dividing the market into groups based on variables such as age, gender, family size, income, occupation, education, religion, race and nationality.
- As you might expect, demographic segmentation variables are amongst the most popular bases for segmenting customer groups.
- Also, for practical reasons, there is often much more data available to help with the demographic segmentation process.
- Psychographics is the science of using psychology and demographics to better understand consumers.
- All of these methods of segmentation are merely proxies for true segments, which don't always fit into convenient demographic boundaries.
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Addressing Market Needs
- Market segmentation is the division of the market or population into subgroups with similar motivations.
- It is widely used for segmenting the various differences within the market: geographic, personality, demographic, technographic, use of product, psychographic, and gender.
- In this case, one would have to derive the figures from the number of potential customers, or customer segments.
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The Target Market
- However, all marketers should be familiar with the basic market segmentation approaches that are most common across industries:
- Demographic/socioeconomic – This filter focuses mostly on gender, age, career, education level, marital status, wages and other biographical information.
- The ultimate objective of most effective targeting approaches will be to filter the broader population into a small, idealized segment that is highly likely to convert into paying customers.
- The idea is that a target market is a specific segment of a broader population, filtered through strategically collecting information.
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The Purpose of Public Relations
- It can be a general, nationwide, or worldwide audience, but it is more often a segment of a population.
- Marketers often refer to socio-economically driven demographics, such as "black males ages 18-49".
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Modern Trends in Marketing
- This includes tools for managing relationships that go beyond simple demographic and customer service data.
- Marketing is taking the entrepreneurial lead by finding market segments, untapped needs, and new uses for existing products; and by creating new processes for sales, distribution, and customer service.
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Managing differences in organizations
- Leaders realize that increasing demographic variation does not in itself increase organizational effectiveness.
- It will lift morale, bring greater access to new segments of the market place, and enhance productivity" (Making Differences Matter; A New Paradigm for Managing Diversity, 1996).
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The State of Global Business
- Global business is changing and evolving quickly due to demographic and technological trends.
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Introduction
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The Demographics of Modern Entrepreneurs
- There are entrepreneurs in all demographics and walks of life.
- Identify the demographic trends in modern entrepreneurs, and the factors which influenced them.
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Importance and goals of competitive intelligence
- There are two choices for market development, the firm can look to new geographic markets or the firm can turn to a new demographic market.
- For example, a firm that sold exercise equipment that traditionally targeted the 18-34 year-old male demographic might find that they could sell the same equipment to a 16-32 year old female demographic.
- The only new cost the firm would incur is the cost of marketing existing products to the new demographic.