Explain How Psychographics Can Be Used to Segment Markets

question 31

Essay

Explain how psychographics can be used to segment markets. What useful information is gathered by focusing on this kind of information?

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Definitions:

Price Volatile

Refers to sudden and significant price changes within short periods, often seen in markets for commodities or securities.

Marketing Mix

The factors that a business can change in selling products to customers—product, place, price, and promotion.

Market Will Bear

Refers to the maximum price that consumers are willing to pay for a product or service in the market.

Perceived Value

The value that a customer believes a product or service has, which may not necessarily reflect its actual price or inherent value.