what role does it play in consumer analysis
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Answer:
Consumer analysis is the process where information about the consumer is found out from market research like the needs of the consumer, the target market and the relevant demographics so that this information can be used in market segmentation for further steps of market research
Consumer evaluation is the method wherein statistics approximately the customer is observed out from marketplace studies just like the wishes of the customer, the goal marketplace and the applicable demographics in order that this statistics may be utilized in marketplace segmentation for similarly steps of marketplace studies. It could be very beneficial in predicting customer behaviour.
Importance of Consumer Analysis
The consumer is the maximum vital entity withinside the whole promoting and advertising and marketing method and studying customers is a completely vital thing of marketplace studies.
Objectives of customer evaluation are to discover statistics approximately:
- Profile of the purchasers
This consists of demographic, economic, social, geographical traits of the customer and every other unique hobby of the customer which can be applicable. It additionally consists of the shopping for a method of the customer i.e. elements just like the choice-making unit, time and frequency of purchase, how the customer makes the acquisition and the approach of payment. The former is known as demographic evaluation and the latter is known as behavioural evaluation.
- Benefit won via way of means of the purchasers
These consist of useful advantages, mental advantages, excessive and occasional involvement advantages relying on the merchandise, and user & patron gain relying on whether or not it's far a B2B or B2C consumer.
- Market
A marketplace is the institution of clients who advantage identical gain from a product. The market may be undifferentiated or differentiated. In the case of differentiated markets, marketplace segmentation may be primarily based totally on geographic, demographic or mental segmentation. Whichever the marketplace is, it needs to be homogeneous, consistent, executable and profitable.
- Steps in customer evaluation:
Step1: Overview of the industry.
Step2: Identifying and describing the demographics of the clients.
Step3: Project destiny changes.
Step4: Determine and describe customer shopping for behaviour.
Step5: Competitive evaluation.
Step6: Use statistics approximately industry, consumer and competition decided above to discover gaps withinside the marketplace.
- Example of Consumer Analysis
Nike footwear has an extensive variety of merchandise designed for distinct segments of its purchasers like footwear for sports activities persons, simple sports activities footwear for the gym, strolling or running, harder footwear for soccer players, etc.