Connecting with the best target market segments is a constant marketing challenge. Many companies understand how to use the marketing mix, American Express™, AT&T™, IBM™, Apple™, Southwest Airlines™ are a few examples. VALS™ is a well-known psychographic classification system. VALS is a tool used to explain the relationship between personality traits and consumer behavior. VALS uses psychology to analyze the dynamics underlying consumer preferences and choices.
To-Do: (IN A MINIMUM OF 300 WORDS OR LESS; NOT INCLUDING REFERENCE) answer the questions below.
1.Go to the Strategic Business Insights website and take the VALS survey.
Strategic Business Insights. (n.d.). The US VALS™ survey. http://www.strategicbusinessinsights.com
2.Discuss the following questions with your colleagues in the Discussion area below.
How does knowing the customer drive business success?
How would you evaluate VALS as a method of market segmentation? Share your own VALS survey results and if you thought the outcome accurate.
What types of products do you think would be most helped by VALS?
Could VALS be used to market globally? Include a reference.
Sample Solution