Market segmentation is a marketing concept which divides the total market into smaller sub categories to have a better understanding according to taste, demand and preference of the consumer. To analyze the consumer with a better understanding market segmentation is divided into 4 sub categories according to the consumer’s, geography, demography, behavior & psychograph. Definition of demography means according to age, gender, income, marital status, occupation, education and ethnicity.
“Demography does not affect marketing”, since demography reshapes its products according to the consumers requirements which directly requires reworking and reshaping a product or a brand name to appeal the constant changing market.
Fast food brand names such as Mc Donald’s or KFC can be taken as an example. They develop products according to each demographic factor, Eg: Happy Meals for kids, Ice Cream and French fries for a low price and Halal certification for Muslims. Although one might counter argue saying that they do market. What Mc Donald’s or KFC market is the product they have developed not the brand name Mc Donald’s or KFC since names it selves are well established brand around the globe.
For a better understanding as an example one dollar shops or one pound shops does not market themselves demographically. Anything in such outlets are either one dollar or one pound, and they don’t necessarily need any marketing since any person starting from low income to a high income can shop there accordingly.
If we look at the age factor they cater products from a crying baby in a carriage to an old granny with a walking stick. Starting from varieties of toys to household goods.
If we look at gender wise one dollar shops has a wide range of beauty products to basic vehicle needs and fishing appliances.
The hardest factor to tackle would be different ethnic groups but surprisingly starting to a Jewish festival needs...