Importance of profiling a market’s area
Profiling a market’s area entails the identification of attributes that relate to that target population or group of potential buyers. The identification of attributes of a specific population allows for the marketers to package products and distribute them in a way that the target population will find appealing. Marketing strategies involve understanding the fact that people are attracted more to what speaks about their lifestyle, something that appeals to their own personality. A crucial importance of profiling a market’s area is that it allows for the personalization of products to appeal to the correct target group. For example, if a company would like to make sales for a body building supplement, with the help if market area profiling, the company can then decide which strategic areas or stores will be the best to stock their products based on factors such as the dominant age group in that area and the general fitness criteria of that demographic.
Another reason why it is important to profile a market’s area is because it helps to understand how to customize the product and its packaging to optimize profit without wastage of resources or the products. For example, understanding the amount of time that a specific demographic is usually inclined to like a product before they shift their attention will allow for a company to be more cautious and reduce the amount of input they put towards that demographic to cushion them from losses.
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Sources of Data
A good marketing strategy demands proper analysis of a demographic. This involves the use of data from either primary or secondary sources to determine how that market area is broken down. An example of primary sources of data include the use of statistical data. Collection of the statistical data can happen in several ways such as the filling of questionnaires by the local drug stores or through fieldwork that involves observing the purchasing behaviors of clients within that specific area. Secondary source materials would include looking are the demographic research of previous marketers that have previously made sales within that market area and the use of previous articles or scholarly articles that seek to analyze the specific market area being targeted.
