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Essay / Best Psychographic Segmentation Tool Developed by...
A well-known and successful psychographic segmentation tool developed by SRI Consulting, is VALS (Values and Lifestyles) and its process divides adult American consumers into one of the eight profiles. based on their level of resources and one of the three main consumption motives: ideals (knowledge and principles), success (demonstrating success to others) or self-expression (social or physical activity, variety and risk taking). Organizations use VALS to understand the drivers of consumer behavior and help them tailor their products and marketing to those behaviors (Ferrell and Hartline, 2011). For the Mistine organization, we can see the type of consumer behaviors that the organization has historically targeted in its marketing strategy. They developed a product focused on the Asian women's market, seeking to provide a product that works with Asian skin tones and is marketed as high quality at a reasonable price. The VALS consumer profiles that would best align with Mistine's product development would be thinkers, achievers, experimenters, believers, strivers, creators and survivors. The profile of the innovators did not coincide with that of Mistine, because many people consider the product Mistine as a low-income product due to its low selling price, which for the innovators could imply poor quality, which don't attract them. can determine the following: Thinkers are individuals who are practical and seek value (Ferrell and Hartline, 2011). The Mistine brand offers a product suitable for the skin of Asian women at a reasonable price. This consumer needs a cosmetic brand but doesn't think they should pay for something where it is... middle of paper... a very useful tool for them. We can see that many of Mistine's products and marketing techniques fit several VALS profiles, but they are still limited to very small portions of these markets. By understanding and analyzing consumer purchasing habits through the use of VALS, they can begin to expand further into these markets and also reach consumers outside of 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, OC and 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