Consumer Values And Lifestyles 371t5x
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CONSUMER VALUES AND LIFESTYLES
1
Values are believed to provide the motivation for buying. Tend to be abstract so their impact on consumer behaviour is quite indirect. The way in which consumers use product and services in a certain area to attain their values is called consumer lifestyle. Marketing point of view:- Different types of consumers have to be addressed in different ways. Lifestyle is thus a useful tool for segmentation.
2
CONSUMER VALUES
3
VALUES
Values: Shared
beliefs or cultural norms about what is important or right.
Cultural values directly influence how Consumers view and use individual products, brands, and services. 4
Examples of values include:
Honesty- Telling the truth and not trying to mislead others.
Integrity- Being a person who can be trusted and relied on by others.
Fair dealing- Not taking advantage of others or ripping people off.
Consideration of others. Respecting and having concern for the welfare and feeling of others.
5
FORMATION OF VALUES
Culture- Practices and traditions formed for survival and identity influence decisions Mass media- Movies, television, radio, the Internet and other mass media all contribute to what is acceptable and fashionable. Upbringing- Family and the conditions of one's childhood are the largest contributors to forming values. Parents teach children what is acceptable to do. Religion- The beliefs of a consumer influence their decision tremendously. Peer pressure- Conforming to the social expectations causes people to make certain choices. 6
MEASUREMENT
OF
VALUES
7
RVS-VALUE MEASUREMENT A study created by ROKEACH known as Rokeach Value Survey (RVS) measures two types of values from consumer’s point of view 1. Instrumental Values affecting code of conduct ambitious,broded,capable,cheerful,co urageous,forgving,helpful,honest,obedient,s elf-controlled
8
2.
Terminal values affecting end-state of existence – a comfortable life, an exciting life, a world at peace, a world of beauty, family security, equality, freedom, happiness, self-respect, social recognition.
9
TERMINAL VALUES
PRODUCT CLASS COICE CRITERIA
BELIEFS AND ATTITUDES ABOUT PRODUCT CLASS
PRODUCT CLASS SELECTION --------------------------BRAND SELECTION
INSTRUMENT AL VALUES
BRAND CHOICE
BELIEFS AND ATTITUTES ABOUT BRANDS
10
LIST OF VALUES TO ESTABLISH RELATIONSHIPS BETWEEN VALUES AND CONSUMPTION
11
1.
2. 3. 4.
5. 6. 7. 8.
Self respect Security Warm relations Accomplishment Self –fulfillment Well-respected Sense of belongingness Enjoyment 12
Researchers using both LOV and RVS have found that differences exist based on values held by consumers. For e.g People giving more importance to the value of self-fulfillment tend to search for activities(products) that serve to this value the most.
13
BUYING A CAR SOCIAL RECOGNITION- Brand, Color, Style, Accessories SECURITY – Centre locking, Theft alarms, Tracking systems. Self-fulfillment – Cost, comfort
14
VALS –VALUES AND LIFESTYLES
VALS is a marketing tool that segments the consumer marketplace on the basis of the personality traits that drive consumer behavior. VALS applies in all phases of the marketing process i.e 1.New-product development 2.Entry-stage targeting 3.Communications strategy 4. advertising. CAUSE PERSONALITY TRAITS EFFECT
MOTIVATE/TRIGGER
BUYER BEHAVIOR
15
The VALS System divides consumers into eight categories according to their consumer behavior, these categories are: 1. Innovators 2. Thinkers 3. Achievers 4. Experiencers 5. Believers 6. Strivers 7. Makers 8. Survivors 16
17
INNOVATORS
TRAITS- successful, sophisticated, high self-esteem, change leaders, most receptive to new ideas and technologies.
AS CONSUMERS- Active consumers, purchases reflect cultivated tastes for upscale, niche products and services.
PRODUCTS THEY BUY- Image is important to Innovators, as an expression of their taste, independence, and personality. Their lives are characterized by variety. 18
THINKERS
TRAITS- motivated by ideals, mature, satisfied, comfortable, and reflective people who value order, knowledge, and responsibility.
AS CONSUMERS- conservative, practical consumers; well educated and actively seek out information in the decisionmaking process, well informed.
