Finding the right market

It only makes sense that, before you go after new customers or bring a product or service to market, you should make sure the product or service has a market. Likewise, you should know who has a desire and need for your product or service. This means digging up all the information you can – about present and potential customers, about the competition, and about the image people have of your company, product, or service. This brings us to three highly important words in marketing – demographics, psychographics, and geographics.

Demographics provides the most frequently used information. It includes data about age, sex, occupation, income, race, religion, family size, level of education, and nationality.

Psychographics gets personal. It gives psychological characteristics. It zeroes in on the behaviour that reveals people’s personal values, self-concepts, interests, opinions, and lifestyles. It tells, for instance, why people buy certain products over those of the competition, how often they make such purchases, and whether they are impulse buyers or planned purchasers.

Geographics is particularly useful for direct-mail programs. With geographics, a target market is defined by its location – a neighbourhood, city, or state, or sometimes according to population density (urban,suburban, or rural market, for example).

Questions:

1.What is Demographics?

2.What is Psychographics?

3.What is Geographics?

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