The paper "Consumer Market for the Business" is a worthy example of a marketing assignment. Analyzing the current consumer market for Powerbike business focusing on demographics and psychographics consumer market segmentation it is quite clear that the current consumer market for Powerbike business is growing tremendously given the health, environmental as well as social benefits associated with cycling. Demographic marketing segmentation refers to target group marketing segmentation basing on consumer demographic characteristics such as age, gender, income levels, education, population, mortality rates among others (ALCOA, 1993). Understanding the target group demographics is very critical to the success of any business because it helps marketers to effectively understand and decide exactly what products and service mixes will be included in the business to meet the tastes and preferences of the target consumers in the market (ALCOA, 1993). Additionally, understanding consumer demographic characteristics is effective in marketing because it helps many of the marketers when it comes to product pricing, packaging, promotion, and even advertising.
Consumer demographics affect the choices as well as decisions of any business (ALCOA, 1993). This is because it additionally helps marketers as well as the top organizational managers to properly evaluate a particular location, area or country to determine if the demographic profile of the business potential consumers actually exists in that particular location, area and if the location or area identified is actually viable for business.
Demographic consumer characteristics help a business, organization or company to determine whether the identified population offers demographic traits necessary to support the business (Dhruv & Krishnan, 2007). To begin with, Thailand is a country which is densely populated. Actually, the population is one of the demographic consumer characteristics which affects consumer demand.
The high population trends associated with Thailand presents a high consumer market for Powerbike business. The cost of owning a bicycle in Thailand is very low hence most of the people living Thailand own bikes as compared to cars which actual indicates that the consumer market for bikes and bicycles is growing at alarming rate in Thailand due to the affordability and lower costs associated with owning a bike compared to car (Dhruv & Krishnan, 2007). Age is another important demographic consumer characteristic considered by marketers when analyzing the target location for their businesses.
The business offers products and services which cater to individuals in different age groups. From the case study, it is evident that cycling offers an economic as well as independent travel option for those individuals whose travel options have been restricted among them elderly people (Henry & Helen, 2010).