Discussion 200 words with 3 Responses reply See the Attachments for details

Week3

Discussion 200 words with 2 APA References and 3 post responses

Main Post- The initial post should be 2-3 paragraphs in length, due Thursday at 11:59 PM.

The videos and material this week cover various types of marketing segments to identify for marketing strategy. Common ones identified in the material this week are demographic, geographic, behavioral, and psychographic. In this week's discussion, pick one of those 4 segments that you believe can be one of the most challenging to analyze as a market researcher. Why do you believe this may be hard to research, analyze, and build an effective segmentation for? What type of insights do you think a marketer needs to build an effective segmentation based on this type?

Main post Answer?

Post1 – Kylie

Psychographic segmentation is harder to perform than other types of market segmentation, such as behavioral and demographic because it requires participation in specific psychographic surveys.

I believe psychographic segments are perhaps one the most challenging segments to analyze. This is based on the idea that psychographics is personalities and lifestyles that are subjective responses to diverse questions (Hooley, 2020), not a concrete prediction and range of data. This can be harder to research, analyze, and build an effective segmentation for as the information is constantly changing. It is difficult to get a firm grasp on something that is constantly changing based on trends and opinions. Also, segments cannot be formed efficiently due to a lack of predictability and sustainability as they could easily shift and lose/gain individuals and characteristics within the segments. 

A marketer looking to build an effective psychographic segment has to understand social trends, opinions, consumer behaviors, and the socio-economic influence on lifestyles. Marketers must understand what is driving an individual to act and pursue the lifestyles they have so as to efficiently market a product. Social trends and opinions help give insight into what is popular in the social culture, making it easier to redirect marketing ploys to match the current trends. Consumer behaviors and socio-economic statuses allow marketers to gain knowledge of how and why consumers purchase a product to help in the creation and marketing process to make the product more attractive to consumers. Psychographic segments provide a narrower and more targeted view of the consumer ("The importance of psychographics," n.d.), meaning that the marketing team has to understand the inner workings of the human mind and the reasoning behind the consumer's behavior. To build a psychographic segment, a marketer needs to understand the people they are targeting, what makes them tick, and why.

Response?

POST2 – Tiffany

Psychographic segmentation is harder to perform than other types of market segmentation, such as behavioral and demographic because it requires participation in specific psychographic surveys. It can be difficult to obtain data for consumers in a given population, as participation in a psychographic survey is usually necessary. However, psychographic segments can be statistically projected across a population with predictive modeling, though the accuracy of segment assignment will be significantly less than with a prospective survey. Clear rules regarding the interpretation of data must be put in place to ensure consistency of approach among the individuals/departments that engage in customer segmentation analysis.

Psychographic segmentation focuses on grouping consumers by shared beliefs, values, interests, priorities, emotions, and lifestyles. This form of segmentation provides insight into the motivations behind consumer behavior, providing marketers with a more accurate picture of what makes their potential customer "tick." Brands can more easily identify the underlying motives and needs of their target audience, enabling them to customize more compelling marketing messages. Psychographic segmentation provides a better overall understanding of the consumer, enabling brands to execute effective emotive marketing to highly responsive segments.

Response?

Post 3 – Jackson

Through our studying of Marketing this semester we have learned a multitude of terms, none more important than Market Segmentation. Market Segmentation are the groups that potential customers are put into based upon their shared characteristics. This week we discussed four of the most important ones: demographic, geographic, behavioral, and psychographic. I believe the hardest one for marketers to analyze would be behavioral. (Hooley 2020).

I believe this is because it is a very hard one to determine due to the incredible amount of mass data that must first be collected. Collecting this data is no easy task as it involves piecing together a consumer’s whole life and what drives them to purchase your product. Antoniu Oviudu explains behavioral market segmentation as, “Studying consumer behavior has become a necessity for companies, as they can learn how buyers choose their goods and services to satisfy their needs” (Ovidiu 2013 pg. 1). The next facet after this data collection is analyzing all of the data to establish why each consumer behaves the way in which they do. Behavioral market segmentation is also difficult do to its all encompassing aspects. Consumers behaviors are dictacted by all of the other market segments they align with such as geographic, socioeconomic, or demographic. Because of the variety of reasons consumers behave the way they do I believe this makes it very difficult for marketers to research, analyze, and build effective segmentations. (Ovidiu 2013).

            In order for a marketer to build an effective behavioral market segmentation they would need several key things. One they would need the dates and times of all of the consumers purchases. Next, they would need to understand who their customers are and whether they are reaching their target market. Then the marketers would need to establish the habits of their customers and begin to formulate the behavior patterns for their customers. Lastly, the marketers would need to put all of this together to fully understand the behaviors of their customers. (Hooley 2020) (Oviudu 2013).

Response?