Psychographics

Introduction to Psychographics

• Definition: Psychographics refers to individual characteristics, including personal values, personality traits, and lifestyles.

• Significance: Understanding psychographics helps marketers tailor their strategies to consumer behavior effectively.

Core Concepts of Psychographics

Values

• Definition: Enduring beliefs that shape an individual's priorities and actions.

• Value Systems: Individuals typically possess multiple values forming a value system, which can sometimes be conflicting.

• Types of Values:

  • Core Values: Most significant beliefs held by an individual.

  • Terminal Values: Desired end states or goals individuals aspire to achieve.

  • Instrumental Values: Values that serve as means to achieve terminal values.

  • Domain-specific Values: Values tied to specific areas such as health, work, or family.

• Learning of Values: Values are primarily learned during childhood through interaction with family, friends, and community.

Cultural Influence on Values

• Culture Definition: A group's shared beliefs and values that distinguish them from other groups.

• Cross-Cultural Comparisons: Different nations prioritize different values (e.g., health in the U.S. vs. Japan).

• Core Values of Consumers: Seven major values affecting consumer choices include achievement, self-direction, enjoyment, pro-social behavior, restrictive conformity, security, and maturity.

• Factors Influencing Change: Changes in values over time can stem from cultural, ethnic, social class, and age influences.

Psychological Dimensions of Culture

• Dimensions such as long-term orientation and power distance inform the importance of various values in a society.

• Power Distance: Refers to the acceptance of social hierarchy differences (e.g., lower in the U.S. than in South Korea or India).

Application for Marketers

Value-based Marketing Strategies

• Recognizing the importance of consumer values aids in understanding consumption patterns and enhancing market segmentation.

• Product Development: Align products with consumer values.

• Communication Strategies: Tailor messaging to resonate with targeted values (e.g., self-esteem through product attributes).

Means-End Chain Analysis

• Definition: A technique linking product attributes to consumer values to identify alignment and areas for improvement.

• Example: Marketing light beer by promoting health benefits for consumers valuing self-esteem or creating a sense of belonging.

Personality in Psychographics

Definition of Personality

• Stable pattern of feelings, thoughts, and behaviors that differentiate individuals.

• Big Five Personality Traits (OCEAN):

  • Openness: Curiosity and preference for new experiences.

  • Conscientiousness: Organized and achievement-driven behavior.

  • Extroversion: Sociability and engagement-seeking.

  • Agreeableness: Desire for social harmony.

  • Neuroticism: Tendency to experience negative emotions.

• Marketing Implications: Understanding personality traits helps marketers cater to preferences, like providing diverse options for high openness individuals.

Additional Personality Traits

• Traits influencing consumer behavior include:

  • Locus of Control: Attribution of results to oneself or external factors.

  • Need for Cognition: Preference for engaging in thinking and cognitive challenges.

  • Need for Uniqueness: Desire to be perceived as different from the crowd.

  • Political Orientation: Influences consumer behaviors and values regarding hierarchy and social order.

Lifestyle Considerations

• Definition: Involvement in activities, interests, and opinions helps define consumer lifestyles.

• Benefits for Marketing: Tailoring offerings and communication to fit lifestyle preferences enhances consumer engagement and satisfaction.

Integrating Values, Personality, and Lifestyles

• The Values and Lifestyles (VALS) framework categorizes consumers into eight segments based on resources and motivations:

  • Segments: Innovators, Thinkers, Believers, Achievers, Survivors, Strivers, Experiencers, and Makers.

  • Example Comparison: Innovators (high achievement, high resources) vs. Survivors (low achievement, low resources).

• Marketers can effectively target and communicate with specific segments by understanding their combined psychographic profile and demographic characteristics.

Conclusion and Next Steps

• Assessment: Quiz to assess understanding of the module's content due on the specified date.

• Overview of Upcoming Work: Emphasis on the final project and exam preparation, highlighting the importance of reviewing past modules.

• Reminder of support availability for any questions or guidance needed.