The use of psychographic segmentation in doing a market analysis

Definition[ edit ] Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. From a sales process engineering perspective, marketing is "a set of processes that are interconnected and interdependent with other functions" of a business aimed at achieving customer interest and satisfaction. The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably. However, because the academic study of marketing makes extensive use of social sciencespsychologysociologymathematicseconomicsanthropology and neurosciencethe profession is now widely recognized as a science, [8] [ not in citation given ]allowing numerous universities to offer Master-of-Science MSc programs.

The use of psychographic segmentation in doing a market analysis

Global marketing segmentation usefulness in the sportswear industry - ScienceDirect

The SMA Data Book provides demographics for each state and metropolitan area, as well as counties and central cities. Commercial Sources of Demographic Statistics: Online databases and CD-ROM products have made it much easier than it used to be to sift through the mountains of information created by the Census Bureau and other gatherers of statistics.

For a complete listing of demographic and other databases, consult the Gale Directory of Databases available at most large libraries.

The following sample of databases is available through database vendors such as Dialog. You can also use online search engines such as Yahoo! Population Demographics from Claritas. The Population Demographics database provides access to the decennial Censuses, as well as estimations and projections developed by Claritas.

The database provides census information in an easy to use and comprehensive manner. Information can be searched by a variety of fields, including age, sex, race, industry, occupations and geographic areas.

Current year estimates and five-year projections are also available for certain data.

The use of psychographic segmentation in doing a market analysis

American Demographics — monthly magazine containing articles on demographic trends. ESRI publishes these volumes that identify dozens of local potential-customer characteristics annually.

Trade Dimensions International publishes these volumes that are similar in concept but have little overlap with the Sourcebooks from ESRI. Demographic, Psychographic and Behavioristic: The primary vehicles to obtain this information are surveys and focus groups.

Surveys are typically anonymous and try to reach as many members of a target market as possible. Focus groups, on the other hand, attempt to get an understanding of a specific market segment by questioning eight to 12 members of that group to discover what psychographic and behavioristic factors might motivate the entire group.

You should consider hiring a marketing research firm, since executing both questionnaires and focus groups can be complex undertakings. If hiring a marketing research firm is out of the question for your business at this time, here are some suggestions for conducting your own survey research: Your current customers can provide you with insight on potential customers and how to appeal to them.

You may also discover an opportunity to produce additional products to serve this market or improve on an existing product. What do I need to learn about my customers? Then construct questions that will provide the answers. It can be as simple as asking a current customer: Why did you purchase this product?

Make sure you give them enough space to answer. If you have a retail outlet, you have the means of distributing a customer comment card or questionnaire.

A suggestion box is also a vehicle for obtaining information about your customers and their wants and needs. When mailing monthly invoices or statements, include a questionnaire and return envelope. If you provide an incentive to those who return it, such as a free gift or premium, you increase the chances of getting it back.

Get statistics on the subscriber population for the trade journal that serves the market you want to segment.

Most major publications have demographic and behavioristic profiles of their readership.Employing psychographics in your business marketing means that you are paying attention to consumer opinions and values — psychographic analysis is often called “lifestyle analysis.” Instead of demographic data collected by a census surveyor, the marketing use of psychographics refers to the kind of data a psychologist might use to.

Market segmentation: Using demographics, psychographics, and other segmentation techniques to uncover and exploit new markets [Art Weinstein] on benjaminpohle.com *FREE* shipping on qualifying offers.

This edition of Market Segmentation includes the key elements that made the first edition the resource for marketing professionals.

Its state-of-the-art demographic and psychographic segmentation. One of the main reasons to use market segmentation is to gain a competitive advantage by understanding the needs of a specific customer base. Many mass marketing techniques that are used assume all customers are the same.

Our library has a Facebook page. We use the ALA promotional materials like the READ posters. Our department does a monthly newsletter. Libraries all participate in some aspect of marketing.

Segmentation is a major element of marketing.

International market segmentation: issues and perspectives - ScienceDirect

At its simplest it involves finding groups with different preferences and different levels of willingness to pay and creating products and offers that target these different groups - better matching what your offer against what the market will pay for.

“I am starting a cleaning business and it is going to be green.” This is one of the most common refrains I hear. Congratulations! Having a cleaning business is wonderful, but if people what it is, it cannot thrive.

That is where marketing your .

Market Segmentation Analysis? (Market Positioning)