Demographics

Definition from http://www.investopedia.com/terms/d/demographics.asp#ixzz2Bpm4hYip:

'Studies of a population based on factors such as age, race, sex, economic status, level of education, income level and employment, among others. Demographics are used by governments, corporations and non-government organizations to learn more about a population's characteristics for many purposes, including policy development and economic market research.'

Demographics basically tell a marketer who might be interested in buying a product.

The success of any business relies on understanding the demographics of the target customers you wish to sell the product to. The information known will affect pricing, packaging, promotion and place. Any provider needs to understand demographics in order to decide exactly what product will include. The first step in reaching a customer is understanding who they are and about them. Having information about a person's age, gender, income and education, tells a marketer how likely a person is to make a purchase or require a service. In the day and age we are currently in it is much more cost effective and efficient to be able to target one's message to the people with the greatest propensity to make a purchase, rather than just attempting to advertise to the entire world. Having a full insight into the target audience gives the business selling the product a high advantage to be able to sell the product better. This is why understanding demographics is so important.

This table is a clear indication to the class's of our society. Tables like these are used in order to choose a specific class to target their product to. For example targeting a music package at a university and college students in group E may want the package to be cheap as they dont have that much income, therefore inside the package there could be more for their money, that way people in this demographic believe it is worth buying. It is highly unconventional to take a group such as group E for a product and place a highly expensive digi pack together with extra things included because the consumer wouldn't be able to afford the things being advertised. Therefore they would not sell their products. Demographics provides us with the right products for us such as magazines, digi packs and film as it shows us exactly what we need to see in them by targeting these groups to begin with.