Target Market Segmentation- Assignment Purpose: To examine and evaluate some sec

Question

Target Market Segmentation- Assignment

Purpose: To examine and evaluate some secondary data sources used by marketing professionals to better understand target market segmentation and evaluation.

Instructions: For this assignment, I’d like you to explore three different websites:

For the first one, complete the survey for VALS (lifestyle segments) that is mentioned in your text (page 194) to determine which of the 8 groups you fall into. This is a very popular tool used to get into the “heads” of customers to provide psychographic data. You will find the survey at www.strategicbusinessinsights.com/vals/presurvey.shtml

After you have completed it, an explanation of the 8 types is at www.strategicbusinessinsights.com/vals/ustypes.shtml

Explore the unbelievable amount of demographic data available by going to www.census.gov

Using the zip code where you live or an area of the country, you’re interested in, look through several sections of data available on the site.

For the area where you live (zip code)**43147**, find the major lifestyle groups according to www.mybestsegments.com

After you have visited these websites, go to the Discussion Board for your group and address the following:

Although you do not have to tell us which of the VALS group or “best segments” groups you fit into according to the surveys unless you want to, what insights did you gain into your own consumer decision-making and “brand” loyalties. In general, do they fit with your VALS “group” or not? Give a specific example of a brand to which you are loyal and explain whether or not it seems to correlate with your VALS group designation. It would be preferable to describe shopping or specialty product purchases here (moderately or high priced for which you use limited and/or extended problem solving) not convenience products.

The census.gov site provides demographic data whereas mybestsegments provides both demographic and psychographic data (related to lifestyle).What interesting facts/data did you find on both of these sites that you feel would be of general help to marketing research and/or someone considering starting a new business in your geographic area? Do any businesses come to mind that should do well based on what you learned?

Explanation / Answer

VALS group criteria suggest the group where i think i have an inclination .Decision making about a brand is very much depend upon the psychology with which we look around the things .In my case, i have observed that i have more inclination toward trying something new which has never be seen type thus connecting me to the segment where VALS defined my behaviour.

When i had a look about the same stuff in my locality .i found that there is few percentage of people who thinks like me and have similar psychology

I have been loyal to Apple product since most of my electronic products belong to Apple which they normally sell. My attraction towards Apple is because of the reason that it always come up with new stuff and in most exciting packages.After taking that survey and understanding about thr group where i belong ,i think that the survey came up with good results as i related very much to the behavior which VALS speaks about the group where i belong.

The most interesting fact about the sites is that it tells about the psychology of the people of that area and their normal approach towards the type of products that are available in market which helps to a person about the kind of products that should be introduced as a business and also helps about how to market it so that we can target the right consumer for right product.

Starting of a mid- budgeted restaurant specialized in some specific cuisine can be a good business prospect.

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.