Segmenting Business Markets AMETHYST

07 May Segmenting Business Markets AMETHYST

Part 2

Part two deals with the psychographic segmentation aspect. According to our text, this is the science of using psychology and demographics to better understand consumers. In psychographic segmentation, buyers are divided into groups on the basis of psychological/personality traits, lifestyle, or values. People within the same demographic group can exhibit very different psychographic profiles (Kolter & Keller, 2016, p. 246).

Report on your primary and secondary VALS segment profile (provide the description, not just the segment name).

Primary: Achievers.

As a consumer group, Achievers have high resources and an Achievement motivation.

Members of this group typically:

· Have a “me first, my family first” attitude *

· Believe money is the source of authority **

· Are committed to family and job *

· Are fully scheduled *

· Are goal oriented *

· Are hardworking *

· Are moderate

· Act as anchors of the status quo

· Are peer conscious *

· Are private

· Are professional *

· Value technology that provides a productivity boost. **

Secondary: Innovators

As a consumer group, Innovators exhibit all three primary motivations in varying degrees.

· Are always taking in information (antennas up) **

· Are confident enough to experiment *

· Make the highest number of financial transactions **

· Are skeptical about advertising **

· Have international exposure *

· Are future oriented *

· Are self-directed consumers

· Believe science and R&D are credible

· Are most receptive to new ideas and technologies *

· Enjoy the challenge of problem solving

· Have the widest variety of interests and activities. **

Do you think the results of the survey accurately describe you? Why or why not?

I think I have a nice blend of attributes from both the primary and secondary VALS segment profiles. I placed asterisk next to the ones I think accurately describe me. One * for those that somewhat relate and two ** for those that very much relate.

From a practical standpoint, how might a company use VALS?

I can see a company utilize this survey if they want to target a specific type of person. Especially those who fall into the high resources/high innovation category as they are more inclined to spend in my opinion. For example, I fell into the achievers category and according to our text, those motivated by achievement look for products and services that demonstrate success to their peers (Kolter & Keller, 2016, p. 258).  I can somewhat see that in regards to our spending habits and want for a nice house and nice things. In my opinion though, I think the Claritas geographic segmentation tool is a better fit for a company looking to see if it fits in a specific area as this tool doesn’t really capture actual consumer behavior. Was still cool to see where I fit though.

Reference

Kotler, P. & Keller, K. (2016). Marketing Management 15th edition. Pearson. [Upper Saddle River, NJ] 2-121.