BM440.1.1 Internet Marketing

Business and Marketing
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Every other market consists of many consumers at any given time, and the bottom line is that there are different characteristics that make this population. These characteristics are defined in terms of the psychographic variables, which are used in the segmentation of the customers' population, especially in the markets that have fast moving products. One of the segments is defined by the social class of the customers, which mainly relies on the person's social characteristics such as income, education, occupation, wealth and the background of the family. The main classes include the upper class, the upper middle class, the middle class, the lower middle class and the subsistent class. The other segment is the lifestyle factors segment that relates to the customers way of life. The kind lifestyle the customer lives, determines the kind of products he/she will buy. It is common to find groups of customers that are characteristically striver, self actualizes, the disconnected and traditionalist among others. Lastly there is the personality segment, which basically means that the customers look for the products that best bring out their personality traits (Mark Media, 2014).
There are several factors that have affected the way goods and services are exchanged on the Internet such as the social/ cultural factors, legal and technological. Along the line of socio-cultural factors, there is the aspect of customers preferring self service. This way the customers can do all their online shopping on their own. There is also the aspect of the sophistication of the customers over the time due to the level of education and the amount of information exposed to them. At this rate the customers are able to make their own choices and thus continually want to maintain control over the ...