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1) disadvantages:
- comparability and availability (3 way- stick)
in the regions where census data is problematic, it's availability can be a problem, and, obviously, this introduces unreliability into your estimations based on statistical methods;
in the regions like US secondary data is so widely available that one has to posess superior ability to analyze it to be able to extract advantageous information about consumer behaviour not already extracted by competitors)
- explanatory power
if consumers are grouped by one Demographics, say, age, there's ambiguity as to whether consumers at the border ages are sufficiently different to place them in separate groups; also, you can not split them into groups to no limit - therefore you lose information about consumers if you group them based on limited demographics;
2) advantages:
- availability
in countries like US secondary demographical data IS the cheapest (free) data to get;
- in developed countries, with some effort and good statistical software, for generic products, especially, demographical data can explain up to 70% of change in consumer behaviour
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What are the advantages AND disadvantages of geographic segmentation?
importance of geographic segmentation
How demographic segmentation is it different from psychographic segmentation?
Demographic segmentation classifies people based on upfront factors like age, gender, income, and location. It groups individuals by their basic characteristics. Equally, psychographic segmentation investigates the details of consumer behaviour, concentrating on their lifestyles, values, interests, and personality traits. It aims to understand the underlying motivations and preferences that motivate consumer choices. Although demographic segmentation recognises who the consumers are, psychographic segmentation exposes why they make the choices they do, delivering deeper insights for targeted marketing strategies.
What are the advantages and disadvantages of deductive method?
the advantages of deductive method
Advantages and disadvantages of Arithmetic mean?
There are a great number of advantages and disadvantages of Arithmetic mean. One disadvantages is that it is not accurate.
What are the advantages and disadvantages of data collection methods in statistics?
There are both advantages and disadvantages of data collection methods in statistics. The main advantages are the metrics and correlation one can draw from statistics. The disadvantages stem from sampling errors.
What are the advantages AND disadvantages of geographic segmentation?
importance of geographic segmentation
Advantages and disadvantages of market segmentation?
what is the advanteges and dis advanteges of market segmentation?
Types of market segmentation?
5 types of market segmentation include :- Behavioral Segmentation Psychological Segmentation Demographic Segmentation Geographic Segmentation Firmographic Segmentation
What is the relevance of demographic segmentation?
Demographic segmentation offers businesses an upfront approach to classifying consumers based on easily recognisable characteristics such as age, gender, income, and education level. This segmentation technique is beneficial due to its simplicity and the wide accessibility of demographic data from varied sources. By custom-building marketing messages and products/services to specific demographic groups, companies can improve their targeting efforts and increase the efficiency of their campaigns. However, demographic segmentation has its boundaries. It may oversimplify consumer behaviour, leading to overgeneralization and stereotyping. Moreover, demographic characteristics can change over time, demanding businesses to continuously change their strategies. Despite these disadvantages, when used in conjunction with other segmentation methods and seeing individual preferences, demographic segmentation can be an appreciated tool for businesses aiming to reach their target audience effectively.
What is hybrid segmentation of market?
segmentation is a creative prcess. marketers normally segment markets by combining several segmentation variables rather than relaying on a single segmentation base. THERE ARE 4 METHODS OF HYBRID SEGMENTATION * Value and Life Style (VALS) * psychographic-demographic segmentation * geo-demographic segmentation * yankelovich's mind base segmentation
Examples of Market segmentation?
The types of maket segmentation are, demographic, geographic, psychographic, and behavioral.
What are some examples of demographic segmentation?
Examples of demographic segmentation include age, gender, income level, occupation, and marital status. Variations of these represent the ideal target market.
Which of the following is the most frequently used method of market segmentation?
Demographic - Confirmed
Demographic segmentation?
Demographic segmentation is a very accurate way to identify the audience by data points like age, gender, marital status, size of family, size of income, education level, race, occupation, nationality, and/or religion.
what is Demographic Segmentation?
Demographic segmentation is one of the simple, common methods of market segmentation. It involves breaking the market into customer demographics such as age, income, gender, race, education, or occupation. This market segmentation strategy assumes that individuals with similar demographics will have similar needs. Example: The market segmentation strategy for a new video game console may reveal that most users are young males with disposable income.
Provide a brief explanation variable groupings demographic segmentation please?
marketing groupings
What are the elements of market segmentation?
Geographic Demographic Psychographic Product Usage Benefits Derived
