- list the demographic variables to consider for global marketing
- identify the problems in demographic profiling in global markets
Whether marketing to domestic or international markets, demographic information can provide important insights about a target market and how to address consumer needs.
Researchers examining demographics typically have two objectives in mind: first, to segment the market by determining which subgroups exist in the overall population; and second, to create a clear and complete picture of the characteristics displayed by typical members of each segment
Marketers typically combine several variables to create a demographic profile of a target market. A demographic profile (often shortened to a “demographic”) is a term used in marketing and broadcasting to describe a demographic grouping or a market segmentmon demographic variables to consider for global and domestic marketing purposes include the following:
- Age: Age bands, such as 18–24, 25–34, etc., are great predictors of interest in some types of products. For example, few teenagers wish to purchase denture cream.
- Social class: Social-class bands such as wealthy, middle, and lower classes. The rich, for instance, may want different products than middle and lower classes, and may be willing to pay more.
- Gender: Males and females have different physical attributes that require different hygiene and clothing products. They also tend to have distinctive male/female mindsets and roles in the family and household decision making.
- Religious affiliations: Religion is linked to individual values as well as holiday celebrations, often tied to consumer preferences and spending patterns.
- Income brackets: Indicating level of wealth, disposable income, and quality of life.
- Education: Level of education is often tied to consumer preferences, as well as income.