Detailed description of VALS model with description and illustrative examples for each segment. VALS,Innovators,Thinkers,Believers,Achievers,Strivers,Experiencers,Makers,Survivors
L’Oreal’s methods have brought it profitable results so far, we believe a shift in focus of the segmentation to age and gender can be considered to prolong its success. Although L’Oreal has always practiced differentiated marketing strategy to target several market segments, we think there is a segmentwhich has been largely neglected: If tapped, L’Oreal could see massive profits and success in India. In thiscase we believe L’Oreal should target the Men.
L’Oreal’s methods have brought it profitable results so far, we believe a shift in focus of the segmentation to age and gender can be considered to prolong its success. Although L’Oreal has always practiced differentiated marketing strategy to target several market segments, we think there is a segmentwhich has been largely neglected: If tapped, L’Oreal could see massive profits and success in India. In thiscase we believe L’Oreal should target the Men.
A complete information is given starting from the meaning of personality to its theories to its relation to marketing.
How consumers' personality affect in their buying habit and everything related is explained.
Role of Opinion leaders in consumer behaviour Vijyata Singh
Opinion Leadership is the process by which one person (opinion leader) informally influences the actions or attitudes of others, who may be opinion seekers or merely opinion recipients
Consumer Attitude Formation and change
Attitude
What Are Attitudes?
Structural Models of Attitudes
Tricomponent Attitude Model
Multiattribute Attitude Models
A Simplified Version of the Theory of Reasoned Action
Theory of Trying to Consume
Attitude-Toward-the-Ad Model
Changing the Basic Motivational Function
Elaboration Likelihood Model (ELM)
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The role culture plays in building a sound brand strategy is more important than ever. Think beyond demo and psychographic insights. While those elements still play an important role, savvy brand builders are layering in the measurable impact consumer’s culture has on what brands they support.
A complete information is given starting from the meaning of personality to its theories to its relation to marketing.
How consumers' personality affect in their buying habit and everything related is explained.
Role of Opinion leaders in consumer behaviour Vijyata Singh
Opinion Leadership is the process by which one person (opinion leader) informally influences the actions or attitudes of others, who may be opinion seekers or merely opinion recipients
Consumer Attitude Formation and change
Attitude
What Are Attitudes?
Structural Models of Attitudes
Tricomponent Attitude Model
Multiattribute Attitude Models
A Simplified Version of the Theory of Reasoned Action
Theory of Trying to Consume
Attitude-Toward-the-Ad Model
Changing the Basic Motivational Function
Elaboration Likelihood Model (ELM)
Influence of culture on consumer behavior by jayshah316Jay Shah
The role culture plays in building a sound brand strategy is more important than ever. Think beyond demo and psychographic insights. While those elements still play an important role, savvy brand builders are layering in the measurable impact consumer’s culture has on what brands they support.
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Disclaimer: Lot of material is taken up from Internet. I was not able to give acknowledgment as i lost the track of sources. In case any copyright material used please let me know. Thank You
An idea collected from different sources in internet and hush-puppies website for creation of a creative brief which helps in product promotion and advertisement....
Competitive Strategies
Strategies that strongly position the company against competitor and give the company strongest possible strategic advantage.
Competitive Strategies helps in:
Building profitable customer relationships
Gaining competitive advantage
Analyzing their competitors
No company can follow only one strategy.
For example, Johnson & Johnson uses one marketing strategy for its common product such as BAND-AID & Johnson’s baby products; and different marketing strategy for its High Tech healthcare products such as Vicryl Plus, antibacterial surgical sutures or NeuFlex finger joint implants.
Threat of New Entrants
Profitability in the Industry attracts new players
Existence of large consumer base
Government policies on entry of global firms
Existing and potential incentives for the Industry
Role of technology and Innovations
Bargaining Power of Suppliers
Powerful suppliers – Concentrated, significant switching costs and produce highly customized products.
Examples (Rolls Royce, GE, etc. for the aircrafts)
Weak Suppliers – Many competitive suppliers (Ancillary goods)
Examples: Automobiles, crops, textile
Bargaining Power of Buyers
Two situations can be visualized
Powerful buyers – Products are standardized, buy significant proportion
Examples: Indian Railways (electrical fans, catering), AMUL
Weak Buyers – Fragmented, significant buyer switching costs
Examples: Small Scale Industries
Threat of Substitutes
Availability of close substitutes
Prices of substitutes
Threat for new substitutes
Examples: TV, DTH; Bottles and cans
Barriers to Entry and Exit
Its related to threats of substitutes
Easy to enter – common technology, low branding, low scale of operations, access to distribution channels
Difficult to enter – High brand pull, technology is patented and restricted distribution channels
Easy to exit – assets are saleable, low exit costs, independent business
Difficult to exit – high exit costs (insurance, infrastructure like power), specialized assets and inter-related business
Intra-Industry Rivalry
Top 10 firms in different decades
Some firms vanish from the Industry
Intense price-wars
Examples: Mobile tariff reductions, Air fares
BCG Matrix
Portfolio planning model-Strategic Business Units based on market growth and market share
Dogs – low market share and low growth rate
Question Marks – growing rapidly but low market share-problem child
Stars – high growth rates, consume large cash
Cash Cows – generate more cash than they consume
VALS Framework
Innovators-sophisticated, high self esteem, upscale and image is important
Thinkers- conservative, practical, income allows many choices, look for value
Achievers- Goal oriented lifestyle, image is very important
Experiences- Like “cool stuff”, like excitement and variety spend high proportion of income on fashion
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
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To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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2. Model of Buyer Behavior
Marketing and Buyer’s Black Box Buyer Responses
Other Stimuli
Marketing Buyer Characteristics Product Choice
Product Buyer Decision Process Brand Choice
Price Dealer Choice
Place
Promotion
Other Purchase Timing
Economic Purchase Amount
Technological
Political
Cultural
3. Values, Attitudes and
Life-Styles (VALS)
Innovators
Innovators High Innovation
High Resources
Thinkers
Thinkers Achievers
Achievers Experiencers
Experiencers
Believers
Believers Strivers
Strivers Makers
Makers
Survivors
Survivors
Low Resources Low Innovation
4. The main dimensions of the VALS
framework are:
Primary motivation (the horizontal dimension)
Resources (the vertical dimension).
