Which type of segmentation looks at a consumers attitudes values and personal interests?
Personality, Lifestyle, and The Self Show One of the newer and increasingly important set of factors that is being used to understand consumer behaviour is lifestyle. Lifestyle has been generally defined as the of the potential customer. It is widely regarded as means to connecting products offered in the market with targeted lifestyle groups (Sathish & Rajamohan, 2012) such that a product appeals to the AIOs of the target market. Consumers are not only asked about products they like, where they live, and what their gender is but also about what they do—that is, how they spend their time and what their priorities, values, opinions, and general outlooks on the world are. Where do they go other than work? Who do they like to talk to? What do they talk about? Researchers hired by Procter & Gamble have gone so far as to follow women around for weeks as they shop, run errands, and socialize with one another (Berner, 2006). Other companies have paid people to keep a daily journal of their activities and routines. Lifestyle MarketingIn consumer marketing, is considered a psychological variable known to influence the buyer decision process for consumers. Lifestyle can be broadly defined as the way a person lives. In sociology, a lifestyle typically reflects an individual’s attitudes, values, or world view. A lifestyle is a means of forging a sense of self and to create cultural symbols that resonate with personal identity. Marketing campaigns to reach and persuade consumers are created with the intention to align the product’s position with the target market’s lifestyle characteristics. Variables such as consumers’ interest in hunting; their attitude toward climate change; and, their deeply held opinion on fair-trade products, can therefore be used to both better understand the market and its behaviour, and position products effectively. It is the multifaceted aspect of lifestyle research that makes it so useful in consumer analysis. A prominent lifestyle researcher, Joseph T. Plummer, summarizes the concept as follows:
A useful application of the lifestyle concept relates to consumer’s shopping orientation. Different customers approach shopping in very different ways. They have different attitudes and opinions about shopping and different levels of interest in shopping. Once people know their alternatives, how do they evaluate and choose among them? In particular, how do people choose among brands of a product? Psychographic SegmentationThe following is a review of how marketers segment a market based on demographics, geography, behaviour, and psychographic information.
While demographics are useful, advertisers often need to slice and dice even further. Traditional demographic segments (such as gender, age, and income) provide only a rough estimate of the attitudes and desires of different groups, so marketers often give consumer groups labels that capture something about their lifestyles and motivations as well. involves profiling a market segment based on a descriptive set of characteristics—such as personality, traits, lifestyle, and values. We also use AIO’s—to define a psychographic profile. Most students are familiar with market segmentation as it relates to geographic (specific place-based marketing) and demographic (specific data gathered through secondary research sources relating to age, income, education level, family status, etc.). Psychographic segmentation however, examines consumers in the context of their motivations, their values, their interests, their passions, their lifestyle choices, and even the kind of media they consume. One of the most widely used systems to classify people based on psychographics is the VALS (Values, Attitudes, and Lifestyles) framework. Using VALS to combine psychographics with demographic information such as marital status, education level, and income provide a better understanding of consumers. “Professional Aunt, No Kids” is considered a new and attractive market segment.
Demographic and psychographic characteristics of PANKs from the report include:
What are PANKs spending money on? Travel is by far the biggest expense, followed by food and beverage, entertainment, toys and games, and apparel. “Adventure” days and big-ticket gifts also amount to large expenditures by loving Aunts. Notkin segments PANKs further by identifying, “Aunts by Relations” (93 per cent) and “Aunts by Choice” (57 per cent), all of whom rank participation in a child’s life of high importance. In 2013, Euromonitor reported that as of 2010, 42.6 per cent of women in the U.S. between 15-44 were childless (up from 40.1 per cent in 2002): while some women are childless by circumstance, many women are holding off having children (or choosing not to at all) until later in life. Marketers yet to heed Notkin’s advice and actively target PANKs are potentially ignoring this large and growing market segment. Her recommendations on how to engage this market includes:
A wise marketer will recognize both the value and
potential in a growing and substantial market segment, even one that may be dismissed, ignored, or not taken seriously by others. Media Attributions
Text Attributions
ReferencesBerner, R., (2006, May 1). Detergent Can Be So Much More. BusinessWeek, 66–68. Generation PANK: A report on the social and econoic influence of PANKs—Professional Aunts No Kids. (2018). Savvy Auntie. http://savvyauntie.com/Customimages/GENERATION%20PANK_MELANIE%20NOTKIN%20MEDIA%20INC_Nov%202018.pdf. Kuo, L. (2013, November 4). The latest travel marketing craze: Unmarried aunts who want to spoil other peoples’ kids. Quartz. https://qz.com/143242/the-latest-travel-marketing-craze-unmarried-aunts-who-want-to-spoil-other-peoples-kids/. Plummer, J.T. (1974, January). The concept and application of lifestyle segmentation. Journal of Marketing, 38(1), 33-37. Sathish, S., and Rajamohan, A. (2012, October). Consumer Behaviour and Lifestyle Marketing. International Journal of Marketing, financial Services & Management Research, 1(10). World Travel Market Global Trends Report 2013 (2013, November). Euromonitor International. http://go.euromonitor.com/rs/euromonitorinternational/images/WTM_2013_Trends_finalReport.pdf?mkt_tok=3RkMMJWWfF9wsRoiuKrNZKXonjHpfsX66O4rXaKylMI%2F0ER3fOvrPUfGjI4CTcRrI%2BSLDwEYGJlv6SgFQrDAMatv0bgKWhg%3D Which type of segmentation looks at a consumer's attitudes values and personal interests?Psychographic segmentation is the research methodology used for studying consumers and dividing them into groups using psychological characteristics including personality, lifestyle, social status, activities, interests, opinions, and attitudes.
What are the 4 types of customer segmentation?Types Of Market Segmentation. Geographic segmentation.. Demographic segmentation.. Psychographic segmentation.. Behavioral segmentation.. What are the 4 types of marketing?What are the 4Ps of marketing? (Marketing mix explained) The four Ps are product, price, place, and promotion. They are an example of a “marketing mix,” or the combined tools and methodologies used by marketers to achieve their marketing objectives. The 4 Ps were first formally conceptualized in 1960 by E.
What is market segmentation and its types?Market segmentation is the process of dividing a broad population into subgroups according to certain shared factors. These groups may have common demographics (age, gender, etc.), geographic location, attitudes, behaviors, or a combination of similar characteristics. A consumer may belong to multiple market segments.
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