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Market Research and Target Analysis


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Market Research and Target Analysis

Step 1

2. What did you learn about yourself? What VALS type are you?

My Primary VAlS type depicts that I belong to the Experiencers consumer group, and my secondary type (the group that I am most likely to be in) is Strivers. Experiencers are inspired by creativity and self-expression. Moreover, they are usually young, excited, and thoughtless consumers. Thus, they rapidly develop enthusiasm about precise likelihoods, particularly new ones. Similarly, are fast to calm from the eagerness of these new likelihoods. Therefore, choose to explore various varieties of products and excitement. However, this drive leads them to taste the unique, offbeat, and Risky products or services (Gajanova, Nadanyiova and Moravcikova P. 65).

Additionally, the Survivors group usually live narrowly focused lives because they have fewer resources to cope and trust that the world changes so quickly. Thus, are satisfied with familiar products and services and chiefly troubled with their wellbeing and security. Therefore, the customer group stresses on obtaining  basic requirements rather than satisfying needs, thus not portraying any solid primary motivation. Moreover, they are careful customers and signify the modest market for services and products. Lastly, they are loyal to specific brands of products and love to buy products at a discount (Gajanova, Nadanyiova and Moravcikova P. 67).

Step 2

2.What is your Mind Base segment? Do you agree?

My Mind base segment is Gen Z (100% Engaged Activists). I strongly Agree since financial mindedness is my chore characteristic. Growing up, I witnessed my parents struggle, thus taking substantial financial hits during the great recession. Therefore, I am driven by security and pragmatism.

Step 3

2. What tertiary market segment do you believe is targeted in this video, and how can you tell?

Demographic Segmentation. The Chevy Camaro commercial styles an old couple young again as they enter the car heading to their date. The Red Camaro and Chevrolet symbolizes the fountain of youth. Therefore, demographic segmentation refers to classifying the target market in the video based on the specific Variable Age. Moreover, it is a type of market segmentation that assists companies and businesses to comprehend their customers better and meet their needs effectively (Pitt and Plangger P.1).

3. Who are the primary and secondary markets based on demographic and psychographic criteria

 Primary market section of a market trusts it will offer best opportunity to sell, thus usually not the major segment in a marketplace. For example, in the demographic, in golf, most of the players are men; therefore, a corporation that brands females’ clothing for elders would consider women under the age of 50. Thus, the primary market is business owners or companies that create the securities such as bonds or bills, while the secondary markets are corporates that trade them afterward.

Step 4

What is the connection between VALS and Mind Base?

Mindset is the consumer’s belief; therefore, they are well-intentioned. The consumers are inspired by a higher purpose thus want to be involved or be a part of some trend or brand. Moreover, they operate in the service of others to achieve this. Consumers with such mindsets are satisfied once their basic needs are met, whereas values are the roots of the belief that matters to consumers over a specific brand or product. Thus, the connection between VAlS and Mind Base is they determine or explain the Loyalty of consumers towards a particular brand (Gajanova, Nadanyiova and Moravcikova P.68).

Step 5

1.How close (representative) are you to being a true millennial?

I am 49 percent Millennial therefore that makes me a Marginally Millennial.

2.How do your results illustrate Demographics, Segmentation, and Psychographics?

When identifying a demographic group for target analysis, business owners should focus on advertising their products or services online. Compared to the previous generations, Marginal Millennials usually rely on peers thus turn to an online network for advice and guidance on purchases and decisions. This is reflected because most of these millennials are conversant with mobile technology. In segmentation, Millennials are usually in the top mind, making them the primary target for most brands since they are diverse in their habits and values; thus, they influence each other. Moreover, according to Psychographics, marginal millennials are impatient and usually opt to choose the easy alternative; therefore, marginal millennials are full of multi-taskers and creative thinkers (Pitt and Plangger P.4).

3.Could this site be collecting demographic and psychographic data for primary (or secondary) research? If so, which one(s)?

Yes, the site could be used to collect data. The site can collect demographic data for primary research since it’s cheap to collect. Surveys determine potential customers in a criterion that focuses on age, gender, religion, income level, and occupation. The site should involve such characteristics in the online surveys of their demographic target market that involve their interest, ability, and needs to purchase the products or get services (Pitt and Plangger P.5).

Work Cited

Gajanova, Lubica, Margareta Nadanyiova and Dominika Moravcikova. “The Use of Demographic and Psychographic Segmentation to Creating Marketing Strategy of Brand Loyalty.” Journal of Scientific Annals of Economics and Business 1 (2019): 65-84. Article.

Pitt, Christine and Kirk Plangger. “New Approaches to Psychographic Consumer Segmentation.” European Journal of Marketing 54.2 (2020): 1-5. Article.

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