What are the characteristics of psychographic market segment? Illustrate your answers with suitable examples
Companies make products in order to fulfil the needs and wants of a customer. There is a constant requirement for a customer for buying new products or services, and these wants keep on evolving and changing with age, income etc. This is directly related to the human psychology or psychographics of a csutomer. Thus, if a company is able to understand the customer’s psychology, there can target them better with the products and services. In these cases, psychographic segmentation is extremely critical for a company.
Market segmentation is done by four ways, in which psychographic segmentation is one of the ways. The other ways of segmentation are demographic segmentation, behavioral segmentation and geographic segmentation.
Understanding the psychology is critical for a business to prosper. Hence, one of ways of reaching out to a homogenous group of customers with similar psyche can be done by considering the following variables:
1. Activities, Interests, Opinions- These three types help the company identify customers who have a similar liking towards activities, have interests in the same domain and what opinions they have about certain matters. These parameters of psychographic segmentation are also known as AIO- Activities, Interests and Opinions.
2. Lifestyle- The kind of life a person wants to live or is currently living helps in understanding their
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