To fulfill their customers needs and still make a profit, marketers must thoroughly understand the characteristics of their various markets. As you already know from my previous articles. A market is all the potential customers for a product. There are two primary types of markets: the consumer market and the industrial market.
The consumer market is all of the potential customers for goods and services sold for personal use. This includes people like you and your family: people who buy such things as clothes, watches, food, auto insurance, notebook paper, dry cleaning services and televisions for their own use and enjoyment. These are known as consumer products (goods and services intended to satisfy the needs and wants of the individual consumer). The consumer market in the United States is amazing. There are more than 250 million people in the United States, and the population is constantly growing and changing. For example, every year:
• Every year people get jobs for the first time and begin to earn their own money;
• New consumer goods and services are introduced into the market;
• Thousands of individuals and families move to different parts of the country;
• The average earnings of the average person can increase or decrease with fluctuations in the economy; and
• Thousands of people retire and completely change the patterns of their lives.
Statistics about population patterns such as age; gender, ethnic background, income education and occupation are called demographics. Demographic changes affect which products are developed and how products are marketed. For example, an increase in population could result in a greater demand for the production of certain goods and services. On the other hand, it could mean that existing products have to be marketed differently to reach a larger or a more diverse audience. Increasing in average income could mean an increase in spending.
The three areas of change in the consumer market that most affect marketers are:
• The size and characteristics of the population;
• The amount of money customers have available to spend; and
• The way customers spend their money.
Thus you can see why marketers seek data on population, income, and spending patterns. This information helps them develop and seek the goods and services that society needs and wants.
The consumer market is all of the potential customers for goods and services sold for personal use. This includes people like you and your family: people who buy such things as clothes, watches, food, auto insurance, notebook paper, dry cleaning services and televisions for their own use and enjoyment. These are known as consumer products (goods and services intended to satisfy the needs and wants of the individual consumer). The consumer market in the United States is amazing. There are more than 250 million people in the United States, and the population is constantly growing and changing. For example, every year:
• Every year people get jobs for the first time and begin to earn their own money;
• New consumer goods and services are introduced into the market;
• Thousands of individuals and families move to different parts of the country;
• The average earnings of the average person can increase or decrease with fluctuations in the economy; and
• Thousands of people retire and completely change the patterns of their lives.
Statistics about population patterns such as age; gender, ethnic background, income education and occupation are called demographics. Demographic changes affect which products are developed and how products are marketed. For example, an increase in population could result in a greater demand for the production of certain goods and services. On the other hand, it could mean that existing products have to be marketed differently to reach a larger or a more diverse audience. Increasing in average income could mean an increase in spending.
The three areas of change in the consumer market that most affect marketers are:
• The size and characteristics of the population;
• The amount of money customers have available to spend; and
• The way customers spend their money.
Thus you can see why marketers seek data on population, income, and spending patterns. This information helps them develop and seek the goods and services that society needs and wants.
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