ECON344 Chapter Notes - Chapter 6: Psychographic

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Bu 352 spring 2016: have a clear strategy and objective, must be consistent with the current situation, segment the market based on needs, wants, characteristics. Demographic: age, gender, income, race, generation etc. Benefits sought, usage rate, occasion: occasion = when they buy it, benefit = satisfying direct customer need. Psychographic: how they view themselves: self-values = goals, self-concept = image, lifestyle = how we live, vals is a common system for determining psychographic category. Geodemographic: combination of geographic, demographic, and lifestyle: evaluate segment attractiveness. Substantial/profitable: needs to be large enough, growth potential can the market be reached, will they understand consistent and positive responses. Adopt % * purchase behaviour * profit margin) fc: identify the ability to pursue target market, some strategies: Niche: one target and try to meet their needs. Micromaret: one-to-one customized products for individuals: decide on a product position, the mental image a consumer has regarding your product.

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