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Consumer Behavior [MKTG.301] Dr. Carter PowerPoint Presentation
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Consumer Behavior [MKTG.301] Dr. Carter

Consumer Behavior [MKTG.301] Dr. Carter

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Consumer Behavior [MKTG.301] Dr. Carter

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  1. ETHNICVALUEMATCHING:Segmentation for Diverse Market Values Consumer Behavior [MKTG.301] Dr. Carter

  2. ETHNIC VALUE MATCHING PROJECT: [Consumer Behavior (MKTG.301); Dr. Carter] • The “Depth” and “Breadth” of Ethnic Diversity • The “Depth” of Diversity – Inclusion vs. Isolation • “E plurabus unum” / “E unum plurabus” • Out of many come one / out of one come many • Unity in diversity / diversity in unity • Many branches – one root • Many doors -- one room • I am because we are / because we are I am • Yin / Yang Our past periods of complex intersection … Provide lessons for future interaction B r e a d t h [ ethnic exposure as “isolated” cultural silos ] D e P t h C B D A E * [ ethnic exposure as “inclusive” episodes of cultural intersection ] * * * *

  3. ETHNIC VALUE MATCHING PROJECT: [Consumer Behavior (MKTG.301); Dr. Carter] • A. The “Depth” and “Breadth” of Ethnic Diversity [Cont’d.] • The “Breadth” of Diversity – Spectrum of Specialties • Anthropology – “mosaic of meanings” • History – “trail of tears … and triumphs” • Sociology – “let ins and left outs” • Political Science – “power blame and power brokers” • Business – Portfolio Markets and bio-diversity Competence • B. THE “BUSINESS CASE” for ETHNIC DIVERSITY • Competitive free market creates a results-oriented “sports team” • context that emphasizes … • * Behaviors vs. Attributes • * Future vs. Past • * Cohesion vs. Contention • * Positive vs. Negative • 1. The Trend’s Your Friend [“Portfolio Theory” of Demographics and Growth Rates] • 2. Survival of the Fittest [Biodiversity as Market Diversity] • 3. Free Markets Create Ethnic Choices [Ethnic Identity vs. Ethnic Orientation] • 4. Think Globally, Act Locally [Cross-Cultural Analysis for American Ethnic Segments] • 5. Matching Values in Valuable Markets [Triangulation of People, Products, Processes] • * Reference: www.diversityinc.com[search “the business case for diversity”]

  4. ETHNIC VALUE MATCHING PROJECT: [Consumer Behavior (MKTG.301); Dr. Carter] • C. SEGMENTATION – The Fundamental Framework • 1. Segmentation Purpose/Logic [“Homogeneous – Heterogeneity”] • 2. Segmentation Bases [“Ways to slice the pie’] • 3. Segmentation Method and Technique [“Process for slicing the pie”] • 4. Assessing Meaningfulness of Segments [“Ways to test the slices”] • 5. Segmentation Strategies [“Ways to taste the slices”]

  5. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 SECTION ONE: A “MARKETING STRATEGY” PRIMER ON “ETHNIC SEGMENTATION”

  6. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 Ethnic Diversity in the American Marketplace … Arab Am. Hispanic Am. Asian Am. African Am. Mainstream … Creates a Strategic Dilemma Regarding Future Paths to Market Success

  7. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 Ethnic Market Segmentation is a Strategic Solution … Hispanic Am. Arab Am. Mainstream Asian Am. African Am. … to the Dilemma Created by Diverse Ethnic Niches

  8. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 EffectiveEthnic SegmentationCreates “Market Diversity” Within “Diverse Markets” … ETHNICITY – the unifying cultural identity & traditional orientation of people who share a common history [e.g., beliefs, values, symbols, customs] RACE – a class or kind of people with genetically similar physical & biological traits, characteristics, and tendencies [e.g., skin, hair, face features, body type] … By Emphasizing INTRINSIC Ethnic Patterns Instead ofEXTRINSIC Profiles of Race

  9. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 THIS CREATES A “CULTURAL COMMODITY” STRATEGY TOWARDS ETHNICITY&MARKETS

  10. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 SECTION TWO: A “FREE-TRADE THEORY” OF “ETHNIC COMMERCE”

  11. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 The Beginning of “Market Diversity” … • Ethnic Orientation • Fluid • Individual • Transitional • Choice • Situational • Self-constructing • Means • Ethnic Identity • Fixed • Collective • Traditional • Chain • Intergenerational • Self-referential • Ends … is the Freeing ofEthnic Identityfrom Ethnic Orientation

  12. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 “Market Diversity” is Driven by Ethnic Orientation … • Ethnic Identity • Ethos • Demographics • Bio-Genetics • Ancestry • Consummation • Cultural Values • Faith/Belief System(s) • Ethnic Orientation • Logos • Psychographics/Lifestyle • Psycho-Genetics • Access • Consumption • Market Values • Financial/Barter System(s) … Just as Ethnic Identity Defines “Diverse Markets”

  13. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 In the Language of Markets, Ethnic Identity Defines People & Customer Segments … Ethnic People & Culture Ethnic Products & Consumption … Whereas Ethnic Orientation Defines Products & Consumption Situations

