presentation 2 of 4
TRANSCRIPT
![Page 1: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/1.jpg)
Session 2: Consumer Market Analysis - Developing Your Ideal Consumer Profile
Presented by Niels Brock California International Business University
Innovation & Entrepreneurship Week
![Page 2: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/2.jpg)
TREND • A general direction in which something is
developing or changing. “An upward trend in sales and profit margins"
• Synonyms: tendency, movement, drift, swing, shift, course, current, direction, progression, inclination, leaning
CONTEXT • The historic, cultural, societal, economic,
political, consumer, trend, and other environments that impacts the demographic, psychographic and behavioral profile of consumers.
![Page 3: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/3.jpg)
Consumer Trends(CONTEXT) The Contextual Drivers of Trend… • Demographics • Social – Communications, Interaction, Influence • Cultural – Norms, Folkways• Popular Culture – Music, Entertainment, Arts, Celebrity
![Page 4: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/4.jpg)
Consumer Trends(CONTEXT) The Contextual Drivers of Trend… • Media – Programming, Consumption, Usage, Influence• Consumerism – Product, Service, Appeals • Peers – Influence, Sharing, Awareness, Validation • Merchandising & Retailing – Consumption, Motivation
![Page 5: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/5.jpg)
Consumer Trends(CONTEXT) The Contextual Drivers of Trend… • Marketing & Advertising – Awareness, Interest, Decision, Action• Legislation – Enabling Forces, Rules, Regulations • Political – Narrative, Focus, Commitment• Geo-Political – War, Peace, Economic Growth, Struggle
![Page 6: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/6.jpg)
The Art of SegmentationWhat• The process of determining where significant differences
between groups of consumers exist, dividing those consumer segments sharing similarities, and approaching the development and application of Product, Price, Place, and Promotion along the lines of these differences.
Why• The world is not flat – It is increasingly diverse • A Consumer’s unique taste is now reinforced by the
validation of others with similar taste • Consumers demand being treated as individuals• Specialization & customization are becoming once again
the norms (Not since the industrial revolution has mass production been under such a threat)
![Page 7: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/7.jpg)
The Art of SegmentationSample – Nielsen Data
![Page 8: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/8.jpg)
The Art of SegmentationSample Segment
![Page 9: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/9.jpg)
The Art of SegmentationLifestyle Segment
![Page 10: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/10.jpg)
The Art of SegmentationLifestage Group
![Page 11: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/11.jpg)
Consumer Demography Look at demography as a foundation for segmentation, determining, where, when, how, how often, etc. for product, price, place, and lesser so promotion. • Age • Gender• Ethnicity• Social Status – Economic Strata • Education – Career – Work – Trade • Family Makeup – Marital Status – Children • Urban, Suburban, Rural
![Page 12: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/12.jpg)
ContextWe must consider the target consumers formation using past experience (the consumer lives through a context past & present) (Example – Slide #3), examples of this include:
• Ethnicity, religious, cultural • Economic, childhood poverty or wealth • Family formation, divorce vs. stability• Social status of grandparents, parents• Political environment• Educational formation • Media, entertainment, music, arts, access &
appreciation
![Page 13: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/13.jpg)
Life Experience as ContextThe Archetypes represent the consumers drive based upon personal experience (life context)
A) Archetypes of the Preparation Stage - (Dependence)
• The Innocent – defined as the pure and trusting part of us that retains faith regardless of personal experience
• The Orphan – the part that has been betrayed, abused or abandoned
• The Caregiver – the ability to nurture and care for others and ourselves
• The Warrior – the ability to protect and defend ourselves and set limits and goals
![Page 14: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/14.jpg)
The Archetypes represent the consumers drive based upon personal experience (life context)
B) Archetypes of the Soul Journey - (Independence)
• The Seeker – the need to search for something different, seek meaning, explore and wander.
• The Lover – the ability to care, to bond to make commitments and have passion.
• The Creator – the ability to open the imagination and bring forth something that never existed before
• The Destroyer – the ability to choose to let go and rid yourself of things that no longer support your values
Life Experience as Context
![Page 15: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/15.jpg)
The Archetypes represent the consumers drive based upon personal experience (life context)
C) Archetypes of the Return - (Interdependence)
• The Ruler – the ability to use all of our resources and to take responsibility for ourselves and others.
