Paper Example on Psychographic: A Powerful Tool for In-Depth Market Analysis

Introduction

Psychographic is a methodological way of studying consumers by observing their psychological traits like desires, values, goals, lifestyle choice and interests to provide qualitative data necessary for adjustment making (Ganesh et al., 2016). There are essential marketing and opinion research tools which are often intertwined together with demographic aspects like gender and age to form a more detailed view of the sample. They are, however grouped into three categories based on the details provided by the psychographic, the lifestyle class, social class, and behavioral segmentation.

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The social class psychographic divides the groups based on the CIE (chief income earner), lifestyle class uses individual values, opinions, beliefs, and interests which tend to change regularly, an example of this includes mainstream and explorer. However, the behavioral segmentation separates people based on their uses, knowledge, and attitudes towards the product. In this paper, our focal point will revolve around the lifestyle class, providing the essential components to be included in this psychographic by a presentation of its profile.

The Product

For this psychographic assessment, the bread will be my product choice. This is a product made from dough whose purpose is to enhance natural starch in an individual's diet (in this case our customer), sustaining the mind and spirit. Our firm produces several brands of this product, and therefore the customer has a right to select the best brand based on their type of activities, interests and the opinions developed towards the brand. Therefore, designing a psychographic profile for this product will allow the managerial heads, especially the project manager and the marketing manager, to analyze the tastes of the consumer (Gluck, 2018) based on their daily activities and how they utilize this product for their business, interests or hobbies of the day and opinions about changes or adjustments to be made or maybe their compliments about the product. By utilizing this information, necessary forecasts and changes will be made to improve on quality and the market share of our bread.

Psychographic Profile of The Consumer

Activity

The customer describes how tough his work is, "I am an electrician and a footballer too." However, he demonstrates of how numerous his actions of the day are, he attends work till 2.00 p.m., does some swimming recreational activity then later attends football training until its 6.00 p.m. On weekends, the consumer mentions of his participation in tournaments, if free he attends some hiking and bicycle riding with his family and friends.

Interests

"I am interested in food and recreation," this statement has more significant impacts on us as the marketers of our product. He showed benefits in specificities of dry foods and drinks (cookies, bread, cakes, and beverages). He added that "I like being part of my family always and available for them."

Opinions

"Bread is the most preferable morning meal for my family." Asking him about his favorite brand, he mentioned one of our brand breads (Alvarado's flaxseed bread) which he described as of "good quality, a perfect energizer and price friendly." At first, mentioning this we hypothesized that the consumer might be our potential customer or maybe he is a loyal customer

Categorization of the Customers Using AIO

Based on the activities; according to Gluck (2018) a customer appears to be a potential customer as suggested by the numerous events of the day. He is considered a potential customer since bread is a supplement of energy and protein, it is potentially established that the customer may require energy before, during and even after the activities. Therefore, the marketing team should show value to him by revealing our brands to him and establish a channel or link of queries with him (Ganesh et al., 2016). After analyzing the interests and opinion, the consumer is termed as a loyal customer based on the views he establishes about our product.

Probable Items Aligned with AIO of the Consumer

Customer's activities, interests, and opinions have a significant relationship with energy requirements, products from our firm like bread and dry foods like baked cakes, scones and biscuits will be appropriate and convenient to be packed by the customer during different occupations or recreations. Behaviors like income spending, residential places, for instance, other consumers have interests in staying in urban areas where bread is the principal served morning meal may also influence the market share of our products.

In a market, there exist different kinds of customers, the potential, new customers, impulsive customer, discount customer, and loyal customers (Ganesh, 2016). However, our marketing team established other traits and aspects necessary for increasing sales of our products and tailoring the product to both potential and new customers that the survey provided, since psychographics takes the idea further unlike the demographics. By interviewing these customers using AIO analysis, it was clear that our products had a lot of potential customers and new customers who did not realize the several brands that existed in our firm. We demonstrated some of the available brands to the customers and a lot of positive opinions were noted; the team recommended for a need of good customer relationship to make close monitoring of the activities, interests, and interview of the customers' opinion.

References

Bachelor of Commerce. (2012, February). (Consumer behavior) Chapter 7: Demographics, psychographics, and personality (Web log post). Retrieved from: http://marketingrevisionnotes.blogpost.com/2012/02/consumer-behavior-chapter-7.html

Ganesh, Jai, and Raghuraman, B. (2016). "System and method for creating a comprehensive profile of one or more customers of an organization" U.S. Patent Application No. 14/722,383retrieved from https://patents.google.com/patent/US20160180403A1/en

Gluck, A. (2018). U.S. Patent Application No. 15/736,517. Retrieved from: https://patents.google.com/patent/US20180218385A1/en