This sort of information intangible and therefore easily measurable; with the common measures being: gender, age, ethnicity, occupation, educational level, and the income level. This is among the easiest types of information to acquire with websites like ZIPSkinny.com providing such information based on ZIP codes for free (Kluwer, 2012).
Lifestyle Information.
This is more focused on the intangible features and values that make each individual different. Lifestyle information is often put into the following broad categories.
Psychographics.
These are the personality and emotional behaviours that influence consumers' demand for a certain product. For instance, risk taking and risk aversion behaviours. .
Beliefs and Values.
This embodies all of the cultural, religious, political, and nationalist values of the company's customers.
Social behaviours: - this includes the choice of entertainment and recreational activities, hobbies and everything the customers engage in during non-work hours.
Life Stage.
After determining the age of most potential customers in the target market from demographic information, they can be divided according to different life roles at different ages using lifestyle information. For instance, teenagers or empty nesters.
DA company should look for a correlation between the lifestyle information and demographic information in both the UK and France markets in order to better understand the appropriate strategies to be used in each market and determine which one among the two markets they are better equipped to serve (Kluwer, 2012).
Secondary Research.
Another way of learning the information necessary to define a market is through secondary research. This is the use of the work that has been previously done by other people about the markets. Secondary sources vary from Internet sources to local, state and government trade organisations, providing information about the potential customers and current market trends that could have an impact on the business (Kluwer, 2012).
