Discussion: Shared Practice: Strategic Market Segmentation Segmentation entails grouping people with similarities together to understand and describe them better. In addition to such factors as demographics, a marketer also considers a combination of buyer behaviors, personal values, and attitudes when developing a segmentation strategy. Marketers may access many commercial products to assist in the definition of target and other segments. In addition, many segmentation tools are available online. Most view segmentation as a marketing tool, and it is. The same concept of grouping people together who have similarities is a practice found in other professionals as well, however.
For example, you can go online and complete a leadership profile, a personality assessment, a creativity assessment, and, of course, market segment classifiers. In each of these, you are assigned to a group of similar people and your profile is generalized, which results in a segmentation scheme. For this week’s Shared Practice, go online to one of the following sites and complete the information requested related to segmentation: The Nielson Company. (n.d.). Who are my best customers? Retrieved from Provide your ZIP code to see how your neighborhood is defined for marketers. Strategic Business Insights. (n.d.). The US VALS survey. Retrieved from Complete the survey and see how you compare to other consumers U.S. Securities and Exchange Commission. Investor.gov. (n.d.). Assessing your risk tolerance. Retrieved from This assessment defines you according to your risk tolerance. It will not show you any comparative information. Specialized Population specific assessments (better used for targeting than segmenting): American Diabetes Association. (n.d.). Type 2 diabetes risk assessment. Retrieved from Interested in your degree of risk? Like many marketers, the US government uses assessments to categorize (segment) consumers. Galford, R. M., & Maruca, R. F. (2011). Your leadership legacy. Retrieved from To use this tool for segmentation, it would need to be completed by a group of people who could then compare their results.
By Day Post the following: A description of the assessment (name, sponsoring organization, intention of the results) you took. A description of the market segment classifications the assessment revealed (your own classification and the primary classifications (i.e., segments) indicated). Please do not reveal any confidential results. An explanation of a strategy a marketer might use with this segmentation classification to influence this segment’s buyer behavior. Provide an insight from your own experience in completing the assessment and reflecting on your results. How does this experience shape your future buying behavior or your insights into market segmentation? By Respond to two or more of your colleagues
in one or both of the following ways: Suggest another way that a marketer might use the segmentation classification described to influence the segment’s buyer behavior, and explain why you think that your suggestion would be effective. Suggest another way the colleague’s strategy to influence buyer behavior might be perceived by that segment and what the marketer might do about that.
Paper For Above instruction
In this assignment, I participated in the US VALS (Values, Attitudes, and Lifestyles) survey, which is designed to categorize consumers based on psychological factors that influence buying behavior. The VALS framework, developed by Strategic Business Insights, aims to segment consumers into distinct groups that reflect their core values, motivations, and lifestyles. The primary classification in the VALS system includes groups such as Innovators, Thinkers, Believers, Achievers, Strivers, Makers, Experiencers, and Survivors, each representing different outlooks and priorities in life (Strategic Business Insights, n.d.).
The purpose of the VALS assessment is to help marketers understand consumer values and motivations to better tailor their marketing strategies. For example, Innovators are characterized by their confidence, sophistication, and openness to new ideas, while Survivors tend to be more cautious, focused on safety, and less receptive to radical innovations. My own classification, based on the results, fell into the 'Achievers' segment, which typically comprises career-oriented individuals driven by goals, status, and a desire for stability and control. The primary classifications indicated by the survey aligned with my personal values of ambition and a focus on work-life balance.
A marketing strategy aimed at the Achievers segment could focus on promoting products or services that enhance their status, efficiency, and productivity. For example, luxury brands, high-end electronics, or career enhancement tools could effectively appeal to this segment by emphasizing their ability to succeed and achieve their goals. Marketing messages should highlight themes of achievement, empowerment, and status to resonate deeply with Achievers. An example strategy could involve personalized messaging showcasing how the product helps achieve personal and professional milestones, thus reinforcing their core values.
Reflecting on my experience with the assessment, I realized that my responses aligned closely with my desire for professional success and stability. This insight made me more aware of how consumer values shape purchasing decisions and how marketers tailor their messaging to align with those values.
Understanding this segmentation has reinforced my recognition that marketing strategies must be personalized to fit the psychological profiles of target segments to effectively influence their buyer behavior.
This experience has also influenced my future buying behavior by making me more conscious of the underlying motivations behind my purchases. For example, I now better understand why I may prefer certain brands or products that symbolize achievement or status. This awareness encourages me to make more intentional decisions that align with my values, and it helps me critically evaluate marketing messages in the future.
From a broader perspective, marketers aiming to influence the Achievers segment can employ strategies such as emphasizing exclusivity, prestige, and the aspirational aspects of their products. They might also use testimonials from successful individuals or create campaigns around personal achievement stories. However, if such approaches seem overly materialistic or inauthentic, they could be perceived as superficial or manipulative, potentially alienating the segment. To mitigate this, marketers should focus on authentic storytelling and demonstrate genuine value that aligns with the Achievers' desire for meaningful success and recognition.
References
Strategic Business Insights. (n.d.). The US VALS survey. Retrieved from https://www.strategicbusinessinsights.com/vals
The Nielsen Company. (n.d.). Who are my best customers? Retrieved from [website URL]
U.S. Securities and Exchange Commission. (n.d.). Assessing your risk tolerance. Retrieved from https://www.investor.gov/risktolerance
American Diabetes Association. (n.d.). Type 2 diabetes risk assessment. Retrieved from https://www.diabetes.org/risk-test
Galford, R. M., & Maruca, R. F. (2011). Your leadership legacy. Retrieved from https://www.leadershiplegacy.com
Amadeo, K. (2020). What is market segmentation? The balance small business. https://www.thebalancemoney.com/market-segmentation-458186
Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson.
Wedel, M., & Kamakura, W. (2012). Market segmentation: Conceptual and methodological foundations. Springer Science & Business Media.
Lamb, C. W., & McDaniel, C. (2016). Marketing. Cengage Learning.
Armstrong, G., & Kotler, P. (2017). Marketing: An introduction (13th ed.). Pearson.