The vertical dimension segments people based on the
degree to which they are innovative and have resources
such as income, education, self-confidence, intelligence,
leadership skills, and energy.
7. Innovators
Innovators are successful, sophisticated, take-charge
people with high self-esteem. Because they have such
abundant resources, they exhibit all three primary
motivations in varying degrees.
They are change leaders and are the most receptive to new
ideas and technologies. Innovators are very active
consumers, and their purchases reflect cultivated tastes for
upscale, niche products and services.
Image is important to Innovators, not as evidence of status
or power but as an expression of their taste, independence,
and personality.
Their lives are characterized by variety. Their possessions
and recreation reflect a cultivated taste for the finer things in
life.
9. Thinkers
• These consumers are the high-resource group of
those who are motivated by ideals. They are mature,
responsible, well-educated professionals.
• Their leisure activities center on their homes, but they
are well informed about what goes on in the world and
are open to new ideas and social change.
• They have high incomes but are practical consumers
and rational decision makers.
10. • Thinkers are motivated by ideals. They are mature,
satisfied, comfortable, and reflective people who
value order, knowledge, and responsibility.
• They tend to be well educated and actively seek out
information in the decision-making process. They
are well informed about world and national events
and are alert to opportunities to broaden their
knowledge.
• They have a moderate respect for the status-quo
institutions of authority and social decorum, but are
open to consider new ideas. Although their incomes
allow them many choices, Thinkers are
conservative, practical consumers; they look for
durability and functionality.
12. Believers
Like Thinkers, Believers are motivated by ideals.
•They are conservative, conventional people with
concrete beliefs based on traditional, established codes:
family, religion, community and the nation.
•They follow established routines, organized in large part
around home, family, community and social or religious
organizations to which they belong.
•As consumers, Believers are predictable; they choose
familiar products and established brands. They favor
American products and are generally loyal customers.
14. Achievers
• Motivated by the desire for achievement,
Achievers have goal-oriented lifestyles and a deep
commitment to career and family.
• Their social lives reflect this focus and are
structured around family, their place of worship
and work.
• Achievers live conventional lives, are politically
conservative and respect authority and the status
quo.
• They value consensus, predictability and stability
over risk, intimacy and self-discovery.
16. Strivers
Strivers are trendy and fun loving. Because they are motivated
by achievement, Strivers are concerned about the opinions
and approval of others. Money defines success for Strivers,
who don't have enough of it to meet their desires.
Narrow interests
Easily bored
Somewhat isolated
Look to peer group for motivation and approval
Unconcerned about health and nutrition
Politically apathetic
Image conscious
Spend on clothing and personal care products
Prefer TV to Reading
18. Experiencers
Experiencers are motivated by self-expression. Young,
enthusiastic and impulsive consumers. Experiencers
quickly become enthusiastic about new possibilities but
are equally quick to cool down.
Like the new, offbeat and risky
Like exercise, socializing, sports and outdoors
Concerned about image
Un-conforming, but admire wealth, power and fame
Politically apathetic
Follow fashion and fads
Spend much of disposable income on socializing
Buys on impulse
Attend to advertising
Listens to Rock Music
20. Makers
Like Experiencers, Makers are motivated by self-
expression.
They express themselves and experience the world
by working on it—building a house, raising children,
fixing a car, or canning vegetables—and have
enough skill and energy to carry out their projects
successfully.
Makers are practical people who have constructive
skills and value self-sufficiency. They live within a
traditional context of family, practical work and
physical recreation and have little interest in what
lies outside that context.
Makers are suspicious of new ideas and large
institutions such as big businesses.
21. Makers (contd.)
They are respectful of government authority and organized
labor but resentful of government intrusion on individual
rights. They are unimpressed by material possessions other
than those with a practical or functional purpose. Because
they prefer value to luxury, they buy basic products.
22. Maker Buys
Comfortable Chair , Cushion
Air Coolers
Basic Shirts ( Non luxury)
Filmfare Magazine
Budweiser Beer
NASCAR
23. Survivors
Limited interests and activities
Prime concerns are safety and security
Burdened with health problems
Conservative and traditional
Rely on organized religion
Brand loyal
Use coupons and look out for sales
Trust advertising
Watch TV often
Read tabloids and women's magazines
24. Survivors (Contd)
VERY LOW ON Ideals/Achievement/Self-Expression
VERY LOW on resources and innovation
Survivors live narrowly focused lives. With few resources
with which to cope, they often believe that the world is
changing too quickly. They are comfortable with the
familiar and are primarily concerned with safety and
security.
26. Remember VALS
People buy products, services and seek experiences that
fulfill their characteristic preferences and give shape,
substance and satisfaction to their lives.
•VALS Evolved to explain the relationship between
psychology and consumer behavior
•VALS measures the person's ability to express
himself/herself in the market place
•VALS uses proprietary psychometric techniques to
measure concepts that researchers have proved empirically
to correlate with consumer behavior.