Marketing Management 3(2+1)

Lesson 08 : Marketing Process

International Values and Lifestyles System (VALS) describe lifestyle groups:

1. Actualizers: Sophisticated and active people -prefer upscale, niche-oriented products.
2. Fulfilleds:Mature and comfortable - prefer durability and functionality in products.
3. Achievers: Career-oriented - prefer prestige products.
4. Experiencers:Enthusiastic, impulsive -spend on clothing, fast food, movies
5. Believers:Conservative -favor familiar products and established brands.
6. Strivers:Approval-seeking consumers - copy the expensive brands bought by wealthier
7. Makers: Practical and family-oriented - prefer products with functional purpose.
8. Strugglers: Elderly, passive & resource-constrained consumers - loyal to favorite brands.

Consumers under these categories are further classified based on their income, educational level, health etc as people with abundant resources and minimal resources.

According to British lifestyles, consumers can be classified as:

• Avant-Gardians: People interested in change so they are the ones who would try out any new product in the market.
• Pontificators are the traditionalists who do not invite much change in their life styles
• Chameleons are the people who follow the crowd
• Sleepwalkers are underachievers

Segmenting consumers based on life styles has proven to be valuable in marketing situation for product strategy and positioning.

• Personality of a person
  • Personality of a person is generally described in terms of - self-confidence, dominance, sociability, adaptability, etc. It influences the buying behaviour as the psychological characteristic of the personality has a very consistent response to environmental forces. Ex: KFC has created an environment where people can choose products, sit, eat and enjoy the food – an environment with high sociability.
  • Strong relationships between certain personality traits and brand choices also exist.
  • It was found that a number of well known brands are strongly associated with a particular trait. Pepe jeans, Raymonds etc. Anything under the brand name is welcomed by consumers.
  • Groups that value brands- Jeans for example are known for their ruggedness. Adolescents often associate it as ‘wear, wear, wear and wash’ product. People with such a trait are more attracted to such products.
• Self-concept (or self-image) is related to personality and the marketer should consider some of the following types of self-concept.
  • Actual self-concept (how a customer views herself/himself)
  • Ideal self-concept (how a customer would like to view herself/himself)
  • Others-self-concept (how a company thinks others see her/him)