Lifestyle Segmentation
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Lifestyle Segmentation using PRIZM
1) How this program does work?
Ans: This is a program designed by the Claritas Company to know the lifestyle segmentation of the people staying in the same area. For this we need to go to the claritas company website, and then go to my best segment option and then we need to click on zip code look up. According to the zip code, the top 5 segmentation in the area will be provided. Then we need to check up in what category we fit into.
2) Which classification do you fall into? Do you agree and why or why not?
Ans: I fall into classification of urban achievers. I fall into this category because Urban Achievers is often the first stop for up-and-coming immigrants from Asia, South America, and Europe. These young singles, couples, and families are typically college-educated and ethnically diverse: about a third are foreign-born, and even more speak a language other than English. Their demographic traits are that they belong to lower-mid income class, the age group is below 35, and the education levels are some college and mostly they stay on rental basis.
3) How would marketers use this information?
Ans: Through lifestyle segmentation marketers can understand the needs and want of the customers. Accordingly marketers can use their marketing strategies to introduce new products on the purchasing power of the customers. Marketers can guide their promotional campaign and strategies which will help to find and reach their targets markets more effectively.
4) Do you think this is a valuable marketing tool? Why or Why not?
Ans: According to me it is a valuable marketing tool, because the marketer can easily find the target markets and they can know the means and channels through which product can be launched to the market. Since the U.S consumer market is vast and wide spread, such a marketing tool is very essential to reach the consumer and this marketing tool can help in determining of what type of advertising should be created and where it should be appear.
SUBMITTED BY-
RAHUL RATHI
STUDENT ID-1351806