Components of Lifestyle
Lifestyle means how a person lives. Therefore, naturally, this includes a lot of components that need to be analyzed by marketing research. The dimensions that marketing research done by companies analyze include:
Activities: Activities are not only what the customer enjoys doing but also willing to spend money on them. For example, the younger generation today is interested in gaming. This interest has resulted in the spawning of a multi-billion-dollar industry.
Opinions: Every person has their opinion regarding various public topics like environment, politics, etc. Knowing the opinions of its customers is one way in which companies profile their customers. For example, someone who is vocal about protecting the environment is more likely to buy environmentally friendly goods.
Types of Lifestyle Profile Segmentation
Following are some of the types of lifestyle segmentation:
Innovators: These are financially well-off consumers who like to experiment with what they consume. They routinely look for a niche and expensive product in a quest to find an exquisite product.
Thinkers: These are mature and rational customers who invest time researching what they want to buy. Although they have the money to buy whatever they want, they choose not to spend it recklessly but rationally.
Achievers: These customers are devoted to their careers, family, religion, community. They tend to buy products based on the reputation and prestige the product holds in society.
Experiencers: These are adventurous and often impulsive customers. They like to buy products for their novelty.
Believer: These are traditional people who believe in family, country, and religion. Their buying behaviors are predictable, and they prefer it established American brands.
Strivers: They associate wealth and status with luxury materials. They often buy impulsively and spend out of their budget to buy these luxury products.
Makers: They are the kind of people who like to work on engineering and construction projects. They avoid using luxurious goods and opt for suitable products.
Survivors: They prefer a borderline ascetic lifestyle and do not spend unnecessarily. They tend to continue buying products they are familiar with and do not like to experiment.
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