Lifestyle Marketing: Reaching the New American Consumer

Lifestyle Marketing: Reaching the New American Consumer

Lifestyle Marketing: Reaching the New American Consumer

Lifestyle Marketing: Reaching the New American Consumer

Synopsis

In today's competitive economic environment, knowing your customer has never been more important. Research shows that most companies do not segment their market by lifestyle. Instead, they rely solely on demographic factors to define their customers. This book helps marketers understand how to reach customers from children to tweens and singles to seniors. It demonstrates how such trends as cross-shopping and the blurring of gender roles can be accounted for by one's overall marketing strategy.

Excerpt

As businesses have grown to realize that the success of their operations is dependent upon an adequate knowledge of consumer behavior, the importance of lifestyle market segmentation strategies has become more significant. A focus on the customer has caused marketers to realign organizational boundaries along customer segments instead of product categories to meet the demand for twenty-four hour and seven-day services. The impact of social and cultural changes on purchasing behavior has changed the way companies do business. For example, years ago women did grocery shopping for the family and now men are also doing the grocery shopping. Many products once sold to the male market such as power tools are now being purchased by women. Gender roles are blurred as more women enter the workforce. The same changes can be said for ethnic markets and other markets segmented by age, income, education, and occupation. Affluent consumers are willing to pay more for conveniences and product dependability and this market has gradually developed over the past few decades.

Lifestyle market segmentation is viewed as one aspect of an overall marketing strategy which allows a company to develop a more lifelike portrait of customers. For example, a bicycle could be purchased for a variety of reasons. The adult exercise segment of the market can be subdivided based upon lifestyle purchase motives. There are fitness buffs, recreational riders, nature lovers, and there are those who jog and cycle. Lifestyle analysis enhances target marketing and makes niche marketing feasible. The course that these

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