DOC PREVIEW
WSU COMSTRAT 380 - Need Vs. Wants

This preview shows page 1 out of 3 pages.

Save
View full document
View full document
Premium Document
Do you want full access? Go Premium and unlock all 3 pages.
Access to all documents
Download any document
Ad free experience
Premium Document
Do you want full access? Go Premium and unlock all 3 pages.
Access to all documents
Download any document
Ad free experience

Unformatted text preview:

Comstrat 380 1nd Edition Lecture 7 Outline of Last Lecture I. IMCII. Consumer Decision MakingIII. What is Consumer Behavior?IV. Consumer BehaviorV. Cultural Influences on Consumer BehaviorVI. Social InfluencesVII. Psychological InfluencesOutline of Current Lecture I. Needs Vs. WantsII. Psychological Influences III. Segmented consumersIV. Segmented strategiesV. Types of segmentationsVI. PsychographicsVII. Segmentation strategiesVIII. Targeting audiences IX. Profiling the Target Audience These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.Current LectureI. Needs Vs. Wantsa. Needs are motivated by basic survival instinctsi. Innate (primary) needs: water, food, shelter, and sexii. Acquired (secondary) needs: esteem, prestige, affection, power, learning, and beautyII. Psychological Influences a. Maslow’s Hierarchy of NeedsIII. Segmented consumersa. Dividing the market into groups of people who have similar characteristics in certain key product-related areasIV. Segmented Strategiesa. Market Segmentation: an approach to more precisely match customer needs andwants with productsb. Niche Markets: Tighter subsegments of a more general market segment. (Including price, quality, and demos)c. Market Aggregation: Marge general market: More exposure=less catering to wants and needsV. Types of Segmentationa. Geographic segmentationi. Uses location as a defining variableb. Life-Stage Segmentationi. Based on consumers’ lifestylec. Demographic Segmentationi. Ageii. Gender and sexual orientationiii. Educationiv. Occupationv. Incomevi. Family Statusvii. Raceviii. Religionix. GeographyVI. Psychographicsa. refer to lifestyle and psychological characteristics includingb. Attitudes: An attitude is a predisposition that reflects an opinion, emotion, or mental statec. Activities: work, hobbies, social events, vacation, entertainment, shoppingd. Opinions: self, social, future, political, business, culture, economics, educatione. Interests: family, home, job, food media, achievements, recreationf. Values: the source of norms, which represent underlying belief systemsg. Psychographic Segmentation: based on how people spend their money, their interests and opinions, and views of themselvesVII. Segmentation Strategiesa. Behavioral Segmentation: Based on product category and brand usageb. Values and benefits-based segmentation: Based on underlying values or consumers’ needs and problemsVIII. Targeting Audiencesa. Identifying the group that might be the most profitable audience and the most likely to respond to marketing communications messagesb. Markets are divided into segments; then profitable segments are selected as target audiencesc. Through targeting, the organization cani. Design specific communication strategies to match the audience’s needs and wantsii. Position the product in the most relevant way to match their interestsd. Targeting: Profiles are descriptions of the target audience that reads like a description of someone you knowIX. Profiling the Target Audiencea. The target is described using the variables that separate this prospective consumer group from others who are not in the marketb. Each time you add a variable to a target audience definition, you narrow the size of the target audiencec. Behavioral targeting: is getting more attention due to the increasing importance of digital


View Full Document

WSU COMSTRAT 380 - Need Vs. Wants

Download Need Vs. Wants
Our administrator received your request to download this document. We will send you the file to your email shortly.
Loading Unlocking...
Login

Join to view Need Vs. Wants and access 3M+ class-specific study document.

or
We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view Need Vs. Wants 2 2 and access 3M+ class-specific study document.

or

By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?