1. Looking at your target area and your consumer profile
Demographics
Looking at your target area and your consumer profile

2. Demographics
The study of obvious characteristics that categorize people
Can include:
Age
Gender
Family life cycle
Income level
Ethnicity and culture
Each characteristic is then split up into variables or ranges

3. Age Can be split into 7 different ranges 0-9: Pre-customers
10-15: Allowance customers
16-19: Youth Market
20-25: Post-secondary Market
25-40: Family Formation (nesters)
40-55: Establishment
55+: Mature Market

4. Gender Gender roles have drastically changed in the past 50 years
In the past, most products were marketed towards men to reflect the culture of the day (men make the decisions, women stay home and look after the family)
Now, most products are
marketed towards both males
and females as most purchase
decisions are shared

5. Family Life Cycle
A consumers family life cycle determines many of their wants, needs, and purchasing patterns
Although a company can sell their products to various groups, they will tailor their marketing towards each group
Example – Cruise Line
Honeymoon for newly married
Exciting adventure for singles
Family holiday for couples with
families
Dream vacation for retired couple

6. Income Level Group consumers according to how much money they earn
The affluent group is willing to buy items that middle income groups can not afford
Kia vs. Mercedes
Businesses use the following indicators to determine the income of specific groups of consumers:
Postal Codes
Employment
Number of children
Education
Property ownership

7. Ethnicity and Culture
Businesses that do not understand the culture of their consumers risk offending them
This is especially relevant for companies looking to export to another country
Colour has different meanings in different countries
In China, white mourns death
while red is worn by brides on
their wedding day

8. Psychographics
A system for measuring consumers’ beliefs, opinions, and interests
Similar to demographics but instead of obvious categories, it profile consumers based on their religious beliefs, tastes in music, lifestyle, attitudes towards health, personality traits, and other psychological factors
For example, people who exercise
are more likely to buy healthy, low
fat foods
They are much harder to collect and
measure, but no less important to a
consumer profile

9. Geographics There are 3 main categories that marketers look at: Urban
Lives within the boundaries of a city, apartments or
houses with small yards, spends $ on cultural events,
restaurants, parking, and public transportation, various
levels of income
Suburban
Typically needs at least 1 car, spends $ on garden, BBQ’s,
household furnishings, almost always a commuter, high
income
Rural
Usually own a truck or all wheel drive vehicle, have large
pieces of land, riding mowers, larger gardens, lower/medium
Marketers are also interested in ethnic concentrations
in order to target specific products to specific cultures

10. Assignment for Venture Plan
Using the Stats Can website, you are to compare your target area with your consumer profile to determine whether it is a good fit.
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