Universe (economics)
Encyclopedia
In economics
and marketing
a universe is a population to be studied or measured.
In economics a population to be measured is described as a "universe", and the measures which are generated are intended to reflect the behavior of that population. Different statistical survey
s may measure related, but different, universes and have to be adjusted to reflect this difference. For example the American Bureau of Labor Statistics
has a household survey and an establishment survey to measure employment. The differences in the populations and behavior that these two surveys measure are said to be the differences in their "universe".
The word has a similar meaning in marketing, where it describes the activity in a given population. For example, ASCAP measures airplay in different radio "universes" to determine royalties for different songs, because e.g. air play in the "classical" universe is compensated differently from popular music. It also fundamental to television audience measurement: advertisers buy into programmes based on the ratings in different demographic universes and those different universes will cost different amounts. For example, a hair dye
ad campaign may buy 1000 Gross Rating Points (GRP)
in the Women 25-44 universe in order to target that particular audience, rather than a demographic irrelevant to their product.
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
and marketing
Marketing
Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that underlies sales techniques, business communication, and business developments...
a universe is a population to be studied or measured.
In economics a population to be measured is described as a "universe", and the measures which are generated are intended to reflect the behavior of that population. Different statistical survey
Statistical survey
Survey methodology is the field that studies surveys, that is, the sample of individuals from a population with a view towards making statistical inferences about the population using the sample. Polls about public opinion, such as political beliefs, are reported in the news media in democracies....
s may measure related, but different, universes and have to be adjusted to reflect this difference. For example the American Bureau of Labor Statistics
Bureau of Labor Statistics
The Bureau of Labor Statistics is a unit of the United States Department of Labor. It is the principal fact-finding agency for the U.S. government in the broad field of labor economics and statistics. The BLS is a governmental statistical agency that collects, processes, analyzes, and...
has a household survey and an establishment survey to measure employment. The differences in the populations and behavior that these two surveys measure are said to be the differences in their "universe".
The word has a similar meaning in marketing, where it describes the activity in a given population. For example, ASCAP measures airplay in different radio "universes" to determine royalties for different songs, because e.g. air play in the "classical" universe is compensated differently from popular music. It also fundamental to television audience measurement: advertisers buy into programmes based on the ratings in different demographic universes and those different universes will cost different amounts. For example, a hair dye
Hair coloring
Hair coloring is the practice of changing the color of hair. Common reasons are to cover gray hair, to change to a color regarded as more fashionable or desirable, and to restore the original hair color after it has been discolored by hairdressing processes or sun bleaching...
ad campaign may buy 1000 Gross Rating Points (GRP)
Nielsen Ratings
Nielsen ratings are the audience measurement systems developed by Nielsen Media Research, in an effort to determine the audience size and composition of television programming in the United States...
in the Women 25-44 universe in order to target that particular audience, rather than a demographic irrelevant to their product.