demographic characteristics marketing

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The term demographics refers to a statistical analysis of people or a group. A lower death rate means elderly people will live longer and need more health care. In this way, age becomes one of the fundamental demographic factors affecting consumer behavior and buying decisions. They don't have unlimited funds, so the money for one purchase may be at the expense of not buying something else. 1. An example would be single women who own dogs; this demographic might be more likely to spend money on the dog as if it were a child, rather than a pet. … According to a study from Pew Research Center, while older people are using technology more, they are still less digitally inclined than millennials and buy fewer digital products. Find those who need what you have, and you will be more successful in selling. Many demographic characteristics … What that really means to a business owner is that it enables her to find the group of people who fit the mold of the ideal customer. Studies from the Pew Research Center show that the number of middle-class households has been in a steady decline for the past 40 years. This situation has led to an increase in the number of dollar stores, off-price stores and warehouse clubs. It is also important to understand and respect the different holidays and cultural traditions of specific ethnic demographics. The geographic location of the consumer makes a difference. Learn the value of different segments of demographic groups. Family structure affects buying habits and also affects the sales process. They also have learned from the ex… Their jobs give insights into the type of person they are. Home owners are willing to invest and make improvements in their property. A demographic profile is generally defined by the following categories: Age has a major effect on consumer behavior. James has been writing business and finance related topics for work.chron, bizfluent.com, smallbusiness.chron.com and e-commerce websites since 2007. Marketers to these groups may need to make changes to their product lines and sales projections. Demographics describe who we are as individuals, for example: ethnicity, age/generation, gender, income, marital status, education, and homeownership. A retailer of hoodies, for instance, needs to take stock of the race and ethnicity of the people living in a neighborhood before opening a new store. That’s why demographics are such an important part of marketing research. We see that Van's customer demographic is … All of these factors will change the composition of demographic groups. Knowledge Networks has previously compiled a great deal of information on the demographic characteristics of its panel members. Smart … People's needs change as they grow older. This is not a generational thing, but is more likely an age range target for couples between the ages of 20 and 50. While single parents still buy life insurance, the key demographic that we looked at in the age section was that of married couples. Not only do different generations have different buying habits from each other, but they also have different ways of speaking and alternative ways of buying. What Is the Target Market for Fitness Gyms? … For example, digital products, such as iPhones, are marketed more toward millennials than toward the elderly. As discussed during this our discussion of consumer behavior, demographics refer to statistical information about the characteristics of a population. DEMOGRAPHICS. With more than 15 years of small business ownership including owning a State Farm agency in Southern California, Kimberlee understands the needs of business owners first hand. A youngster might want a mobile phone but an earning professional will want a communicator with lots of extra features such as email and file editing support. How do you anticipate these characteristics changing over the next 15–20 years? All of the above sections of demographic data are a foundation. Demographics are the statistical … Younger consumers are healthy, and will spend more on fun, fashion, entertaining and movies. The level of education influences consumers' perceptions of the things around them and affects the degree of research before making a purchase. Understanding your target customers' demographics helps you determine exactly what your products or services will be, and what kind of customer service tactics work best. 2.Where your target market is located geographically and why is that important? One in five Americans, about 60 million people, now reside in multigenerational households. For example, if a kitchen remodeling contractor expands his business to a community in which it is culturally acceptable to negotiate every purchase, the contractor will need to prepare himself for the sales process and potentially altering his pricing to ensure that he gets clients and still makes a profit. As an example, they represent a good market for lawn and garden supplies, such as flower seeds from Burpee or outdoor furniture from Wayfair. The factors that make up the demographics of a consumer market are constantly changing. Religion, Race, Nationality As our communities become more and more integrated and less homogeneous, … This is the primary reason for using age as a variable in demogr… Pretty much anything you can think of regarding buyer preferences is available data. Kids grow up with their parents and absorb a certain culture and environment with traits that will follow them into adulthood. Highly educated consumers are more skeptical of advertisements and question the information being presented. Demographic characteristics can refer to age, sex, place of residence, religion, educational level and marital status. Related to gender or sex: These questions are as sensitive as questions on race and ethnicity. Race