Market Segmentation Decisions
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Introduction: Connecting with the best target market segments is a constant marketing challenge. Many companies understand how to use the marketing mix, American Express™, AT&T™, IBM™, Apple™, Southwest Airlines™ are a few examples. VALS™ is a well-known psychographic classification system. VALS is a tool used to explain the relationship between personality traits and consumer behavior. VALS uses psychology to analyze the dynamics underlying consumer preferences and choices.
- Review Table 9.1 in the Kotler and Keller text: Major Segmentation Variables for Consumer Markets.
- Go to the Strategic Business Insights website and take the VALS survey. Retrieved from http://www.strategicbusinessinsights.com
- Discuss the following questions with your colleagues in the Discussion area below.
- How does knowing the customer drive business success?
- How would you evaluate VALS as a method of market segmentation? Share your own VALS survey results and if you thought the outcome accurate.
- What types of products do you think would be most helped by VALS?
- Could VALS be used to market globally? Include a relevant quote from your Kotler and Keller textbook.