Financial services, consumer electronics, food and drinks, clothing and accessories, leisure and entertainment, and health care are all examples of consumer markets. These are markets where people buy goods or services for their own use rather than to resell.
Consumer markets are often better understood when key customer groups are separated and named. Demographic, psychological, behavioural, and geographic factors are all used for this purpose. Businesses can sell more products by better meeting the needs of their customers if they know what makes each consumer market unique.
There are differences in gender, age, race, income, occupation, and education, among other things, that can be used to describe a person’s demographics. Some others are the number of people in the household, their religion, their nationality, or their social class. Most of the time, categories like age, income, and education level are further defined by ranges.
Interests, activities, opinions, values, and attitudes are all examples of psychographic traits. When putting together advertising and marketing campaigns, this kind of information helps businesses figure out what their customers might like.
Behavior traits include how often a product is used, how loyal a person is to a brand, and how long they have been a customer. By separating heavy, medium, and light users, marketing departments can figure out who to advertise to and what kind of ads to use.
Geographic features are often based on the size of the market, the region, the number of people living there, and the weather. This kind of information makes it clear what people in different areas like in terms of taste and style, and it can help small retailers find opportunities in places where their bigger competitors aren’t interested.