• The Sage – the ability to attain wisdom, seek truth• The Magician – the ability to change what needs to be
changed by acting on our own visions• The Jester – the ability to experience life fully
Life Experience as Context
![Page 16: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/16.jpg)
Consumer Psyche Sample Psychological Traits – Innate dispositions that drive behaviors, thoughts, and emotions, such as: Psyche / Behavior
• Fearful / Seeks Security & Safety • Independent / Self Acting & Driven • Confident / Assertive, Communicative, Leads • Open-Minded / Curious & Interested
![Page 17: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/17.jpg)
Consumer Psyche Sample Psychological Traits – Innate dispositions that drive behaviors, thoughts, and emotions, such as: Psyche / Behavior
• Scholarly / Consumer of Information, Educates Others
• Selective / Cautious Consumer, Requires Information
• Faithful / Trustworthy, Loyal, Defender of Brands/Products
• Aggressive / Demanding, Vocal, Advocate or Foe
![Page 18: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/18.jpg)
Consumer Behavior The active pursuit, rational and irrational decision making, commitment, and follow-through of an individual, such as:
• Security & Safety / Purchase When Assured of Credibility & Low Risk
• Self Acting & Driven / Purchase & use based upon personal knowledge & confidence
• Assertive & Communicative / Purchase with a lower level of influence from others, satisfaction may derive from being first & influencing others
![Page 19: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/19.jpg)
Consumer Behavior The active pursuit, rational and irrational decision making, commitment, and follow-through of an individual, such as:
• Curious & Interested / Seeks Knowledge & Comprehension
• Consumer of Information / Able to Critically Reason & Come to a Decision
• Trusting & Loyal / Brand Advocate who will share & defend your brand
![Page 20: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/20.jpg)
Traditional Data CollectionMarketplace, consumer, & competitive research using traditional methods such as:
Primary • Broad Based Observation• Market Survey • Target Consumer Questionnaire• Point of Sale Monitoring
Secondary Data • Industry • Scholarly• Government• Agency
![Page 21: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/21.jpg)
Contemporary Data SourcesThe Use of Applications, Social & Interest Based Medias, and Services, such as:• Google Earth – Geography, Topography,
Urbanity, etc. • Following/Monitoring of Social or Interest
Based Content (Chatter – Passive) • Engagement through of Social or Interest
Based Content (B to C – Active Communication)
![Page 22: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/22.jpg)
Creating Consumer Profile• Creating a Consumer Avatar
![Page 23: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/23.jpg)
Creating Consumer Profile• Creating a Consumer Avatar
Where Do They Live
What Do They Like
What’s Their Education
What’s Their Psyche
What Motivates
Them
What are Their Hobbies
What Are Their Hopes What Are Their
Fears
Do They Lead or Follow
What’s Their Discovery Process
What’s Their Style /
EsthetiqueWhat’s Their Mode / Mood
![Page 24: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/24.jpg)
Creating Consumer Profile• StyleSeek – Big Data & Small Data
![Page 25: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/25.jpg)
Creating Consumer Profile• StyleSeek – Big Data & Small Data
![Page 26: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/26.jpg)
Needs & Wants AnalysisNeeds – Physiological – Innate – Human • Water• Shoes • Computer• Shirt • Transportation
Wants – Psychological – Learned – Influenced • Sparkling Water, Evian• Running Shoes, Nike • Laptop, Apple • Dress Shirt, Giorgio Armani • Motorcycle, Harley Davidson
![Page 27: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/27.jpg)
ProductDeveloping a Value Proposition… • Consumers develop through the Awareness, Interest,
Decision & Action phases of cultivation via a process of consideration based upon rational and irrational criteria and influences.
• Rational – I need water• Irrational – I want a Perrier
While the rational process is based upon physiological needs, the irrational decision making process is strongly driven by psyche and the contextual background of consumers, past experiences, desires, esthetics, etc.
