Management and Organizational Studies 2320A/B Chapter Notes - Chapter 6: Psychographic, Market Trend, Westjet

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: John White

Document Summary

Chapter 6: segmentation, target, and positioning: establish overall strategies. Demographic segmentation: objective characteristics such as age, gender, income, education, race, occupation, religion, marital status, family size, family life cycle, and home ownership more advantageous to combine demographic segmentation with other segmentation bases. Usually marketers determine (through demographics, buying patterns, or usage) into which segment an individual consumer falls. But psychographics allows people to describe themselves by using those characteristics that help them choose how they occupy their time (behaviour) and what underlying psychological reasons determine those choices. Determining psychographics involves knowing and understanding three components: self- values, self-concept, and lifestyles: self-values: life goals, not just the goals one wants to accomplish in a day. In this context, they refer to overriding desires that drive how a person lives his or her life. Ex. self-respect, self-fulfillment, or a sense of belonging.