Profiling Markets With Psychographics Essay Paper

Profiling Markets With Psychographics

Profiling the Soft Drink Market with Psychographics

The intent of this analysis is to evaluate the various psychographic segments of the soft drink marketplace. There are seven different psychographic segments included in this analysis, each with drastically different expectations, needs, wants and preferences for soft drinks overall. Beginning with the Thrill Seekers, and progressing to the Trendy Quality Seekers, then the Price-Value Shopper who shops for soft drinks on price and availability, then the Social Shoppers, Brand Aspirationals and Price-Sensitive Affluents round out the entire series of segments. Each of these segments have drastically different needs and approaches to purchasing and consuming soft drinks as this analysis illustrates.

Analysis of Psychographic Segments

Each of the segments are analyzed with specific focus on their preferred types of soft drinks, ways of purchasing them, and a short analysis of their demographics as well. The differences in each segment are significant from the perception of what soft drinks are supposed to deliver in terms of enjoyment, opportunities to socialize, and meaning in their lives.

Thrill Seekers

See adventure, fun and the chance to connect with and have fun with friends as the very best part of life, the Thrill Seekers are often involved in two or three sports activities and several different social programs. The are very extroverted, confident, and see life as meant to be fully lived, without holding anything back. Their decision of which soft drink top buy is more motivated by the energy kick and rush of caffeine in addition to taste. They are very brand loyal to high energy drinks including Red Bull and also like Monster drinks as well. It is common to find them at parties well into the early hours of the morning, looking to have fun with friends and also experience life to its fullest. Their age groups range from 15 to 26, predominantly male, and often have at least three dozen Xbox 369 games in addition to motorcycles, jet skis and a snow board. Thrill Seekers is also a referent group for the Price Value Shopper who sees their role in life as serving members of this segment, many of which are children of Price Value Shoppers.

Trendy Quality Seekers

Upwardly mobile young professionals the majority of which are Dual Income No Kids (DINKS), members of this psychographic group are more focused on entertaining, traveling and attaining their own goals professionally and personally than any other group in this study, the trendy quality seekers are motivated by a good bargain and also retaining brand loyalty. Like the Price Sensitive Affluents, they are very focused on getting a good deal and winning the game of shopping, the difference however with this segment is that they will pay even more than the Affluents for a specific brand or label. Their up-and-coming status means a lot to them as they entertain often, and they want to portray the right image as well. They go to concerts, travel, read and often do home improvement projects to have fun and also get a sense of accomplishment in their lives. Their age is between 21 to 35 and they are often in mid- to upper income groups. Their DINK role opens up significant incremental income to pursue their passions as well. Marketing soft drinks to this group stresses their aspirations fo traveling globally and have a good time with friends, and also being connected with those they value the most, close family and friends.

Price-Value Shopper

Shops at mass merchandisers and discount retailers including WalMart as members of this segment see it as their duty to shave every possible cost from family expenses in an effort to make ends meet. Their mission in life is to enable their families to make ends meet every month, and they are passionate in the pursuit of this goal. They have very strong religious affiliations, and are often the cornerstone of youth groups and family ministries in their churches and synagogues. The most important value they have in their lives are their families. They tend to pay cash the majority fo time for things they buy and think they worry too much about life in general and spending time with their families specifically. They have as a group a median U.S. per capita income of around $47,000 a year, often have two more children and are stay-at-home mothers raising their families. They are also the most solid psychographic and demographic segment discount retailers have in the U.S.

Social Shoppers

As a group, these younger consumers are more concerned with what people think than any other psychographic segment and are also the most into conspicuous consumption. They are also more dictated and guided by collective taste than any of the other segment and seek to gain approval and peer approval by their purchases of everything fro soft drinks to styles of clothing. They are also very focused on how best to show they understand the natural ingredients in certain products and work to show they also have a very firm grasp of nutritional content of foods and drinks as well. A sub-segment of this market are also status-driven vegetarians who fall into a psychographic subsegment that seeks to use their purchases of beverages and food as a social statement as well. Social shoppers concentrate on these aspects of purchasing to promote their own identity and also strengthen it. They see purchases as a validation to the outside world of who they are. They are in the 15 — 26 age group, of median incomes levels of around $47,000 a year, and are part of larger families where the realities of economic sacrifice often force them to make trade-offs on purchases. When asked to make a selection of one product over another, they often choose a brand that more precisely aligns with the values mentioned here.

Brand Aspirationals

These are young careerists between the ages of 26 to 35, have higher-than-average incomes and believe strongly that the brands they are affiliated with to a large extend define who they are. As a result, they often drink name-brand soft drinks and high-end beers including Heineken. They are more about how they look that who they are; as their appearance and own reputation preoccupy their thoughts. They are very brand conscious and also flock to brands that sports stars from the NFL, NBA and major league baseball endorse. They are between 16 and 24 years of age, the majority fo them are single, and they most often watch FOX Sports and play video games on the Xbox 360.

Price-Sensitive Affluents

The most senior group of the psychographic segments are the price-sensitive affluents, who get pleasure from saving a significant amount of money on everything from food to soft drinks and fine wines. Their motivation is also status, yet it is more focused on the luxury experience, not just the brand names as the Brand Aspirationals are. They are also product of bagging a great deal on pretty much anything, and will get a sense if satisfaction from getting a half dozen liters of Diet Coke at Costco for 75 cents each on sale. They see price shopping and consuming as a challenge. When they entertain, they most often serve the most common soft drinks to their guests, and also serve fine wines (bought on sale) to dinner guests. They are college educated, over 50 years of age, making over $100,000 a year on average. They are also highly educated and often live in upscale suburban areas.

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