Understanding Demographic Environments

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Demographic Environment
Understanding Demographics:
The Business Dictionary defines Demographics as “Socioeconomic characteristics of a population expressed statistically, such as age, sex, education level, income level, marital status, occupation, religion, birth rate, death rate, average size of a family, average age at marriage, etc.” Demographics imply to people, people become customers, they eventually buy the products, and that is when the company really works.
From a business or marketing point of view, demographic data plays a very essential role in understanding people, their behaviour patterns, and their interests or preferences. Collection and analysis of data is more often than not, the first step towards every business venture, expansion, and promotion. It helps the retailers and marketers to segment the population and choose their target audience, which provides the basis for developing an attractive product mix for their clientele or creating an appealing marketing campaign.
Demographic Segmentation:
One of the main reasons why demographic segmentation is the most popular form of segmenting the customer market is because majority of the demographic data required to make business decisions is easily available in the form of census. Census is the official collection of data for every member of a population. It is not just a count of individuals, but also a recording of various details of those individuals.
Demographic Segmentation is the method of dividing the
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