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Innovators: These Are Take-Charge Consumers Who Lead Lives of Variety

Lifestyle segmentation is dividing a market into groups based on people's habits, preferences, and how they spend their time. There are several types of lifestyle segments including innovators, thinkers, achievers, experiencers, believers, strivers, makers, and survivors. Associating brands with consumer lifestyles can provide competitive advantages by better understanding customer needs, identifying new market opportunities, and helping retain existing customers. Nespresso is an example of a brand that segments based on lifestyle.

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Ahsan Ali
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21 views2 pages

Innovators: These Are Take-Charge Consumers Who Lead Lives of Variety

Lifestyle segmentation is dividing a market into groups based on people's habits, preferences, and how they spend their time. There are several types of lifestyle segments including innovators, thinkers, achievers, experiencers, believers, strivers, makers, and survivors. Associating brands with consumer lifestyles can provide competitive advantages by better understanding customer needs, identifying new market opportunities, and helping retain existing customers. Nespresso is an example of a brand that segments based on lifestyle.

Uploaded by

Ahsan Ali
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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What to Do:

Students are required to find out what is a life style segmentation?

Lifestyle segmentation is the process of dividing a market of potential buyers into different
groups of people with similar ways of living.

You can segment a market along four main dimensions: geographic,


demographic, behavioral, and psychographic.1 Lifestyle segmentation is a type of
psychographic segmentation that involves gathering insights about potential
customers' habits and preferences (through surveys or past sales or loyalty
program data) and then partitioning a market into segments based on how they
spend their time, the items in their surroundings, and what's important to them.

Types
Innovators: These are take-charge consumers who lead lives of variety,
seek upscale or niche products that satisfy their desire for the finer things
in life, and have the financial resources to buy them.

 Thinkers: Mature and reflective, these practical, responsible, well-


informed, and well-educated consumers have the money to buy what they
want but only make buying decisions after getting all the information and
target durable products of value.
 Achievers: These goal-oriented consumers lead busy lives that focus on
their family, place of worship, and work. They favor established prestige
products that save time.
 Experiencers: These enthusiastic and even impulsive consumers are
driven by self-expression and find an outlet for it in sports and social
activities. As such, they're big spenders on outdoor recreation products,
fashion, and entertainment.
 Believers: These traditionalists have deeply held views on family, religion,
and the country. They're predictable buyers who favor established (and
preferably American) brands.
 Strivers: These fun-loving consumers associate wealth with success but
don't necessarily have the means to support the luxury lifestyle they desire.
Still, they're active, impulsive shoppers.
 Makers: These are do-it-yourself types who are happiest when they're
working on a project of some kind, be it a construction project, a car repair,
or cooking. They eschew luxury goods for basic products that serve a
purpose.
 Survivors: These consumers have minimal resources and resist change,
preferably to focus on security and stability. As buyers, they're perhaps the
most cautious and prefer to stick with tried-and-true products over trendy
ones
How consumer lifestyle is measured or assessed? And tool or technique or dimensions?

3.2.1: Quantitative assessment of "high" and "low" impact lifestyles in 6 countries


3.2.2: Focus groups and mixed-methods approach in 6 countries
3.3: Cross-European Identification & Assessment of Energy Lifestyles
Topologies of understanding how people think or act.

Why to associate brands with consumer lifestyle?

The advantages of segmenting your market by lifestyle include:

 Gaining a competitive advantage: If you understand the lifestyle habits


and preferences of your main customers, you can deliver benefits and
meet customer needs and desires that your competitors may not be
serving or even aware of, thereby gaining a foothold in the market for your
chosen lifestyle segments.
 Identifying new market opportunities: If you know how your customers
live and spend, you can develop new products or enter new verticals that
attract them and increase your reach and profits in the process.
 Retaining customers: It's as important to keep existing customers as it is
to seek new ones. Yet changing lifestyles are often to blame for customers
transitioning away from a product or service. (The transition from cable to
streaming content services is but one of many examples). If you
continually monitor the changing lifestyles of your customers, you're more
likely to keep them as happy customers and less likely to lose them to the
competition or the next fad.

Select at least one brand that segmented on the basis of lifestyle segmentation

Nespresso

Show TVC’s, Print Ads and other commercials that reflect the brand association with consumer lifestyle

https://www.youtube.com/watch?v=cAodY4bmvKw

End, close the case with sharing what is Consumer Lifestyle and its theory (i.e. aio and what does it cover
in lifestyle with 2 examples of brand).

Give special note on “Associations in CB and Marketing”

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