Lifestyle Marketing: Reaching the New American Consumer

By Ronald D. Michman; Edward M. Mazze et al. | Go to book overview

Epilogue

Changes in the approaches taken by marketers to lifestyle market segmentation strategies are rapid as companies seek more effective ways to know their customers better. New approaches to identifying market opportunities and defining customer groups have made it easier for marketers to develop strategies to reach specific customer groups. The Internet allows more precise and faster quantification of data. At the same time, more is known about using the behavioral sciences to explain buyer behavior. Companies can now reach their customers in a way the customer wants to purchase. Marketing is becoming more of a science than art. Using marketing research, the company can know what the customer wants, how to reach the customer, what the customer is willing to pay, and even when the customer will become a repeat buyer. The company is now able to put a value on its customers. Market segmentation permits the company to build equity with each customer based on the variables selected to define the market.

Marketing in the past emphasized selling. Efforts were focused on stimulating demand and increasing sales volume with little emphasis on profitable sales or on customers' long-term needs. Research was not conducted on customer buyer behavior because of the cost, the lack of sophistication of marketing personnel on how to use the information, and the time it took to collect the information. When the marketing concept philosophy—a customer orientation, profitable sales, or other long-term objectives, and using an integrated or-

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