As businesses have grown to realize that the success of
operations is more and more dependent upon an adequate knowledge of
consumer behavior, the importance of lifestyle market segmentation
has increased steadily. In this volume, Ronald Michman shows how
social and cultural changes in group dynamics and purchasing
influences can be used in making lifestyle marketing decisions.
Working from a management-oriented perspective, Michman describes
the key steps in market planning--interpreting signals of change,
assessing the implications of change, and developing strategies to
take advantage of the change--and challenges the viewpoint that
strategies from lifestyle market segmentation studies can be
developed in the short term.
Viewing lifestyle market segmentation as just one aspect of an
overall marketing plan, Michman links the specific strategies of
this approach to the larger issues of strategic planning. The first
three chapters of the book place the topics of market segmentation
and lifestyle segmentation into a historical perspective, and trace
the development of these marketing approaches. The next three
chapters focus on group dynamics and purchasing influences,
covering specific target markets such as singles, teens, the
elderly, and ethnic groups. Methods for cultivating these markets
through lifestyle segmentation strategies are fully discussed. In
the final three chapters, lifestyle segmentation is examined in
relation to the impact on consumer behavior of decision making,
purchasing habits, and changing values. With its emphasis on
practical application, this work will be a valuable resource for
managers and other professionals in the marketing field, as well as
for students in business and marketing courses.
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