Lifestyle and its Influences

Lifestyle
Lifestyle means the ways groups of consumers spend time and money. Segment people based on three things: Opinion Attitudes Activities

It creates social identity.

The consumers lifestyle mainly depends on income, gender, culture, and social group etc..,

Lifestyle Marketing
Lifestyle marketing recognizes people sort themselves into groups on the basis of :
What they like to do? How they spend leisure time? How they spend disposable income?

To identify the set of products and

services that go together.

Importance of Lifestyle
Defining the target market (beyond demographics) New product development Cross-merchandising Promotional and media strategies Creating a new view of the market Better communicating product attributes/benefits - to match a person's lifestyle. Reaching consumers

Lifestyles (Indian Perspective)

Need Driven
Survivors Sustainers Be longer I-am-me Experiment Socially Conscious

Internally Driven

Emulator Achiever

Outer Driven

Integrated

Buyer lifestyle
Survivors : Price conscious , not very knowledgeable , depressed. Sustainers: Strugglers , swayed by brand guarantee , impulse buyers. Belongers : Conventional conservative , nostalgic , unexperimental. Emulators : Ambitious , upwardly mobile , status conscious , buy to impress others. Achievers : Leaders , work in hi tech top line products. I-am-me : Young , Self engrossed , impulsive. Experimental : Pursue a rich inner life , High sense of social resp. Integrate : Fully matured psychologically , combination of best elements

Psychographics
A popular way to measure lifestyles is called psychographics. Psychographics - AIOs
Activities: what people do with their time. Interests: what is important to people.

Opinions: the positions people have on a variety of topics.

Psychographic Uses:
Position product

Communicate product attributes

Develop overall strategy Market social and political issues

Activities, Interests and Opinions (AIO)

Marketers create profiles of customers who resemble each other in their activities and patterns of product usage. To group consumers into common AIO categories researchers give respondents a long list of statements and ask them how much they agree with each one. Lifestyle is then boiled down by discovering
how people spend their time. what they find interesting and important and how they view themselves and the world around them

VALS (Values and Lifestyles)

 Innovators- successful with many resources Thinkers - satisfied, reflective, comfortable Achievers - career-oriented preferring predictability over risk or selfdiscovery Experiencers impulsive, young and enjoy offbeat or risky experiences.

Believers strong principles and favour proven brands.

Strivers achievers with fewer resources. Makers action-oriented focused on self-sufficiency

Strugglers primary concern is meeting the needs of the moment.

Thanking You