A well known and successful tool of psychographic segmentation developed by SRI Consulting, is VALS (values and life-styles) and its process divides adult U.S. consumers into one of eight profiles based on their level of resources and one of three primary consumption motives: ideals (knowledge and principles), achievement (demonstrating success to others), or self-expression (social or physical activity, variety, and risk taking). Organizations use VALS to understand the drivers behind consumer behavior and help them gear their products and marketing to align with those behaviors (Ferrell & Hartline, 2011). For the Mistine organization we can see the type of consumer behaviors that the organization has historically targeted in their marketing strategy. They developed a product that was focused on the Asian women’s market, looking to provide a product that worked with Asian skin tones and was marketed as high quality at a reasonable price. The VALS consumer profiles that would best coincide with Mistine’s product development would be the thinkers, achievers, experiencers, believers, strivers, makers, and survivors. The innovators profile did not coincided with Mistine because many individuals look at the Mistine product as a lower income product because of the low selling price, which to the Innovators could imply low quality, something that they are not attracted to.
Looking at each profile we can determine the following:
The thinkers are individuals that are practical and look for value (Ferrell & Hartline, 2011). The Mistine brand provides a product geared for Asian women’s skin at a reasonable price. This consumer has the need for a cosmetic brand but does not feel they should be paying for something where they are ...
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...e a very useful tool to them. We can see that many of Mistine’s product and marketing techniques fit multiple profiles of the VALS, but they are still limiting themselves to very small portions of those markets. By understanding and analyzing consumer buying habits with the use of VALS, they can begin to expand further into those markets and also reach consumers outside their current marketing. The more marketers know about their target consumers, the better they can design products and services and develop marketing strategies and communications that will appeal to the target (Strategic Business Insights, 2010).
Resources:
Ferrell, O.C. & Hartline, M. (2011). Marketing Strategy, (5th ed.). South-Western/Cengage Learning.
Strategic Business Insights, (2010). Retrieved October 18, 2014, from http://www.strategicbusinessinsights.com/vals/free/2010-08-VALSfaq.pdf
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in this segment are often brand conscious and enjoy the latest fads and trends. They...
After studying the cosmetic market we can identify a series of needs in this market:
Every company wants to understand why people decide to buy its products or others. Firstly, we have to understand why people buy certain kind of product. People buy products because they need them. A need is activated and felt when there is a sufficient discrepancy between a desired or preferred state of being and the actual state. (Engle£¬Blackwell and Miniard. 1995. p407 ) For example, when you feel hungry, what you needs is some food. It is very important for marketer to understand the needs of consumers. All the consumers may have the same needs, but the ways which they satisfy what they need are different. Here is a example, Chinese people would choose rice when they feel hungry, whilst British people may choose bread to satisfy their needs.
Conclusion Companies are better able to market their products to consumers if they have a good Understanding of the consumers and the basic purchase decision process. By understanding the consumer and the type of purchasing behavior associated with different products, marketers are more likely to create a marketing campaign that positively impacts the consumer’s purchasing decision.
Volterman’s product is unable to meet the need of people from all age group so they need to use market segmentation to meet the customer requirement with the common needs and characteristics. (3) Volterman organization are able to determine exactly who is their targeted market such as