INTRODUCTION
People make-up the market. It is a known fact that people are different. As consumers, their needs, preferences, motivations, and behaviour will differ from one another. This makes the job of marketers challenging. How should marketers adapt their product, pricing, promotion and distribution to suit changing consumer needs, preference, motivation and behaviour at the domestic and international level ?
OVERVIEW
We are all consumers. As a consumer, our personal related variables such as income, gender, age, occupation, attitudes, lifestyle, and personality will affect how we choose to buy and use goods or services. As such marketers need to understand the personal related variables of their customer as they influence their choice to buy and use goods or services. Only then they can develop effective marketing strategies to reach out to their customers and generate the required sales turnover.
CHANGING DEMOGRAPHICS
• Demographics represents the size, structure and distribution of a population.
• When you understand how demographics are changing you will be able to predict the following ;
Which product will be in demand ?
Where would consumers prefer to buy them ?
How much are they willing to pay for them ?
What is the best way to communicate to consumers about a product ?
• Demographics are used by marketers in 2 major ways :-
i. To describe maket segments that have been formed. This information when combined with psychographic information, which is the way people live, spend their time and money would be able to indicate behaviour. ii. To analyze demographic trends which may indicate consumer behaviour patterns.
a) Size of population is essentially addressing the number of humans making...
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In short, the occupational group a marketer choose to serve would influence the goods/servics offered to them.
• Demographics includes the size, structure and distribution of a population.
• Demographic changes would affect demand for product / services, distribution, pricing and promotion of products or services.
• Important geographic factors to marketer would include nations, states, regions, countries and neighbourhood.
• Geographic areas can vary in the following areas :-
Consumption pattern and preferences
Population growth
• Consumers attitude will influence what and why they buy.
• As consumers lifestyle changes, their consumption pattern would also change.
• Marketers must be clear of the market preference pattern in the market they are serving as it influences the product / brand they should sell.
There are so many marketing techniques that companies use in today’s world. There are also many competitions that companies face because of the advancement of marketing and different kind of brands. Old spice does a great job advertising and campaigning by using classical conditioning. Old Spice is an American brand that males use for grooming, they do a great job marketing the product and presenting them to consumers. Classical conditioning is when theorists teach either animal or human certain behaviors passively through repetition. After the theorist teach the animals, the theorist measure and see what the response. One of the most important thing about classical conditioning is to see something repetitively, and learning how to behave. Old Spice uses classical conditioning to influence consumers’ attitude because it shows the commercials repetitively. Classical conditioning also involves unconditioned stimulus, conditioned stimulus, conditioned and unconditioned response. Old spice’s commercials have everything included. Response campaign was a huge success because it involved everyone; it included mass media such as TV, print and digital ads.
Firstly, one of the most important focuses would be given to the target customer as we will need to know more about their taste and preferences. What it is they need and or want. Particular topics covering this area will be, the need for ‘Market segmentation’, identifying a competitive position in the market about to enter in the market and studying consumer behaviour, will all be discussed.
We are all consumers, and we buy diverse products every day. But, do you know what the main factor is that influences us to choose a product? If someone selects a cloth, maybe he pays attention to its quality! Customers’ decisions can be changed depending on what the main factors they are looking at. Various influences can cause consumers to select different products.
(Their impact) As more people of the baby boom generation retire there will be a high demand of geriatric care workers.
A compelling topic in this class that really interest me was the importance of demographics in marketing. The segmentation of different populations is the process that organization utilizes to market their products and services. Populations can be identified through the specific characteristics of demographics. These statistical components allow an organization to effectively target consumers. Demographics are the foundation of developing a marketing plan. Demographics allow an organization to gain a greater understanding of the market. Demographic information is typically gathered first to be incorporated with the business plans. Age, gender, and race are examples of the characteristics of demographic information. Demographics help an organization
In conclusion to this, I think that marketers do not have the ability to control the consumers need through the process of efficient marketing methods. However, the marketers can successfully market products by taking the process of demographics and psychographics into consideration, while this will profitably market their products to the intended consumers hence increase in the demand or need.
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
In addition, some standardization supporters believe that consumer demand, desire and demand of different markets and the country. They believe that the world is becoming greater similar in the environments and customer needs, whether they are consumers have the same requirement. As they said, standardization of marketing mixes elements and creating a market strategy for the entire global commitment to reduce costs and consistency with the customers.
Conclusion Companies are better able to market their products to consumers if they have a good Understanding of the consumers and the basic purchase decision process. By understanding the consumer and the type of purchasing behavior associated with different products, marketers are more likely to create a marketing campaign that positively impacts the consumer’s purchasing decision.
In my point of view, for the pharmaceutical company there will be less money available for baby products, so there will be few baby-related products on the market, because the birth rates are declining. There will be more medicine for older people, in order for them to live more, because there will be more "senior" than "children". On the other hand, for the home construction industry, there will be less family homes built and more communities for seniors built, such as retirement homes, etc. This will
Every company wants to understand why people decide to buy its products or others. Firstly, we have to understand why people buy certain kind of product. People buy products because they need them. A need is activated and felt when there is a sufficient discrepancy between a desired or preferred state of being and the actual state. (Engle£¬Blackwell and Miniard. 1995. p407 ) For example, when you feel hungry, what you needs is some food. It is very important for marketer to understand the needs of consumers. All the consumers may have the same needs, but the ways which they satisfy what they need are different. Here is a example, Chinese people would choose rice when they feel hungry, whilst British people may choose bread to satisfy their needs.
This is based on the fact, that the small market volume does not enable brands a dynamic development of its positioning. At the opposite extreme, there are markets, which are constantly subjected to change in customers’ needs and preferences. The increasing heterogeneity of this kind of markets represents a challenging aspect for a positioning and requires high individualization (cf. Feddersen 2013, p. 54).
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.
Demographically we can segment the market into groups based on age, gender, family- size, income, family life cycle and occupation.
Nevertheless, one of the most important constants among all of us, regardless of our differences, is that, above all, we are buyers. We use or consume on a regular basis food, clothing, shelter, transportation, education, equipment, vacations, necessities, luxuries, services, and even ideas. As consumers, we play an essential role in the health of the economy; local, national and international. The purchase decision we make affect the requirement for basic raw materials, for transportation, for production, for banking; they affect the employment of employees and the growth of resources, the successfulness of some industries and the failure of others. In order to be successful in any business and specifically in today’s dynamic and rapidly evolving marketplace, marketers need to know everything they can about consumers; what they are want, what they are think, how they are work, how they are spend their leisure time. They have to find out the personal and group influences that affect consumer decisions and how these decisions are made. In these days of ever-widening media choices, they need to not only identify their target audiences, but they have to know where and how to reach