Question

5. Explain in detail the following three (3) variables that highlight differences between consumers: Lifestyles, Psychographics and Demographics

Answer 1

Lifestyle - This relates to the lifestyle of the consumers and how it would impact the purchase making decision they make. For eg- Health and fitness enthusiasts are more likely to buy low calories products than those who are not inclined to fitness. This helps the company in developing and targeting the products to the right consumers.

Psychographics - This relates to the values and opinions held by the consumers which have an influence over their purchase making decisions. For eg - Some consumers give priority to quality over the cost while others do the opposite. this helps the marketers in creating marketing campaigns that target the right consumers based on their values.

Demographics - This relates to quantifiable aspects of the consumers which influences their buying decisions. This aspect can be in terms of age, gender, income, educational qualifications, etc. For eg - People earning high income are more likely to buy luxurious products than those with middle or low levels of income. This helps marketers in targeting consumers who would buy their products.