1

Unit -5

Personal Values, Lifestyles and Psychographics

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics

Learning Objectives:

Upon completion of this unit a student will be able to:

 Describe personal value
 Understand consumer lifestyles
 Discuss psychographics
 Apply the lifestyles concept to marketing

Chap-6 Persnal Values

3

 What is personal value?

Chap-6 Persnal Values

 Personal Values, Lifestyles And Psychographics
 

 Personal value is defined as “an enduring

belief that a specific mode of conduct is
desirable or good.”

 Values provide clues about how a society

operates, because values are individual’s
representation of a society’s goals.

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
 
5

Grunert and Scherhorn (1990) identified five features of

personal values:
 Beliefs or Concepts
 About desirable behaviors and/or end states .
 That goes beyond specific situations,
 Guide the selection or evaluation of events
and behaviors, and
 Are ordered by a certain hierarchical
importance.

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
 
6

 Past research has shown that personal values could be both

a powerful explanation and influence on a variety of
individual and collective behaviors, including:

 Consumer consumption behavior

 Political attitude and behavior

 Gift-giving behavior and

 Cross-cultural differences

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
7  
 Several ways are available to measure personal values.
Among them the most frequently used instruments
are:

 The List of Values (LOV) Which are

developed at the university of Michigan- survey
research center.

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
 
8

List of Values (LOV)

This technique presents consumers with nine primary values and
asks them either to identify the two most important or to rank al
nine values in terms of their importance.
The nine values are:
 Self respect
 Warm relationship with others
 Sense of accomplishment
 Self fulfillment
 Fun and enjoyment in life
 Excitement
 Sense of belongingness
Chap-6 Persnal Values
 Being well respected and Security
 Personal values, lifestyles and psychographics
9
 
 The first six are because they derive from the individual;
internal values .
 The others are external values. The values can also be
described in terms of :
 Interpersonal relationship- warm relationship with
others, sense of belongingness.
 Personal factors- self respect, being well respected,
self fulfillment.
 Non-personal things- accommodation, fun, security
and excitement.
Chap-6 Persnal Values
 Personal values, lifestyles and psychographics
 
10

 One study found that LOV was able to predict

consumer’s responses to statements that describe :

 Their self–reported consumption characteristics (e.g., “I am a

spender, not a saver,” “TV is my main entertainment”),
 Their actual consumption behavior (e.g., the frequency with
which they watch movies or news) and
 Their marketplace beliefs (e.g., “I believe the consumer
movement has caused price to increase”).
 Finally, the LOV can be useful in identifying segments of
consumers with similar
Chap-6value systems.
Persnal Values
11

 What is lifestyle ?

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
12
 

Defining Consumer Lifestyle

 Lifestyles are manifestations or actual patterns of
behaviors.
 Lifestyles are defined by how people spend their time
(Activities), what they consider important in their
environment (Interest) and what they think of
themselves and the world around them (Opinions).
 This together is called as AIO. Some AIO that define
lifestyle are listed here:
Chap-6 Persnal Values
 Personal values, lifestyles and psychographics

13

Activity Interests Opinions

-----------------------------------------------------------------------------------------
Work Family Social
Hobbies Job Education
Vacation Home Culture
Entertainment & sports Fashion Business
Club membership Media Social issues
Shopping Food Personal relations

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
 
14

 Moreover, lifestyle is affected by past experiences,

innate/inherent characteristics and current situations.

 Individuals and households both have lifestyles.

 Household lifestyles are in part determined by the

individual lifestyles of the household members.

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
 
15

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
 
16

 Psychographics
 Psychographics involves:
 the use of psychological, sociological, and anthropological factors to
determine how the market is segmented by the propensity of groups
within the market and their reason to make a particular decision
about a product
 Generally, it is an operational technique to measure lifestyles.
 Using psychographic techniques involves systematically
linking individual psychological factors to characteristic
pattern of overt consumer behavior to determine the market
segment.

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
17
 
Psychographics studies typically include the following:

 Values- widely held beliefs about what is acceptable or desirable.

 Attributes- evaluative statements about other peoples, places,
ideas, products etc.
 Activities and Interests- non-occupational behaviors, to which
consumers devote time and effort such as hobbies, religious
activities and entertainments.
 Demographics- age, education, gender, income and occupation.
 Media pattern- the specific media the consumer utilize.
 Usage rate- measurement of consumption within a specific product category.

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
 
18

VALS Typology
 Value and Lifestyle (VALS) was developed by the SRI in 1978 after surveying thousands
of consumers, based on the Abraham Maslow’s “hierarchy of needs” and David
Riesman’s concept of “social character.”

 VALS (I) had outlived its usefulness due to certain

criticisms,specifically,on the ground of too abstract/general
classifications.
 VALS includes three primary motivations that matter for
understanding consumer behavior:
 Motivated by ideals - also known as Principle oriented
 Motivated by achievement -also known as Status oriented
 Motivated by self-expression - also known as Action oriented

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
 
19

Chap-6 Persnal Values

 Cont’d…
20

 Do VALS Survey and justified your VALS

type.
 What is the market implication of doing

VALS framework?
 Create links of your VALS type with your

real behavior you have

 If the result is different from your behavior

present your academic criticize for the

model. Chap-6 Persnal Values
 Personal values, lifestyles and psychographics
 
21

International Lifestyle Segments

 The survey conducted on 35,000 consumers across 35 countries
in Asia, North and South America, and Europe uncovered six
global lifestyle segments as:

1. Strivers (23%) - value material and professional

goals and are driven by wealth, status, and
power.
 They like computers and cell phones but have little time for
media beyond newspapers.
 Middle aged, and skewing male, Strivers are found
disproportionately (33 percent) in Asia.

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
 
22

2.Devouts (22%) :-Value duty, tradition, faith,

obedience, and respect for elders. They are
the least media involved and least interested
in Western brands.

3. Altruists (18%) - are interested in social issues

and the welfare of society. They are well
educated and older with a median age of 44.

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
 
23

4.Intimates (15%)-value close personal relationships and

family.
 They are heavy users of broadcast media, enjoy
cooking and gardening, and are good targets for
familiar consumer brands.

5.Fun Seekers (12%) - value adventure, pleasure,

and excitement.
 They are heavy users of electronic media, are
fashion conscious, and like going to restaurants,
bars, and clubs.

Chap-6 Persnal Values

  
Personal values, lifestyles and psychographics
24
 

Criticisms of Lifestyle Research

 These criticisms warn of over enthusiastic use of ‘Psychographic’
data and point out the challenges for future marketing research.
 There is a general conceptual problem. The central concepts (i.e.
lifestyles psychographics, AIO research) tend to be ill defined.
Also, it is not always clear why particular segments express
particular consumer preferences.
 There is a problem associated with the secret, often ad hoc,
nature of the methods used to develop lifestyle schemes.

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
 
25

To what extent are lifestyle segments stable over

time?
 Finally, there tends to be a fairly low correlation
between lifestyle segments and particular
behaviors such as brand choice that are of great
interest to many companies.

Chap-6 Persnal Values

 Personal values, lifestyles and psychographics
26
 

Applications of Lifestyle Characteristics to

Marketing Strategies:
 Market segmentation
 Media selection
 Advertizing

Chap-6 Persnal Values

27

!! !
ou
k Y
a n
T h

Chap-6 Persnal Values