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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 .
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 ...
VALS (Values and Lifestyle Survey) [1] is a proprietary research methodology used for psychographic market segmentation. Market segmentation is designed to guide companies in tailoring their products and services in order to appeal to the people most likely to purchase them.
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.
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.
Pioneers in the field of multicultural marketing include Madam C. J. Walker, African-American businesswoman, hair care entrepreneur, [9] Procter and Gamble, [10] McDonald's, [11] Pepsi cola and Benetton, [12] and the entrepreneur Francesco Costa [13] with My Own Media [14] and ISI Holding in the foreigner services sector, [15] Joseph Assaf with ...
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Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. [1] It is an important component of business strategy [2] and a major factor in maintaining competitiveness.