It is essential for firms to understand their target customer and be able to describe their characteristics. The marketing department should be able to develop consumer profiles for all their markets outlining of significant demographic and psychographic details about the users of a particular product. This will include details such as:
- where they live
- whether they are male or female or both
- what they do
- what their values are
- what they earn
- where they shop and how often and whether they are brand loyal
- how old they are
- whether they are likely to be married, single or have children
Consumer profiles will be different for each of a firm's target markets. This knowledge will help it meet the needs and wants of their customers. Media publishers, for example, will be able to provide potential advertisers with reader profiles, to help justify the placement of particular advertisements in certain periodicals, newspapers or magazines.
The Economist, for instance, provides a clear and very detailed outline of their readership profile. Follow this link and then click on the 'demographics' tab to see what Economist readers are like and what they do, say and believe; across the world or in different continents.
As you go through the various screens, jot down some key facts and then develop a 200 to 300 word consumer profile of an Economics reader.