A well known and successful tool of psychographic segmentation developed by SRI Consulting, is VALS (values and life-styles) and its process divides adult U.S. consumers into one of eight profiles based on their level of resources and one of three primary consumption motives: ideals (knowledge and principles), achievement (demonstrating success to others), or self-expression (social or physical activity, variety, and risk taking). Organizations use VALS to understand the drivers behind consumer behavior and help them gear their products and marketing to align with those behaviors (Ferrell & Hartline, 2011). For the Mistine organization we can see the type of consumer behaviors that the organization has historically targeted in their marketing strategy. They developed a product that was focused on the Asian women’s market, looking to provide a product that worked with Asian skin tones and was marketed as high quality at a reasonable price. The VALS consumer profiles that would best coincide with Mistine’s product development would be the thinkers, achievers, experiencers, believers, strivers, makers, and survivors. The innovators profile did not coincided with Mistine because many individuals look at the Mistine product as a lower income product because of the low selling price, which to the Innovators could imply low quality, something that they are not attracted to.
Looking at each profile we can determine the following:
The thinkers are individuals that are practical and look for value (Ferrell & Hartline, 2011). The Mistine brand provides a product geared for Asian women’s skin at a reasonable price. This consumer has the need for a cosmetic brand but does not feel they should be paying for something where they are ...
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...e a very useful tool to them. We can see that many of Mistine’s product and marketing techniques fit multiple profiles of the VALS, but they are still limiting themselves to very small portions of those markets. By understanding and analyzing consumer buying habits with the use of VALS, they can begin to expand further into those markets and also reach consumers outside their current marketing. The more marketers know about their target consumers, the better they can design products and services and develop marketing strategies and communications that will appeal to the target (Strategic Business Insights, 2010).
Resources:
Ferrell, O.C. & Hartline, M. (2011). Marketing Strategy, (5th ed.). South-Western/Cengage Learning.
Strategic Business Insights, (2010). Retrieved October 18, 2014, from http://www.strategicbusinessinsights.com/vals/free/2010-08-VALSfaq.pdf
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in this segment are often brand conscious and enjoy the latest fads and trends. They...