PRODUCT THEY BUY- Open to consider new ideas, they look for durability, functionality, and value in the products they buy. 19
ACHIEVERS
TRAITS - Motivated by the desire for achievement, goaloriented, committed, focused .They value consensus, predictability, and stability over risk, intimacy, and selfdiscovery.
AS CONSUMERS - With many wants and needs, Achievers are active in the consumer market.
PRODUCTS THEY BUY - Image is important; favor established, prestige products and services that demonstrate success to their peers. 20
EXPERIENCERS
TRAITS- Young, enthusiastic consumers
AS CONSUMERS - Experiencers are avid consumers and spend a comparatively high proportion of their income on fashion, entertainment, and socializing.
PRODUCTS THEY BUY - seek variety and excitement, savoring the new, the offbeat, and the risky.
21
BELIEVERS
TRAITS - Motivated by ideals. They are conservative, conventional people with concrete beliefs based on established codes of community, and social or religious organizations to which they belong.
AS CONSUMERS – Predictable consumers; they choose familiar products and established brands.
PRODUCTS THEY BUY- They favor INDIAN products and are generally loyal customers.
22
STRIVERS
TRAITS - trendy and fun loving, concerned about the opinions and approval of others. Money defines success for Strivers, who don't have enough of it to meet their desires.
AS CONSUMERS - Active consumers because shopping is both a social activity and an opportunity to demonstrate to peers their ability to buy. They are as impulsive as their financial circumstance will allow.
PRODUCTS THEY BUY- Favor stylish products that emulate the purchases of people with greater material wealth.. 23
MAKERS
TRAITS- Makers are motivated by self-expression, express themselves, practical people who have constructive skills and value self-sufficiency
AS CONSUMERS - Makers are suspicious of new ideas and large institutions such as big business. They prefer value to luxury.
PRODUCTS THEY BUY- Unimpressed by material possessions other than those with a practical or functional purpose. 24
SURVIVORS
TRAITS- Live narrowly focused lives, believe that the world is dynamic. They are comfortable with the familiar and are primarily concerned with safety and security.
AS CONSUMERS- Survivors are cautious consumers. They represent a very modest market for most products and services
PRODUCTS THEY BUY - They are loyal to favorite brands, especially if they can purchase them at a discount.
25
1
Values are believed to provide the motivation for buying. Tend to be abstract so their impact on consumer behaviour is quite indirect. The way in which consumers use product and services in a certain area to attain their values is called consumer lifestyle. Marketing point of view:- Different types of consumers have to be addressed in different ways. Lifestyle is thus a useful tool for segmentation.
2
CONSUMER VALUES
3
VALUES
Values: Shared
beliefs or cultural norms about what is important or right.
Cultural values directly influence how Consumers view and use individual products, brands, and services. 4
Examples of values include:
Honesty- Telling the truth and not trying to mislead others.
Integrity- Being a person who can be trusted and relied on by others.
Fair dealing- Not taking advantage of others or ripping people off.
Consideration of others. Respecting and having concern for the welfare and feeling of others.
5
FORMATION OF VALUES
Culture- Practices and traditions formed for survival and identity influence decisions Mass media- Movies, television, radio, the Internet and other mass media all contribute to what is acceptable and fashionable. Upbringing- Family and the conditions of one's childhood are the largest contributors to forming values. Parents teach children what is acceptable to do. Religion- The beliefs of a consumer influence their decision tremendously. Peer pressure- Conforming to the social expectations causes people to make certain choices. 6
MEASUREMENT
OF
VALUES
7
RVS-VALUE MEASUREMENT A study created by ROKEACH known as Rokeach Value Survey (RVS) measures two types of values from consumer’s point of view 1. Instrumental Values affecting code of conduct ambitious,broded,capable,cheerful,co urageous,forgving,helpful,honest,obedient,s elf-controlled
8
2.
Terminal values affecting end-state of existence – a comfortable life, an exciting life, a world at peace, a world of beauty, family security, equality, freedom, happiness, self-respect, social recognition.
9
TERMINAL VALUES
PRODUCT CLASS COICE CRITERIA
BELIEFS AND ATTITUDES ABOUT PRODUCT CLASS
PRODUCT CLASS SELECTION --------------------------BRAND SELECTION
INSTRUMENT AL VALUES
BRAND CHOICE
BELIEFS AND ATTITUTES ABOUT BRANDS
10
LIST OF VALUES TO ESTABLISH RELATIONSHIPS BETWEEN VALUES AND CONSUMPTION
11
1.
