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Psychographics is defined as "market research or statistics classifying population groups according to psychological variables" [1] The term psychographics is derived from the words "psychological" and "demographics" [2] Two common approaches to psychographics include analysis of consumers' activities, interests, and opinions (AIO variables), and values and lifestyles (VALS).
McGuire’s Psychological Motivations is a classification system that organizes theories of motives into 16 categories. The system helps marketers to isolate motives likely to be involved in various consumption situations.
Scope neglect or scope insensitivity, the tendency to be insensitive to the size of a problem when evaluating it. For example, being willing to pay as much to save 2,000 children or 20,000 children. Zero-risk bias, the preference for reducing a small risk to zero over a greater reduction in a larger risk.
In business analysis, PEST analysis (political, economic, social and technological) is a framework of external macro-environmental factors used in strategic management and market research. PEST analysis was developed in 1967 by Francis Aguilar as an environmental scanning framework for businesses to understand the external conditions and ...
The AIDA marketing model is a model within the class known as hierarchy of effects models or hierarchical models, all of which imply that consumers move through a series of steps or stages when they make purchase decisions. These models are linear, sequential models built on an assumption that consumers move through a series of cognitive ...
The marketing plan also helps layout the necessary budget and resources needed to achieve the goals stated in the marketing plan. It is able to show what the company is intended to accomplish within the budget and also makes it possible for company executives to assess potential return on the investment of marketing dollars.
The traditional way to develop a psychographic segmentation model has been through a market research study surveying a statistically representative sample of a target audience. That target audience could be representative of the general population, a specific demographic or socioeconomic group, a population of consumers who utilize a certain ...
Demography refers to studying human populations in terms of size, density, location, age, gender, race, and occupation. [6] This is a very important factor to study for marketers and helps to divide the population into market segments and target markets. An example of demography is classifying groups of people according to the year they were born.