Description
Market Segmentation Decisions
Introduction: Connecting with the best target market segments is a constant marketing challenge. Many companies understand how to use the marketing mix, American Express™, AT&T™, IBM™, Apple™, Southwest Airlines™ are a few examples. VALS™ is a well-known psychographic classification system. VALS is a tool used to explain the relationship between personality traits and consumer behavior. VALS uses psychology to analyze the dynamics underlying consumer preferences and choices.
To-Do:
- Review Table 9.1 in the Kotler and Keller text: Major Segmentation Variables for Consumer Markets.
- Go to the Strategic Business Insights website and take the VALS survey. Retrieved from http://www.strategicbusinessinsights.com
- Discuss the following questions with your colleagues in the Discussion area below.
- How does knowing the customer drive business success?
- How would you evaluate VALS as a method of market segmentation? Share your own VALS survey results and if you thought the outcome accurate.
- What types of products do you think would be most helped by VALS?
- Could VALS be used to market globally? Include a relevant quote from your Kotler and Keller textbook.
Explanation & Answer
Attached.
Running Head: MARKET SEGMENTATION DECISIONS
Market Segmentation Decisions
Institution Affiliation
Date
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MARKET SEGMENTATION DECISIONS
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How does knowing the customer drive business success?
Knowing the customer helps in driving the business success since the company is able
to identify a segment of the market it can be able to serve efficiently. Knowing the customer
also makes it possible for the company to know which products or services are best suited for
a particular segment of the market and what is the best marketing method to use for a
particular segment. The company will also be in a better position when coming up with a
marketing campaign that will be effective for that segment based on the knowl...