CONSUMER VALUES AND LIFESTYLES

CONSUMER VALUES AND LIFESTYLESValues are believed to provide the motivation for buying.

Tend to be abstract so their impact on consumer behaviour is quite indirect.

The way in which consumers use product and services in a certain area to attain their values is called consumer lifestyle.

Marketing point of view:- Different types of consumers have to be addressed in different ways.

CONSUMER VALUESValuesValues:Shared beliefs or cultural norms about what is important or right.Cultural values directly influence how consumers view and use individual products, brands, and services.

Examples of values include:

Honesty- Telling the truth and not trying to mislead others.

Integrity- Being a person who can be trusted and relied on by others.

Fair dealing- Not taking advantage of others or ripping people off.

Consideration of others- Respecting and having concern for the welfare and feeling of others.

FORMATION OF VALUESCulture- Practices and traditions formed for survival and identity

Mass media- Movies, television, radio, the Internet and other mass media all contribute to what is acceptable and fashionable

Upbringing- Family and the conditions of one's childhood are the largest contributors to forming values

Religion- The religious beliefs of a consumer influence their decision tremendously Peer pressure- Conforming to the social expectations causes people to make certain choices

MEASUREMENT OF

VALUES

RVS-VALUE MEASUREMENTA study created by ROKEACH known as Rokeach Value Survey (RVS) measures two types of values from consumers point of viewInstrumental Values affecting code of conduct - ambitious,broadminded,capable,cheerful,courageous,forgving,helpful,honest,obedient,self-controlledTerminal values affecting end-state of existence a comfortable life, an exciting life, a world at peace, a world of beauty, family security, equality, freedom, happiness, self-respect, social recognition.

TERMINAL VALUESPRODUCT CLASS COICE CRITERIABRAND CHOICEINSTRUMENTAL VALUESPRODUCT CLASS SELECTION----------------------------BRAND SELECTIONBELIEFS AND ATTITUDES ABOUT PRODUCT CLASSBELIEFS AND ATTITUTES ABOUT BRANDSLIST OF VALUES

to establish relationships between values and consumption

Self respectSecurityWarm relationsAccomplishmentSelf fulfillmentWell-respectedSense of belongingnessEnjoymentResearchers using both LOV and RVS have found that differences exist based on values held by consumers.For e.g People giving more importance to the value of self-fulfillment tend to search for activities(products) that serve to this value the most.

BUYING A CARSOCIAL RECOGNITION- Brand, Color, Style, Accessories

SECURITY Centre locking, Theft alarms, Tracking systems

Self-fulfillment Cost, comfort

VALS VALUES AND LIFESTYLESVALS ("Values, Attitudes and Lifestyles") is a proprietary research methodology used for psychographic market segmentationVALS applies in all phases of the marketing process i.e 1.New-product development 2.Entry-stage targeting 3.Communications strategy 4. advertising. The VALS System divides consumers into eight categories according to their consumer behavior, these categories are:1. Innovators2. Thinkers3. Achievers4. Experiencers5. Believers6. Strivers7. Makers8. Survivors

INNOVATORSTRAITS- successful, sophisticated, high self-esteem, change leaders, most receptive to new ideas and technologies.

AS CONSUMERS- Active consumers, purchases reflect cultivated tastes for upscale, niche products and services.

PRODUCTS THEY BUY- Image is important to Innovators, as an expression of their taste, independence, and personality. Their lives are characterized by variety.

THINKERSTRAITS- motivated by ideals, mature, satisfied, comfortable, and reflective people who value order, knowledge, and responsibility.

AS CONSUMERS- conservative, practical consumers; well educated and actively seek out information in the decision-making process, well informed.PRODUCT THEY BUY- Open to consider new ideas, they look for durability, functionality, and value in the products they buy.

ACHIEVERSTRAITS - Motivated by the desire for achievement, goal-oriented, committed, focused .They value consensus, predictability, and stability over risk, intimacy, and self-discovery.

AS CONSUMERS - With many wants and needs, Achievers are active in the consumer market.

PRODUCTS THEY BUY - Image is important; favor established, prestige products and services that demonstrate success to their peers. EXPERIENCERSTRAITS- Young, enthusiastic consumers

AS CONSUMERS - Experiencers are avid consumers and spend a comparatively high proportion of their income on fashion, entertainment, and socializing.

PRODUCTS THEY BUY - seek variety and excitement, savoring the new, the offbeat, and the risky.

BELIEVERSTRAITS - Motivated by ideals. They are conservative, conventional people with concrete beliefs based on established codes of community, and social or religious organizations to which they belong.

AS CONSUMERS Predictable consumers; they choose familiar products and established brands.

PRODUCTS THEY BUY- They favor INDIAN products and are generally loyal customers.

STRIVERSTRAITS - trendy and fun loving, concerned about the opinions and approval of others. Money defines success for Strivers, who don't have enough of it to meet their desires.

AS CONSUMERS - Active consumers because shopping is both a social activity and an opportunity to demonstrate to peers their ability to buy. They are as impulsive as their financial circumstance will allow.

PRODUCTS THEY BUY- Favor stylish products that emulate the purchases of people with greater material wealth..

MAKERSTRAITS- Makers are motivated by self-expression, express themselves, practical people who have constructive skills and value self-sufficiency

AS CONSUMERS - Makers are suspicious of new ideas and large institutions such as big business. They prefer value to luxury.

PRODUCTS THEY BUY- Unimpressed by material possessions other than those with a practical or functional purpose.SURVIVORSTRAITS- Have the lowest income, live narrowly focused lives, believe that the world is dynamic. They are comfortable with the familiar and are primarily concerned with safety and security.

AS CONSUMERS- Survivors are cautious consumers. They represent a very modest market for most products and services

PRODUCTS THEY BUY - They are loyal to favorite brands, especially if they can purchase them at a discount.

CONCLUSIONVALS is a marketing tool that segments the consumer marketplace on the basis of the personality traits that drive consumer behavior.

Market segmentation is designed to guide companies in tailoring their products and services to appeal to the people most likely to purchase them

Marketing classes use this tool to determine the placement of a given product to a certain niche in an industry.THANK YOU