1. Chapter 17 PSYCHOGRAPHICS: VALUES, PERSONALITY, AND LIFESTYLES

2. Chapter Overview u Values u Personality u Lifestyle u Psychographics=Values + Personality + Lifestyle –Psychographics are descriptions of consumers based on psychological and behavioral characteristics

3. Fun Exercise u (1) Go to the website: http://www.sric-bi.com u (2) link on top right for “VALS Survey” u (3) near the bottom, select link in box “take the survey” u (4) answer the questions and submit u (5) read the screen showing your segment(s) u (6) read the description of your segment(s) u (7) consider how well this describes you

4. Definition Values : enduring beliefs that a given behavior or outcome is desirable or good

5. VALUES TERMINAL INSTRUMENTAL Highly desired End States *Achievement, Respect Tools needed to achieve desired end states *Hard Work, etc. GLOBAL DOMAIN SPECIFIC HONESTY NO SHOP- LIFTING Types of Values

6. Common Values in the Western World u Materialism u Home u Work and play u Family and children u Health u Hedonism u Youth u Technology (Progress)

7. Consumer Values--Implications u Consumption patterns u Market segmentation u New product ideas u Advertising development

8. Measuring Values u Observation of cultural environment u Questionnaires –Rokeach Value Survey –List of Values (LOV) u Means-end analysis

9. Laddering and the Means-End Chain Product Attribute Benefit Instrumental Value Terminal Value

10. Laddering and the Means-End Chain Sports Car Large Engine Fast acceleration Feeling of power Self-esteem Product Attribute Benefit Instrumental Value Terminal Value

11. Definition Personality : An internal characteristic that determines how individuals behave in various situations.

12. Can We Predict Consumer Behavior from Personality? u Yes--at least to some extent!! u Some variables that predict behavior: –Optimal stimulation level (OSL) –Dogmatism –Need for cognition (NFC) –Susceptibility to influence –Self-monitoring –National character

13. Lifestyle u Outward manifestations/actual patterns of behavior. u Key factors: activities, interests, and opinions (AIO) u Market Segmentation u Catering Marketing Communications

14. Values+Personality+Lifestyle = Psychographics u Some instruments –Values and Lifestyle Survey (VALS, VALS2) –Yankelovich Monitor –Grey’s New Grownups Study –Life Stages (J. Walter Thompson) –Life Style Study (DDB Needham)

15. Values and Lifestyles (VALS) u Personal Orientation in Life – Principle – Status – Action u Amount of Resources – Abundant – Minimal

16. StatusOrientation Struggler Striver Achiever Actualizer Makers Experiencers Believers Fulfilleds 10% ActionOrientationPrincipleOrientation 11% 16% 14% 12% 8% 17% 12% Lifestyles by Percentage

17. Chapter 17 Review u Values u Personality u Lifestyle u Psychographics