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Week 3 Discussion Board – Identify the Target Market

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Week 3 Discussion Board – Identify the Target Market

Week 3 Discussion Board – Identify the Target Market

 

Segmenting a target market based on psychographics

Of the six segments below, choose one that interests you, and find a company that you think uses it for determining their target market.  Describe the company to us.  What factors led you to choose this segment? 

Psychographics – how to describe a person in terms of all the important elements.  It refers to your values, your beliefs, your attitudes, your lifestyle and behaviors, personality, outlook on life, and what you consider important.  With all the variations possible, it would seem to be impossible to put enough people into a market segment to make a profit from it.  And yet it IS possible, and it is done every day. 

Here’s how: 

  1. Functional-driven segments– Apparel companies might choose to appeal to a function-driven segment.  That means a segment consisting of customers who need clothing that serves a certain function.  That function might be protection from the weather (warm coats, fibers that keep out the wind, waterproof fabrics in jackets or pants, waterproof shoes); or it might be comfortable shoes.  Can you think of other types of function-driven apparel?
  2. Lifestyle segments– Consumers can live a lifestyle that demands a certain type of clothing.  It might be workout clothing; sport-specific clothing; activity-specific clothing (yoga, climbing, surfing, skiing); weather-driven clothing (hot weather, wet weather, snowy weather, cold weather); clubbing and dancing clothing; formal dressing; corporate attire.  Maybe you are a perpetually busy person – did you know that a hectic lifestyle also will determine what you will buy and how you shop?  Here’s proof:  New Yorkers all seem to be busy, and consequently, we have many options that cater to busy people.  For example, delivery (fast, free, convenient) is a selling point; so is store location (Starbucks stores are everywhere, as are Chase bank branches, and CVS; and food is easily available as take-out, or prepackaged for a meal; and to help consumers make shopping decisions faster, every department store hires fashion stylists
  3. Personality-driven segments– Attitude can totally dictate the type of clothing a consumer wants to wear, in terms of style and shape, or types of colors and patterns.  Those who need business clothes or who don’t want to stand out will choose lower intensity colors and patterns and more classic styling; a more playful person looks for brighter colors and more fluid/flouncy/flirty looks; an avant-garde innovative or trend-setting person might be bored with all that and only wants something unstructured/inventive. 
  4. Quality-driven segments– We all have some attitude toward quality, whether we know it or not:  for example, we might demand high quality or prefer low-quality; we might have no sense of quality; perhaps we have a finely determined understanding of quality; or maybe we don’t consider it at all.  Whatever our attitude toward quality is, it still drives how we shop.  If we prefer low quality, we might be shopping for fast-fashion; or we are bargain hunters; or low-income shoppers.  If we prefer high quality, we might be in a high-income bracket; or we perceive the difference in quality in spite of the fact that we have a low income – we call that situation having champagne taste on a beer budget.  Either way, we might be the ones who save up our pennies to buy an expensive designer handbag.
  5. Experience-driven segments– More and more, market segments are making decisions based on what type of experience they will have.  This is a trend – how do you think it affects fashion?  For example, experience-based vacation activities are growing in popularity – safaris, visiting the Arctic, trekking in the jungle, or climbing Mt. Everest.  When we go to a restaurant for dinner, some of us look for good food, some of us just want to make sure it’s familiar food, some of us want to keep the price down, but then there are those who go because they value the experience of being there.    
  6. Principles-driven segments– another way customers are making decisions today is through their principles.  For example, environmentally conscious customers want to take better care of the earth and the environment, and they will choose products and brands that have the same goal.

 

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