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Essay / Research Paper Abstract
This 3 page paper considers the advantages and disadvantages that are associated with using lifestyle categories to segment target markets with a focus on firms operating in the international environment, looking at how and why it may be useful as well as at the constants. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TElifestyle.rtf
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Unformatted sample text from the term paper:
order to develop marketing messages that will appeal to them, in order to support sales. This has been undertaken with the use of different types of characteristics, one approach that
has been the segmenting if individuals by their lifestyle, this incorporates dividing the markets by characteristics such as interests and hobbies. However, it is not the only approach; others that
have been used include the use of demographics and psychographic models (Hooley et al, 2007). In order to assess the benefits that this may offer a firm operating internationally we
can look at how and why segmenting takes place and the specific benefits as well as the challenges. By defining the segments in
the market the marketer can determine which segments have the higher potential for the company in terms of profit creation. This may mean targeting different segment to other division within
the company, for example supermarkets may have both budget and premium brands. Otherwise the business unit may seek to build on the existing segments, for example, sports shoe manufacturers have
developed clothing to complement their footwear. This builds on the same brand name and appeals to a similar segment of the market (Gershon, 2003). From this it is possible to
see the benefit of lifestyle segmenting, especially for some markets where the products are directly related to lifestyle. For example, the makers of albums for stamp collectors, and the makers
of cabinets for butterfly or other collectors have to segment by pass time, and hobbies. However, this extends beyond the use of niche marketing. It may be argues that lifestyles
provide a much grater potential, obvious examples may be seen in terms of leisure activities, not only sportswear, but holiday destinations as well as goods that may support particular lifestyles,
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