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Using demographics, a marketing manager can try to grasp what certain people think and what they are willing to buy. [1] By understanding how various characteristics of the population reflect their tastes, demographic marketers get an idea of the probability of the sales returns of a launched product in a given area.
A comprehensive demographic profile is a powerful tool for marketing. Detailed information about potential customers provides insight into how to best sell them a product. [ 4 ] The term "demographic profiling" is sometimes used as a euphemism for industrial espionage .
In marketing, geodemographic segmentation is a multivariate statistical classification technique for discovering whether the individuals of a population fall into different groups by making quantitative comparisons of multiple characteristics with the assumption that the differences within any group should be less than the differences between groups.
Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
Demographic targeting is a form of behavioral advertising in which advertisers target online advertisements at consumers based on demographic information. [1]They are able to achieve this by using existing information from sources such as browser history, previous searches as well as information provided by the users themselves to create demographic profiles of consumers.
The second dimension, Resources, reflects the ability of individuals to pursue their dominant self-orientation and includes full-range of physical, psychological, demographic, and material means such as self-confidence, interpersonal skills, inventiveness, intelligence, eagerness to buy, money, position, education, etc.
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Example choice-based conjoint analysis survey with application to marketing (investigating preferences in ice-cream) Conjoint analysis is a survey-based statistical technique used in market research that helps determine how people value different attributes (feature, function, benefits) that make up an individual product or service.