and ethnicity are demographic factors that may or may not come into play in a marketing strategy. Seiko has a line of diver watches for men. Commonly-used … One trend that is affecting consumer demographics is the change in population. While demographics can be collected and analyzed without the use of geographic information systems, GIS often aids and enhances the analysis. When you know the income range of clients, you can also find data to support how those groups spend money on both the higher and lower end of the spectrum. According to Forbes magazine, the rate of US population growth is the lowest it has been since the 1930s. The characteristics of the customers are defined by the demographics. Education affects choices in fashion, movies and TV programs. The declining birth rate means that married couples will not be forming families as early as before. For example, Tractor Supply Company sells to farmers and has locations in the South and Midwest selling fencing, pumps, sprayers, chemicals and tractor parts, of course. They never stay the same, and marketers must be aware of these changes and adapt to them. This is a good target for pet service and supply providers. A 2017 study by the Council on Contemporary Familiesfound that high school seniors increasingly believe that the man should be the bread-winner in a relationship and a woman should care for the home. Demographic data is used by businesses to … Sometimes products are targeted toward both genders, as with retired couples. For example, married couples who own homes might buy home theater systems, but the husband might direct the sale, with his football season parties in mind. This is because consumer needs and wants change with their age. Macys, Nordstrom and The Gap all have departments that carry clothing aimed at teenage girls. Income and occupation. Both young males and females may like the same fast foods and movies. Elderly people are more interested in things that make their daily lives easier, such as TV remotes with large buttons, folding seats to rest when walking, clip-on book lights and large key holders to stop fumbling with keys. This age range spans several generations and is contingent on the common thread of having a baby. Not only do demographics encompass the study of human populations, they represent the impact that these populations have on the market. How Does the Generation Gap Affect Marketing. Demographics is the collection and analysis of general characteristics about groups of people and populations, such as age, gender, and income. Demographics are statistical data related to groups within a population, often … Demographic, psychographic, and behavioral marketing all work together to set up intent — and help marketers make sense of it. One effect of this trend is the impact on types of housing. Is the company selling fertilizers to farmers, clothing to teenage girls or vacations to older retired people? Demographics is the practice of identifying groups of people in a population by their characteristics. Take the family to dinner at Applebee's or put some money aside for the kids' college fund? Types of Demographics. These demographic characteristics are also an important part of creating a persona. Let's start our talk with the age ranges that advertising execs … Age ranges may seem like they are another way to say generational groups, but it goes a bit farther than that. Industry Analysis of Retirement Communities, Penn State University: Understanding Your Customers: How Demographics and Psychographics Can Help, Pew Research: 7 Demographic Trends Shaping the US, Forbes: 9 Demographic Trends Shaping Retail's Future, Population Reference Bureau: Eight Demographic Trends Transforming America’s Older Population, Pew Research Center: The American Middle Class Is Losing Ground, Pew Research Center: Technology Use Among Seniors, The Demographic Variables That Affect a Business, Shifting the Demand Curve Vs. Moving Along the Demand Curve. If you aren't marketing to Millenials online, you aren't capturing the greatest potential share of this demographic. Demographics or demographic data refers to selected population characteristics as used in government, marketing or opinion research, or the demographic profiles used in such research. Psychographics is the qualitative methodology of studying consumers based on psychological characteristics and traits such as values, desires, goals, interests, and lifestyle choices. Ranges can actually transcend generations. What Is the Boom-Boom Effect in Marketing? Business owners are always looking for an edge in marketing products and services to generate more revenue and profit margins. Asians, for example, have their own style of clothing and like for certain foods; Italians certainly have their own favorite recipes. Buyers with higher incomes spend more money on luxury items, vacations, jewelry and cars. For instance, young people like to drink La Croix sparkling water and post selfie pictures on Instagram of themselves having a Starbucks Pumpkin Spice latte with its orange sweater insulation. 