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Newer methods of collecting and using information for demographic profiling include target-sampling, quota-sampling, and door-to-door screening. [5] A comprehensive demographic profile is a powerful tool for marketing. Detailed information about potential customers provides insight into how to best sell them a product. [4]
Claritas PRIZM Premier is a set of geo-demographic segments for the United States, developed by Claritas Inc., which was owned under The Nielsen Company umbrella from 2009 to 2016. PRIZM (Potential Rating Index for Zip Markets) Premier combines demographics, consumer behavior and geographic data for marketers.
A profile will include all such information as is relevant for the product or service and may include basic demographic descriptors, purchasing habits, disposition to spend, benefits-sought, brand preferences, loyalty behavior, usage frequency and any other information deemed relevant to the subject at hand.
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According to VALS 2, a consumer purchases certain products and services because the individual is a specific type of person. The purchase is believed to reflect a consumer's lifestyle, which is a function of self–orientation and resources. In 1991, the name VALS2 was switched back to VALS, because of brand equity. [4]
Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...