consumer behaviour

CONSUMER BEHAVIOUR

Psychographic Segmentation& Marketing Mix Strategy

Question 5

Develop a psychographic profile of (2) individuals and theirassociations (male and female) based on their social mediapresence and content. What marketing mix clues have you observed that would impact on how you would appeal to any one of the two segments.

Core Objectives

1. To briefly explain the terminology “ Psychographic Segmentation.”

2. To Develop Psychographic Profiles of two segments.

3. To highlight the marketing mix clues that are most relevant in appealing to any one of the two selected segments.

Market Mix StrategyA marketing mix strategy is achieving the marketing objectives through proper analysis of the 7Ps or elements of marketing, namely:

Benefits of the Marketing Mix Strategy

There are many benefits of the marketing mix strategy, and reasons why they should be used. In many Cases :

• A well blended marketing plan helps with goal achievements.

• It provides a valuable framework for allocating financial and human resources.

• It promotes customer satisfaction, by delivering a special customer benefit tied together with each element of the marketing mix.

Implementing a marketing mix strategy

• Before implementing a marketing mix strategy businesses must identify, evaluate and select a target market.

Why ?• Knowing and understanding customers is key

for exceptional companies.• Award winning business know their customers

as they know themselves. They use this knowledge to give buyers:– The right product– At the right place– At the right time– For the right price

Market SegmentationMarket Segmentation: “process of dividing the market into subsets of consumers with common needs or characteristics. It generally includes :

•Geographic Segmentation

•Demographic Segmentation

•Psychographic Segmentation

•Socio-Culture Segmentation

Psychographic Segmentation

“Psychographic segmentation” is the method of dividing the market into groups based on Interests, Activities and Opinions. Other variables may include :

•Personality

•Habits

•Lifestyle

•Hobbies

Advantages of Psychographic Segmentation

Better inputs for the design of new products that the customer

will like.

Lesser money spent on marketing, as it is now more specific.

Easier to target a specific type of customer base.

Simpler to derive effective and efficient marketing strategy.

Greater degree of customer satisfaction and customer loyalty,

resulting in higher amount of customer retention

Psychographic Profile

When a relatively complete profile of a personor group's psychographic make-up isconstructed, this is called a "psychographicProfile.”

How is a psychographic profile obtained?

Psychographic profile is the result of an extensive research which is facilitated through:

• Questionnaires that includes a validated set of psychological

questions.

• In-depth interviews

• Focus groups

• Social Media Content

SEGMENT 1

Sawyer Hartman

American YouTube filmmaker, vlogger & internet personality

SAWYER HARTMAN

PERSONALITY INTERESTS HOBBIES Artistic Acting Writing Short Films Creative Directing (movies) Shooting Videos Passionate Travel Photography Jovial Cars Vlogging Outgoing Animals Imaginative

Video Clip

SEGMENT 2

Shirley B. Eniang

497 k

210 k

164 k

20 k

Popular YouTube guru/blogger in the areas of fashion, beauty and lifestyle.

Video Clip

Shirley B. Eniang

Lifestyle Hobbies Interests High maintenance YouTube High end cosmetics : Adventurous Vlogging * Body products Fun- Filled Blogging Fashion : Spontaneous Photography * Trendy

Affiliative Shopping *Unique Acquisitive *Classy *High Quality Mat

SHIRLEY B. ENIANG

SHIRLEY B. ENIANG

Product• In High Demand• Attractive/Eye Catching• Convenient• Good Quality

SHIRLEY B. ENIANG

PricePricing Psychology – Basing the price on factorssuch as :• Signal of product Quality• Popular price points• What is perceived as fair

SHIRLEY B. ENIANG

Promotion1. Digital Marketing – Promoting the product/service

through social networks.2. Product Giveaways- Allowing the customer to sample

the product.3. Sales Promotion such as :– Coupons– Discounts– Loyalty incentives

SHIRLEY B. ENIANG

PLACEProviding a platform which is convenient for theconsumers to access.

E-commerce - is a term for any type of business, or commercial transaction, that involves the transfer of information across the Internet