The consumer market pertains to buyers who purchase goods and services for consumption rather than resale. However, not all consumers are alike in their tastes, preferences and buying habits due to different characteristics that can distinguish certain consumers from others. These particular consumer characteristics include various demographic, psychographic, behaviorialistic and geographic traits. Marketers usually define these consumer characteristics through market segmentation, the process of separating and identifying key customer groups. Show
Demographic Characteristics of Consumer MarketsCharacteristics of consumer markets based on demographics include differences in gender, age, ethnic background, income, occupation, education, household size, religion, generation, nationality and even social class. Most of these demographic categories are further defined by a certain range. For example, companies may identify the age of their consumers in the 18 to 24, 25 to 34, 35 to 54, 55 to 65, and 65+ age groups. Companies often identify these demographic characteristics through market research surveys used to discover which demographic groups comprise the majority of their customer base. Companies can then target their advertising towards these demographic groups. For example, a new cell phone may be targeted toward 18 to 24-year-olds with incomes between $25,000 and $50,000. Psychographic Characteristics of Consumer MarketsConsumer market characteristics can also be psychographic in nature. Psychographic characteristics of consumers include interests, activities, opinions, values and attitudes. Obviously, many magazines are geared toward a consumer's interest. For example, prenatal magazines target expectant mothers who are interested in learning more about caring for a baby. Additionally, consumer activities can include participation in martial arts or basket weaving. Opinions and attitudes can be both specific or general. A company may better understand consumer opinions and attitudes after conducting a focus group, and can use that information to tailor advertising or marketing campaigns. Consumer values can pertain to how a group of individuals feels about certain social issues, which can be of interest to nonprofit or charitable organizations. Behavioralistic Characteristics of Consumer MarketsBehavioralistic characteristics can also be garnered through marketing research. Behavioralistic characteristics of consumer markets include product usage rates, brand loyalty, user status or how long they have been a customer, and even benefits that consumers seek. Companies like to know how often their consumers visit their restaurants, stores or use their products. Company marketing departments usually try to distinguish between heavy, medium and light users, whom they can then target with advertising. Marketers like to know which customers are brand loyalists, as those consumers usually only buy the company's brand. Geographic Characteristics of Consumer MarketsConsumer markets also have different geographic characteristics. These geographic characteristics are often based on market size, region, population density and even climate, according to the article "Market Segmentation" at netmba.com, a online business reference site. A small retailer may find opportunities in a small market in which larger competitors have no interest. Companies that sell beachwear will likely sell more products in warmer climates. Consumers in different regions of the country also have different tastes in food and style. Recommended textbook solutions
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Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions Business Math17th EditionMary Hansen 3,684 solutions Which characteristics difference between business and consumer markets?Consumer market businesses rarely sell large quantities of raw materials, and consumers that purchase raw materials in a consumer market setting often use them for personal projects. In B2B settings, however, buyers often purchase capital equipment and raw materials for the production of final goods.
What are the characteristics of business to consumer market?Learning Objectives. What is the difference between a business and consumer?While consumers buy products for their personal use, businesses buy products to use for their companies. Large purchases, such as capital equipment, generally require approval from those who head up a company. This makes a business' purchasing power more complex than that of the average consumer.
Which of the following is a major difference between consumer marketing and businessMost of the time, B2B (also known as business-to-business) marketing focuses on logical process-driven purchasing decisions, while B2C (also known as business-to-consumer) marketing focuses on emotion-driven purchasing decisions.
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Which of the following characteristics difference between business and consumer markets?
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