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Consumer Behaviour

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With today’s ever increasing product standardization, it gets harder and harder for companies to create unique products that are essentially different from the competition’s products. In this case, the difference only lies on how the company markets their products and the psychological differences the consumer associates with their product compared to the rest. (Evans, Jamal, and Foxall, 2009) The VALS typology is a psychographic means of segmenting the whole consumer populace in to different classes based on AIOD – Activities, Interests, Opinions and Demographics, the factors that for this model shapes how the consumers choose to spend.Being a psychographic consumer segmentation system, it classifies the consumers into 8 basic lifestyle groups on the basis of resources and self-orientation which is the determinants of how the consumer may be able to see the product when it is marketed (Businessdictionary.The resources that are taken into consideration in creating the different lifestyle classes include but are not limited to education, income, intelligence, health, energy level and eagerness to purchase resources that in general, increase from youth to middle age then decrease afterwards (Values and Lifestyles, 2013).divided into 3 parts: (1) Principle Oriented: keeping a permanent value system, (2) Status Oriented: influenced by other’s perception of one’s self, and (3) Action Oriented: the propensity to lean towards action, adventure, and diversity.Identification of customer values, a more streamlined New Product Development (PND) strategy, and a more economic market targeting that does not compromise on brand value, an easier marketing strategy formulation and longer customer retention.LOV is also a segmentation system like VALS but instead of differentiating the consumers in terms of resources and self-orientation, it views the consumer as a deciding entity that chooses products based on certain dominant personality traits derived from a questionnaire that quantifies 8 pre-determined values: Self-respect, Security, Warm relationship with others, sense of accomplishment, self-fulfilment, Being well respected, sense of belonging, and fun-enjoyment-excitement. According to a person’s score on the questionnaire, the market researcher can somehow know how a particular consumer would react if a product is marketed to him in a certain way. LOV can also be
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preview essay on Consumer Behaviour
  • Pages: 7 (1750 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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