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Psychographics is defined as "market research or statistics classifying population groups according to psychological variables" [1] The term psychographics is derived from the words "psychological" and "demographics" [2] Two common approaches to psychographics include analysis of consumers' activities, interests, and opinions (AIO variables), and values and lifestyles (VALS).
Psychographic segmentation groups consumers by shared values, beliefs, emotions, personalities, interests and lifestyles. Understanding consumers' unarticulated needs and motivations empowers marketers to develop more compelling messaging. Difficult to target consumers within a population unless individuals participate in a psychographic survey. 1
VALS (Values and Lifestyle Survey) [1] is a proprietary research methodology used for psychographic market segmentation. Market segmentation is designed to guide companies in tailoring their products and services in order to appeal to the people most likely to purchase them.
The Living Standards Measure or LSM is a marketing and research tool ( same as social economic class: SEC but more refined ) used in South Africa to classify standard of living and disposable income.
In marketing, segmenting, targeting and positioning (STP) is a framework that implements market segmentation. [1] Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. [2]
For example, attributes important for evaluating a restaurant would include food quality, price, location, atmosphere, quality of service, and menu selection. Consumers, depending on their geographic, demographic, psychographic and behavioural characteristics, will decide which attributes are important to them.
Psychographics can provide further insight by distinguishing an audience into specific groups by using their traits. Once acknowledging this is the case, advertisers can begin to target customers having recognized that factors other than age for example provide greater insight into the customer.
The first big factor that determines the size of your Social Security check is the amount you earned over your career. Benefits are designed to replace around 40% of pre-retirement income, but ...