  14. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 Although Ethnic Identity is Authentically Created “Of” & “By” a Particular Ethnic Segment … Affinity of Ethnic Orientation “FRUITS” Authenticity of Ethnic Identity “ROOTS” … Ethnic Orientation Forms/Expressions are Shared “For” All Ethnic Segments to Collaborate & Consume

  15. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 In“Free-Market”Societies likeAmerica … “ETHNIC MENU” “Styles White* African Hispanic Asian Arab Others of Life” Foods Fashion Fun Function Furnishings Finance Facts *Note: Includes multiple European/Anglo ethnic groups Fall 2005 & Spring 2006 – Ethnic Agri-Food Branding Fall 2001 – Packaged Foods Branding “New Product Works (NPW) “Ethnic Collection” http://www.arborstrategy.com/asg/newproductworks/newproductworks.html FALL 2007as well asSpring 2007; Fall 2006& Winter 2002 Ethnic Fashion Branding Fall 2004 Ethnic Music Profiles “Sounds of Diversity” Winter 2005 Ethnic Automotive Profiles “Driving Diversity” …Ethnically Diverse Customers CHOOSEwhich Cultural Pool they Consume

  16. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 THIS CREATES A “TRADE OF VALUES” APPROACH TOWARDS ETHNICITY&MARKETS

  17. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 SECTION THREE: “CROSS-CULTURAL” “ETHNIC MERCHANDISING”

  18. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 The Duality of Ethnic Identity & Ethnic Orientation … Ethnic Marketing Strategy Ethnic Customer/Market Pools [“Ethnic Identity”] Ethnic Product/Service Pools [“Ethnic Orientation”] … Permits Bi-Directional Application of Ethnic Marketing Strategy

  19. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 On One Hand, Mainstream Offerings can be CUSTOMIZED to Ethnically Diverse Markets … D I V E R S I T Y Ethnic Offerings M A R K E T Mainstream Offerings D I V E R S E M A R K E T S Multi-Ethnic Market Exploration Ethnically Diverse Market Customization … On the Other Hand, Ethnic Offerings Elicit Multi-Ethnic Market EXPLORATION

  20. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 Global “Cross-Cultural” Analysis Techniques … • Ethnic Segment “Y” • Prod/Service Spending • Cultural Values • Aesthetic Image(s) • Demographic Features • Lifestyle Functions • Leisure Activity • Language • Market Offering “X” • Prod/Service Category • Performance Values • Brand Image(s) • Design Features • Practical Functions • Pleasurable Uses • Merchandising … Adapt Market Offerings to America’s World of Diverse Markets

  21. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 “Ethnic Value Matching” applies Market Segmentation … • PEOPLE • (customers) • Ethnic Identity • Cultural Values SEGMENTATION • PRODUCTS • (commodities) • Ethnic Orientation • Market Values • PROCESSES • (company) • Market Mediation • Brand Strategy Values … To Connect “Diverse Market” Customers with “Market Diversity”Offerings through “Mediating Processes”

  22. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 “Ethnic Value Matching” Consists of 7 Stages: 7. Brand Value PROCESS Triangulation (3Ts) 6. “Old/New Country” Cross-Cultural Adaptation 5. Profile Ethnic Orientation of Fashion PRODUCT (3Fs) 4. Profile Ethnic Identity of PEOPLE (Earth, Time, Culture, Values) 3. Select the Focal Fashion PRODUCT Category 2. Select the “Old/New Country” Ethnic PEOPLE 1. Understand Ethnic Market Segmentation Strategy

  23. Ethnic Value Matching MKTG.301 Dr. Carter 2K7 We Use Concepts to Format Ethnic Market Profiles … MARKETING THEORY “REMAINS” CUSTOMER DATA “CHANGE” PRODUCTS/BRANDS “CHANGE” … Because Customer Data & Products Can Change, But the Value of Analysis Framed by Theory Remains!

  24. Ethnic Value Matching Consumer Behavior [MKTG.301] Dr. Carter 2K7 SECTION FOUR: YOUR PROJECT “ETHNIC CUSTOMIZATION” OF FASHION BRAND ARCHITECTURE

  25. Ethnic Value Matching MKTG.301 Dr. Carter 2K7 Customer Behavior Concept Frameworks … (A) PEOPLE (B) PRODUCT • Earth (space) • History (time) • Culture (ethos) • Values (logos) • Form (tangible “what”) • Function (intangible “how/when”) • Facilitation (meanings “why/which” (C) PROCESS: *Triangulate (“match”) *Target (“market”) *Taste (“message”) NEW Triangulation Personal Physical Data Environmental Physical Data 3 Roles People Level Individual Contextual Data Environmental Contextual Data Ethnic Value Matching 9 Values Products Processes … Format “Live & Linked” Ethnic FashionReports

  26. Ethnic Value Matching MKTG.301 Dr. Carter 2K7 THIS CREATES AN “ETHNIC VALUE MATCHING” PROPOSAL FOR “NEW ETHNIC FASHION BRANDS”