What demographic and Psychographic data is used within your industry in an effort to understand and serve the needs of consumers? Please explain and cite examples.
Demographic and psychographic data is important to understand the consumers in an effective manner.'
As per Wikipedia, "A demographic profile (often shortened to "a demographic") provides enough information about the typical member of this group to create a mental picture of this hypothetical aggregate."
As per moneyterms.co.uk, "Psychographics essentially segments a market, for marketing purposes, by classifying potential customers by their attitudes and values. "
Hence one will analyze age, gender, income category, education and occupation ...
Demographic and Psychographic data used within your industry