Psychographic Segmentation Variables: Psychographic Segmentation Variables Personality – a person’s traits, attitudes and habits. Motives – such as emotional motives or rational motives. Lifestyles – the way people spend their time, their beliefs, and socioeconomic characteristics. Geodemographics – which groups people into neighborhood lifestyle categories June 13, 2011 Michelle Vlasoff BA 260_501 2 * Information in this slide written by Lamb, Hair and McDaniel 122
Psychographic Segmentation vs. Demographic Segmentation: Psychographic Segmentation vs. Demographic Segmentation June 13, 2011 Michelle Vlasoff BA 260_501 3 Do not mistake demographic s egmentation for psychographic s egmentation. There are distinct differences.
Psychographic Segmentation vs. Demographic Segmentation: Psychographic Segmentation vs. Demographic Segmentation Demographic Segmentation Age Gender Ethnicity Psychographic Segmentation Interests Activities Opinions June 13, 2011 Michelle Vlasoff BA 260_501 4
Advantages of Psychographic Segmentation: Advantages of Psychographic Segmentation Increased brand value of the company in the eyes of the customer. Greater usefulness of the product for the customer. Better inputs for the design of new products that the customer will like. Lesser amount of 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 a higher amount of customer retention. June 13, 2011 Michelle Vlasoff BA 260_501 5 * Information in this slide written by Thadani and retrieved from buzzle.com
Psychographic Segmentation Recap: Psychographic Segmentation Recap Considers variables such as interests, activities, opinions, and behavioral patterns. Often used in conjunction with, but should not be mistaken for, demographic segmentation. Can provide significant benefits for both the company and the consumer through defined desired products and product characteristics. June 13, 2011 Michelle Vlasoff BA 260_501 6
Works Cited: Works Cited Lamb, Charles W, Hair, Joseph F and Carl McDaniel. MKTG4 . Mason: South-Western, 2011. Thadani, Rahul. “Psychographic Segmentation”. Buzzle.com. n.d. 10 June 2011. <http://www.buzzle.com/articles/psychographic-segmentation.html> June 13, 2011 Michelle Vlasoff BA 260_501 7