How are psychographic and demographic information used in marketing strategy?
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How are psychographic and demographic information used in conjunction with each other to develop marketing strategy?
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The first step is to understand and be familiar with psychographics and demographics and how they are used in marketing and marketing strategy. Essentially, these are two methods of profiling consumers (or businesses) in order to segment a marketplace. By segmenting the market, companies are able to find out to which segments do their products and services have the greatest appeal. In this way, they are better able meet the needs of individual targets. Also, they are able to focus their resources on individual targets, rather than having to devote resources to a larger market which may not have an interest or use for their product or service.
Psychographic segmentation is based on the psychological factors that effect consumer behavior, particularly those ...
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