Focus on the Consumer - Lecture Notes

Focus on the consumer Consumer segments 1  Focus on the consumer Segments Mass market versus Individual market 2 Focus on the consumer Segments 3 Focus on the consumer Segments...

Focus on the consumer Consumer segments 1  Focus on the consumer Segments Mass market versus Individual market 2 Focus on the consumer Segments 3 Focus on the consumer Segments 4  Focus on the consumer The consumer market is buyers who purchase goods, services for consumption rather than resale Not all consumers are alike in their tastes, preferences and buying habits due to different characteristics Particular consumer characteristics include various demographic, psychographic, behaviorialistic and geographic traits Marketers usually define these consumer characteristics through market segmentation, the process of separating and identifying key customer groups 5 Focus on the consumer 6  Focus on the consumer South African Consumer Segments The SAARF LSM (Living Standards Measure) has become the most widely used marketing research tool in Southern Africa. It divides the population into 10 LSM groups, 10 (highest) to 1 (lowest). Previously eight groups were used but this changed in 2001 when the new SAARF Universal LSM consisting of 10 groups was introduced. The SAARF LSM is a unique means of segmenting the South African market. It cuts across race and other outmoded techniques of categorising people, and instead groups people according to their living standards using criteria such as degree of urbanisation and ownership of cars and major appliances. 7  Focus on the consumer South African Consumer Segments The SAARF LSM (Living Standards Measure) has become the most widely used marketing research tool in Southern Africa. It divides the population into 10 LSM groups, 10 (highest) to 1 (lowest). Previously eight groups were used but this changed in 2001 when the new SAARF Universal LSM consisting of 10 groups was introduced. The SAARF LSM is a unique means of segmenting the South African market. It cuts across race and other outmoded techniques of categorising people, and instead groups people according to their living standards using criteria such as degree of urbanisation and ownership of cars and major appliances. 8