2. 3. 4.
5. 6. 7. 8.
Self respect Security Warm relations Accomplishment Self –fulfillment Well-respected Sense of belongingness Enjoyment 12
Researchers using both LOV and RVS have found that differences exist based on values held by consumers. For e.g People giving more importance to the value of self-fulfillment tend to search for activities(products) that serve to this value the most.
13
BUYING A CAR SOCIAL RECOGNITION- Brand, Color, Style, Accessories SECURITY – Centre locking, Theft alarms, Tracking systems. Self-fulfillment – Cost, comfort
14
VALS –VALUES AND LIFESTYLES
VALS is a marketing tool that segments the consumer marketplace on the basis of the personality traits that drive consumer behavior. VALS applies in all phases of the marketing process i.e 1.New-product development 2.Entry-stage targeting 3.Communications strategy 4. advertising. CAUSE PERSONALITY TRAITS EFFECT
MOTIVATE/TRIGGER
BUYER BEHAVIOR
15
The VALS System divides consumers into eight categories according to their consumer behavior, these categories are: 1. Innovators 2. Thinkers 3. Achievers 4. Experiencers 5. Believers 6. Strivers 7. Makers 8. Survivors 16
17
INNOVATORS
TRAITS- successful, sophisticated, high self-esteem, change leaders, most receptive to new ideas and technologies.
AS CONSUMERS- Active consumers, purchases reflect cultivated tastes for upscale, niche products and services.
PRODUCTS THEY BUY- Image is important to Innovators, as an expression of their taste, independence, and personality. Their lives are characterized by variety. 18
THINKERS
TRAITS- motivated by ideals, mature, satisfied, comfortable, and reflective people who value order, knowledge, and responsibility.
AS CONSUMERS- conservative, practical consumers; well educated and actively seek out information in the decisionmaking process, well informed.
PRODUCT THEY BUY- Open to consider new ideas, they look for durability, functionality, and value in the products they buy. 19
ACHIEVERS
TRAITS - Motivated by the desire for achievement, goaloriented, committed, focused .They value consensus, predictability, and stability over risk, intimacy, and selfdiscovery.
AS CONSUMERS - With many wants and needs, Achievers are active in the consumer market.
PRODUCTS THEY BUY - Image is important; favor established, prestige products and services that demonstrate success to their peers. 20
EXPERIENCERS
TRAITS- Young, enthusiastic consumers
AS CONSUMERS - Experiencers are avid consumers and spend a comparatively high proportion of their income on fashion, entertainment, and socializing.
PRODUCTS THEY BUY - seek variety and excitement, savoring the new, the offbeat, and the risky.
21
BELIEVERS
TRAITS - Motivated by ideals. They are conservative, conventional people with concrete beliefs based on established codes of community, and social or religious organizations to which they belong.
AS CONSUMERS – Predictable consumers; they choose familiar products and established brands.
PRODUCTS THEY BUY- They favor INDIAN products and are generally loyal customers.
22
STRIVERS
TRAITS - trendy and fun loving, concerned about the opinions and approval of others. Money defines success for Strivers, who don't have enough of it to meet their desires.
AS CONSUMERS - Active consumers because shopping is both a social activity and an opportunity to demonstrate to peers their ability to buy. They are as impulsive as their financial circumstance will allow.
PRODUCTS THEY BUY- Favor stylish products that emulate the purchases of people with greater material wealth.. 23
MAKERS
TRAITS- Makers are motivated by self-expression, express themselves, practical people who have constructive skills and value self-sufficiency
AS CONSUMERS - Makers are suspicious of new ideas and large institutions such as big business. They prefer value to luxury.
PRODUCTS THEY BUY- Unimpressed by material possessions other than those with a practical or functional purpose. 24
SURVIVORS
TRAITS- Live narrowly focused lives, believe that the world is dynamic. They are comfortable with the familiar and are primarily concerned with safety and security.
AS CONSUMERS- Survivors are cautious consumers. They represent a very modest market for most products and services
PRODUCTS THEY BUY - They are loyal to favorite brands, especially if they can purchase them at a discount.
25
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