07 May Segmenting Business Markets-matos
When I was a teenager, I lived in a suburban area just 20 minutes away from Center City, Philadelphia. The clusters that were listed were as follows: city roots, urban achievers, low-rise living, urban modern mix, and aspiring A-listers. I would like to think that the cluster was accurate based on people my perception of the people I associated with and observations on those in the area. I can actually relate to all of them, except for the low-rise living and urban achievers. I never lived in a low rise, my parents are married and middle aged and their highest education was high school, not strong supporters of community, and they obviously have a kid. I can relate to the upscale younger family, because my family were considered middle class mainly white-collar workers that owned their home for years, we lived in a diverse neighborhood, and our vacations were always to Central America. When I lived in the area, I would have considered myself to be more of a urban modern mix and aspiring A-lister, because I was single, close to the city, spent a lot of time on shopping in-store and online, dining out, average use of technology, and I was/am all about convenience. If I lived there now, I would have been more active in the community. Companies can use this data to profile their customers in a manner that is measurable and organized. The geodemographic data can be used to develop strategies based on social-cultural and economic standpoint. For example, a restaurant marketing team would appeal to the urban modern mix and A-lister by emphasizing that it is conveniently located in a central location and promote it in shopping areas near-by. This general resource that we had access to allowed me to develop a small marketing plan to get to a certain demographic or target population. Therefore, companies that have access to more data from this sort of resource could develop more intricate plan to appeal to a specific target group.
Part 2-VALS Type
The VALS report gave an accurate description of my personality. It states that I am primarily an innovator, and an experiencer as a secondary. The innovator is said to have a combination of ideals, achievement, and self-expression for motivators for consumerism. According to the Strategic Business Insight, innovators typically like to store information, like to experiment, make high financial transactions, skeptical about advertising, have international exposure, future oriented, self-directed consumers, believe in science as being credible, open to new ideas and technologies, enjoy problem solving, and have a wide variety of interests and activities. These are true to me because I seek out new information and ideas on a normal basis, I do spend a lot on of money on things that will improve myself or my situation based on comfortability, necessity, and ideals, I do my research on products before I purchase them to make sure they are good for myself and the environment, I am traveling overseas working on future ventures, I have a strong background in science and medicine, and I have multiple recreational and professional interest.
On the other hand, experiences tend to have high resources and have self-expression as a motivator for consumerism. According to the Strategic Business Insight, experiencers tend to want everything, first in and out of trends, go against current mainstream, up on the latest fashion, love physical activities, seen as sociable, believe that friends are important, spontaneous, and are high send of visual stimulation. I do tend to want the best quality products that meet my needs and desires, I follow my own trend that is aligned with my ideals and style, I love thrill seeking activities, I enjoy expanding my network, I value friendships, I am stimulated by visuals that intrigue me (I.e., pictures of exotic locations on Instagram), and I am very spontaneous, yet calculated in my decisions; hence, as long as they align with my interest, desires, and future I will go along with whatever spontaneous plan as long as there are securities.
Companies can tailor their product or service to appeal to their customers to increase sales. If you used me, for example, based on the VALS report…a marketing team would base their advertisement on impressive visually stimulating video (experiencer) on an innovative product that has been proven to work (innovator).
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