Description
This presentation is about the Psychographic segmentation and how to use Psychographic variables for segmentation.
• Using Psychographic Segmentation
– Psychographic profiles produce rich descriptions of potential target markets – Greater detail aids in matching a company’s image and its offerings with the types of consumers who are likely purchasers
Psychographic Segmentation
(Psychology +Demographics) SRI Consulting Business Intelligence (SRIC-BI) VALS TM Based on responses derived from questionnaire featuring 4 demographic and 35 attitudinal questions. 80,000 surveys per year.
INNOVATORS
Primary Motivation
High Resources High Innovation
Achievement Achievers Strivers SelfExpression Experiences Makers
Ideals Thinkers Believers
SURVIVORS
Low Resources Low Innovation
• Product-Related Segmentation Dividing a consumer population into homogeneous groups based on characteristics of their relationships to the product
– Can take the form of segmenting based on:
• Benefits that people seek when they buy • Usage rates for a product • Consumers’ brand loyalty toward a product
• Benefits
– Focuses on the attributes that people seek in a good or service and the benefits that they expect to receive from that good or service – Groups consumers into segments based on what they want a product to do for them
• Usage Rates
– Segmenting by grouping people according to the amounts of a product that they buy and use – Markets often divided into heavy-user, moderateuser, and light-user segments – The 80/20 principle (“Praedo’s Law”)
• Brand Loyalty
– Segmenting consumers grouped according to the strength of brand loyalty felt toward a product – Frequent flyer programs of airlines and many hotels
• Using Multiple Segmentation Bases
– Increase accuracy in reaching the right markets – Combine multiple bases
• Geographic and Demographic • Product-related with income and expenditure patterns • Others
SEGMENTING BUSINESS MARKET
DEMOGRAPHIC: Industry, Company size, Location. OPERATING VARIABLES: Technology, User or Non-user status, Customer capabilities. PURCHASING APPROACHES: Purchasing function organization, Power structure, Nature of existing relationships, General purchase policies, Purchasing criteria.
SITUATIONAL FACTOR: Urgency, Specific application, Size of order.
PERSONAL CHARACTERSTICS: Buyer-seller similarity, Attitudes towards risk & Loyalty. BUSINESS BUYERS can be FIRST TIME PROSPECTS, NOVICES, SOPHISTICATES. INDUSTRIAL BUYERS can be PROGRAMMED, RELATIONSHIP, TRANSACTION & BARGAIN HUNTERS.
doc_957412793.pptx
This presentation is about the Psychographic segmentation and how to use Psychographic variables for segmentation.
• Using Psychographic Segmentation
– Psychographic profiles produce rich descriptions of potential target markets – Greater detail aids in matching a company’s image and its offerings with the types of consumers who are likely purchasers
Psychographic Segmentation
(Psychology +Demographics) SRI Consulting Business Intelligence (SRIC-BI) VALS TM Based on responses derived from questionnaire featuring 4 demographic and 35 attitudinal questions. 80,000 surveys per year.
INNOVATORS
Primary Motivation
High Resources High Innovation
Achievement Achievers Strivers SelfExpression Experiences Makers
Ideals Thinkers Believers
SURVIVORS
Low Resources Low Innovation
• Product-Related Segmentation Dividing a consumer population into homogeneous groups based on characteristics of their relationships to the product
– Can take the form of segmenting based on:
• Benefits that people seek when they buy • Usage rates for a product • Consumers’ brand loyalty toward a product
• Benefits
– Focuses on the attributes that people seek in a good or service and the benefits that they expect to receive from that good or service – Groups consumers into segments based on what they want a product to do for them
• Usage Rates
– Segmenting by grouping people according to the amounts of a product that they buy and use – Markets often divided into heavy-user, moderateuser, and light-user segments – The 80/20 principle (“Praedo’s Law”)
• Brand Loyalty
– Segmenting consumers grouped according to the strength of brand loyalty felt toward a product – Frequent flyer programs of airlines and many hotels
• Using Multiple Segmentation Bases
– Increase accuracy in reaching the right markets – Combine multiple bases
• Geographic and Demographic • Product-related with income and expenditure patterns • Others
SEGMENTING BUSINESS MARKET
DEMOGRAPHIC: Industry, Company size, Location. OPERATING VARIABLES: Technology, User or Non-user status, Customer capabilities. PURCHASING APPROACHES: Purchasing function organization, Power structure, Nature of existing relationships, General purchase policies, Purchasing criteria.
SITUATIONAL FACTOR: Urgency, Specific application, Size of order.
PERSONAL CHARACTERSTICS: Buyer-seller similarity, Attitudes towards risk & Loyalty. BUSINESS BUYERS can be FIRST TIME PROSPECTS, NOVICES, SOPHISTICATES. INDUSTRIAL BUYERS can be PROGRAMMED, RELATIONSHIP, TRANSACTION & BARGAIN HUNTERS.
doc_957412793.pptx