Demography refers to study for about the different aspects of the population. Markets can be divided into demographic factors like age, gender, education etc. The various demographic factors are :
The primary method of analyzing markets by age is to divide the total population into age groups and analyze the wants and needs of each group.
Marketers devote much attention to male and female differences in Today, marketers segment female groups into college girls, working women, housewives. etc. Again, male groups can be further classified.
Buying patterns depends on the income of the consumers. No two individuals or families spend money in exactly the same way. If a researcher knows a person’s income, he can predict with some accuracy wants and needs of that person and how those wants are likely to be satisfied.
The market can be segmented on the basis of education matriculation or less. undergraduates, graduates, post-graduation, etc. Most studies show that the highly educated people spend more than the poorly educated in respect of housing, clothing, recreation, etc.
- Family Size
The consumption patterns of certain products definitely vary with the number of people in the household. Manufacturers of certain products such as ice-cream market family packs.
- Family Life Cycle
The market can be segmented as bachelors, newly married with grown-up children, older married couples, etc. For selling tours and vacations. Life Insurance policies etc., this segmentation is of use.
- Race and Religion
Consumption patterns of certain products differ on the basis of religion and race, such as alcohol and meat products.