Lifestyle Market Segmentation

Lifestyle Market Segmentation

Lifestyle Market Segmentation

Lifestyle Market Segmentation

Synopsis

The growing importance of lifestyle market segmentation and its role as one aspect of an overall marketing strategy is the focus of this management-oriented book. Michman shows how social and cultural changes in group dynamics and purchasing influences can be used in making lifestyle marketing decisions. The book places market and lifestyle segmentation in a historical perspective; discusses group dynamics and such target markets as singles, teens, the elderly, and ethnic groups; and examines the impact of decision making, purchasing habits, and changing values on consumer behavior.

Excerpt

The importance of lifestyle market segmentation has increased steadily as more and more it has come to be recognized that market opportunities are shaped as much by noneconomic as by economic forces. The ways in which consumers react and act are determined by their wants and needs. As these variables change, so must the way in which marketers develop their competitive strategies. The efficient management of the marketing program has become more essential with the growing realization that the success of company operations is dependent upon an adequate knowledge of consumer behavior. Lifestyle market segmentation techniques can be viewed realistically when envisioned as just one aspect of overall marketing strategy. Accordingly, this volume focuses upon the strategic management of the process of lifestyle market segmentation.

Some years ago organizations followed the strategy of mass marketing to large groups perceived as having similar wants and needs. As competition intensified, the strategy of product differentiation was used. Market segmentation was used as a strategy to satisfy some particular market segment that would generate more profits for the firm than the use of mass marketing. Firms are finding it increasingly unprofitable to use mass marketing strategies in today's markets. These firms are also finding that the use of consumer demographics alone furnishes an incomplete picture of consumer behavior. Therefore, marketers are resorting to using market segmentation strategies together with lifestyle information in order to survive and prosper in highly volatile, competitive markets.

Lifestyle market segmentation is increasingly viewed as an important feature of marketing strategy. Despite the importance of this topic, however, and the considerable dialogue and research that has been generated around it, there are few works that put lifestyle market segmentation into critical perspective.

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