Consumer behaviour unit 13
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The document discusses market segmentation, which is the process of dividing the market into subsets of consumers based on common characteristics. Segmentation is the first step in a three-phase marketing strategy and benefits both marketers and consumers. Some common bases used for segmentation include geographic, demographic, psychographic, behavioral, and socio-cultural factors. The document then provides details about the VALS (values and lifestyle) segmentation scheme and describes the characteristics and purchasing behaviors of its eight consumer groups: Innovators, Thinkers, Believers, Achievers, Strivers, Experience Seekers, Makers, and Survivors.
Consumer behaviour unit 13
- 1. Consumer Behavior Unit 13 Market Segmentation Mrs. Shubhangi Dharma
- 2. Market Segmentation • Market segmentation & Diversity • Partitioning the market • Diverse consumer interest • Consumer better satisfied • Segmentation is a positive force
- 3. Market Segmentation • Process of dividing the market: • Subsets of consumers • Common needs or characteristics • Segmentation – first step in a three phase marketing strategy • One or more segments targeted • Segmentation benefits the marketer as well as the consumer
- 4. Market Segmentation • Segmentation studies needs & wants of a specific group • Specialized goods promoted • Bases of segmentation are consumer characteristics like: • Geographic segmentation: Region City size Density Climate
- 5. Market Segmentation • Demographic segmentation: Age Sex Marital status Income Education Occupation
- 6. Market Segmentation • Psychological segmentation: Needs Motivation Personality Perception Learning Attitude
- 7. Market Segmentation • Psychographic segmentation - lifestyle segmentation • Socio – cultural segmentation: Culture Religion Subculture Social class Family life cycle
- 8. Market Segmentation • SRI VALS • Generalized segmentation scheme • American population • VALS – values & lifestyle system • Designed to explain the dynamics of social change • 1989 – VALS system revised • American population classified into 8 groups • Groups are based on consumer responses
- 9. Market Segmentation • Innovators: 1) Successful and sophisticated 2) People who like to take charge 3) High esteem – high resources 4) Change bringers (leaders) 5) Most receptive to ideas 6) Prefer upscale, niche products
- 10. Market Segmentation • Thinkers: 1) Motivated by ideals 2) Mature and satisfied 3) Comfortable and reflective 4) Well educated 5) Actively seek out information 6) Favor durability and functionality in a product 7) Value in products 8) High resources
- 11. Market Segmentation • Believers: 1) Motivated by ideals 2) Low resources 3) Strongly traditional 4) Respect rules & authority 5) Conservation - slow to change 6) Technology averse 7) Choose familiar products & brands
- 12. Market Segmentation • Achievers: 1) Motivated by achievements 2) High resources 3) Lead a goal oriented lifestyle 4) Centre/focus in – family & career 5) They avoid – high degree of change 6) Prefer premium products
- 13. Market Segmentation • Strivers: 1) Motivated by achievements 2) Low resources 3) Trendy & fun loving 4) Little discretionary income 5) Favor stylish products 6) Emulate purchases of people with greater material wealth
- 14. Market Segmentation • Experience seekers: 1) Motivated by self expression 2) High resources 3) Appreciate the unconventional 4) Active & impulsive 5) Offbeat & risky 6) Spend on fashion, socializing & entertainment
- 15. Market Segmentation • Makers: 1) Motivated by self expression 2) Low resources 3) Value practicality 4) Self sufficient 5) Believe in constructive activity 6) Leisure time is spent with family 7) Value luxury 8) Buy basic products
- 16. Market Segmentation • Survivors: 1) Narrowly focused life 2) Fewest resources 3) Feel powerless 4) Primary concern – safety 5) Brand loyal 6) Buy discounted merchandise