![Page 28: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/28.jpg)
ProductPrerequisites for a Successful Product • Consumer Need & Want• Legally Permissible to Consume • Manufactured & Consumed at Acceptable ‘Cost’ • Marketable & Effectively Marketed (4 P’s) • Accessible When & How Market Requires • Deliverable in an Efficient Manner • Fulfills, Matches or Exceeds Promise • Attracts Loyalty, Advocacy Among Consumers• Innovates. Evolves Ahead of Market Changes
![Page 29: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/29.jpg)
Place Prerequisites for a Successful Product • Available Conveniently /or/ With Some Sacrifice • Accessible When, Where, and How Consumer
Wants• Clearly Offers Benefits in Excess of Cost/Benefit• Personal Selling – Direct & Knowledgeable • Inspiring Merchandising (Display & Trial)• Feedback & Validation (Omnichannel Bridges)
![Page 30: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/30.jpg)
Place Prerequisites for a Successful Product • Available Conveniently /or/ With Some Sacrifice • Accessible When, Where, and How Consumer
Wants• Clearly Offers Benefits in Excess of Cost/Benefit• Personal Selling – Direct & Knowledgeable • Inspiring Merchandising (Display & Trial)• Feedback & Validation (Omnichannel Bridges)
![Page 31: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/31.jpg)
PricePrerequisites for a Successful Product • Consumer Cost / Benefit Analysis • Pricing Technique Appropriate for Market • Set It & Don’t Forget It
![Page 32: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/32.jpg)
Penetration Pricing:
Set initial prices low at first to quickly penetrate the market. As business develops, gradually raise prices to a more profitable level. Feature low prices and convenience. This is a good pricing technique for generating immediate cash flow. Don’t set the price so low that customers believe your product or service is inferior.
Pricing Strategies
![Page 33: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/33.jpg)
Skimming Pricing:
Set initial prices relatively high to recover the initial capital spent developing the product or opening a store. Feature quality, service, and uniqueness. Competition will often force lower prices. Use skimming if you are one of the first out with new technology or are capitalizing on a current trend or fad.
Pricing Strategies
![Page 34: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/34.jpg)
Promotional Pricing:
Set special low prices to introduce new products or lines. Consider two-for-one specials, end-of-season sales. Utilize this method to maintain traffic, stimulate demand, or make room for new merchandise.
Pricing Strategies
![Page 35: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/35.jpg)
Promotion
![Page 36: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/36.jpg)
Passion
Cause Marketing &
Corporate Social Responsibility
![Page 37: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/37.jpg)
H&M recently created a beach-themed pop-up shop where 25 percent of all sales proceeds go to support WaterAid. The company placed the shop on the seashore of Scheveningen, a popular seaside resort in The Hague.
![Page 38: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/38.jpg)
Together with the World Wildlife Federation, on June 23 Coca-Cola unveiled a billboard in the Philippines
The living billboard in Manila is made of thousands of Fukien tea plants surrounding the iconic curvy shape of a silver Coke bottle.
The project with the CO2-eating plants was created in conjunction with Coca-Cola Philippines’ Live Positively sustainability program.
![Page 39: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/39.jpg)
On a digital billboard owned by Clear Channel in Times Square (which donated the use of the screen), a message flashed asking passersby to observe a moment of stillness as a way to let the Japanese people know that they are not forgotten.
The goal is to reach one million minutes of stillness. No money is being solicited.
![Page 40: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/40.jpg)
Unicef Tap Project: Dirty water “When You Take Water, Give Water.”
In 2007, the UNICEF Tap Project was born in New York City based on a simple concept: restaurants would ask their patrons to donate $1 or more for the tap water they usually enjoy for free, and all funds raised would support UNICEF’s efforts to bring clean and accessible water to millions of children around the world.
![Page 41: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/41.jpg)
Odwalla’s Haiti Hope Campaign was an attempt by The Coca-Cola Company to raise money for the victims of the earthquake in Haiti.
![Page 42: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/42.jpg)
Aldo Shoes’ risky AIDS awareness campaign helped boost its market share of young consumers in key markets globally.
![Page 43: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/43.jpg)
In times of disaster people turn to the most basic of human needs—and one of those is clean clothes. The Tide Loads of Hope program provides relief by means of a mobile laundromat. One truck and a fleet of vans house over 32 energy-efficient washers and dryers that are capable of cleaning over 300 loads of laundry every day.
![Page 44: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/44.jpg)
![Page 45: Presentation 2 of 4](https://reader035.vdocuments.mx/reader035/viewer/2022062523/587547b51a28abb8208b681f/html5/thumbnails/45.jpg)