The choosing appropriate target market is energetic to a firm’s approval and usage of the marketing idea values. Recognizing the right target market is the crucial to the execution of an effective marketing approach, whereas failure to identify can result to low sales, high costs as well as severe financial harms (Pride & Ferrell, 2010). A serious target market scrutiny places a firm is a healthier position to both serve client’s needs as well as realize its goals and objectives. Market segmentation is a vital element of marketing in developed nations. It’s the process of dividing an overall market which has potential customers into subdivisions of consumers i.e. segments that show some interactive features (Wedel & Kamakura, 2000). There various ways of identifying as well as describing target markets. Among the ideas include two standard tools used by the marketers: PRIZM and VALS. The term VALS stands for values, attitudes, and lifestyle. VALS are utilized in dividing consumers into eight distinct segments. These sections include Thinkers, Achievers, Believers, Strivers, Makers, Innovators, Experiencers, and Survivors. On the other hand, there exist a favorite tool of segmentation known as PRIZM which was invented by Nielson-Claritas. PRIZM chains demographics, consumer activities, as well as geographical data to aid in marketers recognize, know and mark their potential customers. The tools classify the United States family into sixty-six demographically as well as psychologically different divisions. The requirement of the paper was to conduct self-analysis using VALS. After doing the analysis, the results indicated that I was more likely to be the innovator consumer group while my secondary type was Experiencer.
... middle of paper ...
... goods and services which will suit my description. Some of the areas they should concentrate on including the technology among other interests and activities. I like experiencing new things, and therefore, the marketers should come up with new products and services as a way of impressing me. Also, new should come up with services which will challenge me since I take pleasure in solving problems as well as courage in carrying out new experiments.
The tools can help one in creating a marketing plan project by identifying and understanding the target market. The knowledge relating consumer tastes and preferences will assist in coming up with a fruitful marketing plan aiming at satisfying their needs. A marketing plan should aim at solving target users’ problems by providing a viable solution hence attracting more customers which in turn will help the firm make profits.
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