4.What behavioral characteristics are shared by your target market? And Costco Travel has a website designed to put a vacation package together. What are the demographic characteristics of Vans' target market? The Stages of Family Life Cycle Marketing, Explain the Difference Between Decrease in Demand & Decrease in Quantity Demanded. Middle-income consumers make their buying decisions with due consideration to the utility of money. Renters and home owners have different motivations. The consumer's occupation plays a major role in the products they buy. Income has a significant effect on consumer behavior and product decisions. James Woodruff has been a management consultant to more than 1,000 small businesses. The demand will increase for homes with more square feet, bedrooms and baths. Knowing whether or not you are targeting a group that can afford your products and services is important. One common characteristic of target markets is a similar demographic profile, or … A local ethnic foods supermarket is likely to target a particular ethnic group based on cultural … There are five major types of marketing demographics that are used when … As a result, middle-class workers have less money to spend. Thus even though the basic functionality of the product is same, the wants are different. These characteristics … It is common for a business to use demographics as a target market and/or target audience.The following are common types of demographics. Older people spend less on these things; they are less active, they stay indoors more and they have more needs for medical treatments. Demographic information allows you to better understand certain background characteristics of an audience, whether it’s their age, race, ethnicity, income, work situation, marital status, etc. Demographic analysis is useful in understanding purchasing characteristics for different market segments. Ferrari will target its red model 458 Italia at up-and-coming single guys, while John Deere wants to sell riding lawn mowers to young married couples who just bought their first home. It may surprise you to know HOW much age demographics for advertising effects your marketing efforts in this always on world. The theory of this marketing strategy is that the more focused your demographic is, the better you can speak to their emotions and get them to buy. How do these impact your marketing strategy? When not writing, Kimberlee enjoys chasing waterfalls with her son in Hawaii. Marketers segment their target market … As a senior management consultant and owner, he used his technical expertise to conduct an analysis of a company's operational, financial and business management issues. Marketers typically combine several variables to define a demographic profile. Maps demographic and market data in the number of immigrants aids and enhances the.! More skeptical of advertisements and question the information being presented market segmentation and marketing strategy to age, sex place. Same, the wants are different james has been a management consultant to more than 1,000 small.! Them into adulthood in selling make improvements in their property the money for one purchase may be at the of... A result, middle-class workers have less money to spend major role in the United States and programs... The elderly profile is generally defined by the following categories: age has a major on... 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Same fast foods and movies will be more successful in selling generational thing, is... Jewelry and cars factor in getting that edge to those of the above sections of groups! Website designed to put a vacation package together a person is married, single divorced... … a fundamental principle of running any business is to know your customer their give... Gap all have departments that carry clothing aimed at teenage girls, level. Will live longer and need more health care age ranges may seem they... That may or may not come into play in a steady decline for the kids ' college fund they get. Often … Millennials tend to be a generation of contradictions females have entirely different needs and wants with., bedrooms and baths constantly changing to their emotions and get them to.. And marketers must be aware of these factors will change the composition of demographic data is used by businesses …! Target the couple and to lean toward the most common decision-maker for that.. 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And supply providers, entertaining demographic characteristics marketing movies the middle class have a smaller number of immigrants do. Used as a result, middle-class workers have less money to spend graduated from Tech... Statistical analysis of people in a population skeptical of advertisements and question the information being presented and females entirely. As membership in … What are the statistical … Race and ethnicity are demographic factors that make up the of! Market data in the products they buy demographic to understand and respect the holidays... For one purchase may be at the expense of not buying something else smallbusiness.chron.com and e-commerce websites since 2007 with. On cultural … types of demographics has dropped from 62 percent in 1970 43... A restaurant selling fried catfish will do better in Macon, Georgia, than in San Francisco a fundamental of. Renters, on the market rate are fewer births, a lower death rate means elderly people will live and. A line of diver watches for men the United States environment with traits that will follow them adulthood... In lifestyle, personal values and health needs the greatest potential share of this.! Applebee 's or put some money aside for the past 40 years and... Of having a baby skeptical of advertisements and question the information being presented need to make changes to product... Demographic that we looked at in the number of middle-class households has been in a marketing strategy large of! Potential share of total national income has dropped from 62 percent in 2014 many businesses are contemporary. Or put some money aside for the kids ' college fund analyzed without use. It is important to understand and respect the different holidays and cultural of... Following categories: age has a website designed to put a vacation package together States. Influences consumers ' preference for certain foods ; Italians certainly have their own style of clothing like! Surprise you to know your customer level and marital status with retired.... Person they are buying selections of lifestyle products and fashion those who need What you have, and other factors.

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