Market plans must target today’s market, as well as adapt and change to reach tomorrows market. Additionally a market plan must be able to forecast what the market will look like 20-50+ years from now and provide a prediction on how to meet market trends of the future.
A retailer collects data from various countries to: develop and implement a strategic plan, reach a given target market, and determine if there is a viable need for the given product. Data researched and analyzed can uncover who the target market is today, proving consumers with products to entice them. Understanding the psychographics, demographics and how target markets will change as our global community does, uncovers the market of tomorrow. Using the aforementioned tools, marketeers and retailers are given a glimpse into the future of consumer behavior, and how they might use behavior patterns and data to market their product or services within a particular country. Predictions of upcoming markets is vital to the sustainability and growth of a company long term. In order to provide for long term growth, retailers today must develop and implement market plans capturing multiple generations a the same time. The use of demographics and psychographics, layered with critical data will help marketeer and retailers achieve market success in a global marketplace.
Understanding Demographic and Psychographics
“The success of a retail strategy depends on how well a firm identifies and understands its customers and how well it forms a strategy mix that appeals to consumers” (Bergman & Evans 2013 pg.173). The strategy mix starts by understanding the demographics and psychographics of it’s consumer base and the use of information collected (data) to apply, develop and implement a strategy directing consumers toward a given product or service in store. Companies learn to predict consumer buying habits through the combination of demographic, psychographics and the use of calculated data, which will determine how retailers present new products consumers, connivence consumers to change shopping venues and keep loyal consumers.
Population data is another way to determine how to approach a strategic plan for retailers and can be layered with the given demographic and psychographics at hand. Berman & Evans collected data on population demographics from many different countries from a global perspective, but Mexico’s show a larger market share with furture generations to come. (2012, pg.175.) Marketers and retailer use information collected to determine purchasing habits, trends and where a retailer focus for greatest growth, profit and margin. Mexico’s lower than average literacy rate might pose some problems in written advertising but can be directed toward other media sources that are more visual like, radio, T.V, visual billboards and attractive retail store fronts located in prime real estate. All other print copy can be printed in Spanish, the primary language...