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Analyzing Consumer Markets Assignment Help
Analyzing Consumer Markets by Understanding Characteristics of Consumer Market
Analyzing Consumer Markets is an important aspect for marketing student. A marketing student should understand the occupants of the consumer market that is termed as who is a consumer and should understand what the consumer buys.
The marketing student should understand what are the outlets through which consumer participates in buying and what are the occasions in which consumer prefers purchase like festival seasons, discount seasons and so on. Myhomeworkhelp.com will help student’s complete Analyzing Consumer Markets homework help with perfection and help students get good grades.
Characteristics of consumer markets
- Geographic characteristic:
The market size and market diversity determine the geographic characteristic. Many places are termed as a small market due to the number of consumers available there. The climate will be a factor in determining the market returns. For example, even if a market is small, cold drinks will have potential to get more sales in a hot and humid market. In the same manner, winter conditions will ensure sales of hot items like coffee and tea. Winter conditions may also increase the sale of meats as meats have the potential to increase body heat.
- Consumer market Behavioralistic characteristic:
Proper market research and data analytics are done to understand the consumer preferences to brand and also understand the purchasing pattern. Marketers will have to understand the reason why a consumer shows brand loyalty and will have to take steps to retain them. At the same time, consumers who are standing outside the brand will have to be attracted inside sphere, and this includes proper marketing and advertisement targeting.
- Psychology characteristics:
Interest of a consumer to a product can be determined by peer pressure and peer opinions. Value of referral group opinion is important in choosing a product, and word of mouth is still considered as the best marketing method by companies to get sales. There are focus group studies done by marketing companies through market research firms to get a feel for the areas of improvement.
- Demographic characteristic:
This is understood well by marketing researching companies. The reason is to understand value of cross-cultural communication. Many companies have failed to expand the market beyond their natural area due to lack of understanding different cultures. For example, a company situated in America will have to change the advertisement style when they market in Brazil.
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