Download - 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