Developing the Brand Strategy
There are many types of customers and potential customers in the market for products and services. Demographic data is the statistical information regarding a population. Examples of demographic data include age, gender, married/not married, children/no children, educational level completed, and income level to name a few. Psychographic data is the information about a customer’s interests, values, and personality traits. Examples of psychographic data categories are values, leisure activities, attitudes, and interests.
Watch this video to learn more about demographics and psychographics: Difference Between Demographics and Psychographics/Marketing
Using what you have learned, use the following questions to guide your writing:
- Explain the purpose of demographics in marketing research.
- Describe examples of demographics and their impact on determining the customer group for a brand.
- What are psychographics and their purpose? Provide examples to illustrate your points.
- Is it necessary to determine both demographics and psychographics to determine the target group of customers? Why or why not?