Business

Psychographic Segmentation Psychographic segmentation is an approach used to target a specific group from the population with identifying their personal traits and characteristics. (7) According to SRI Consulting (1997), it is equally important in determining psychographic segmentation, as it is useful in forecasting and predicting the future behavior of the customers. (3)There are several ways in dividing the population into different segments based on lifestyle, social class, and personality characteristic.(4)

Lifestyle patterns can bring a significant differences in their consumption style.(2) It involves classifying them according to their beliefs, values, opinions and interest. An attitudinal targeting company, Resonate has released a new survey showing that Generation Y is more appealing for the image of the product than value. (10) Hence desirable and attractive features of packaging will be effective for Hershey’s Swoops. Apart from that, empowerment is fairly important. Generation Y wants to use their buying power on useful product that brings an improvement in their life. Thus detail explanation about the healthy ingredient of Hershey’s Swoops, serving various nutrients such as protein, calcium can enhance the reputation of Hershey’s Swoops and change the customer perceived value. (13)

Hershey’s Swoops should attempt to segment their markets by discovering the consumers’ personality and offer a brand relating to their personality traits.(7) As Hershey’s Swoops is exploring the Generation Y market, it is known that generation Y has the poor brand consciousness. (8) Therefore Hershey’s Swoops should start building trust and lead to brand loyalty. This can be implemented by selling healthy, low calories milk chocolate. As generation Y often uses the brand as a mean of self-expression, hence use of celebrity endorser would be a key in attracting their attention.(11) Identifying our target market, building up brand loyalty and use them as brand evangelist enables us to bring Hershey’s Swoops back on track in the product life cycle. (9)

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1) http://www.marketing91.com/psychographic-segmentation/
2) http://tutor2u.net/business/marketing/segmentation-psychographic.html
3) http://www.penerbit.utm.my/bookchapterdoc/2009/english/Book20/Chapter2.pdf
4) Armstrong
5) http://www.examstutor.com/business/resources/studyroom/marketing/market_analysis/8_psychographic_segmentation.php
6) http://businesscasestudies.co.uk/business-theory/marketing/segmentation.html#axzz2OzoArRXn
7) http://www.studymarketing.org/articles/Consumer_Psychology/Psychographic_Segmentation.html
8) http://rayhigdon.com/why-you-should-know-about-the-buying-traits-of-generation-y/#
9) http://socialmediatoday.com/davidjohnson4/563490/gen-y-harnessing-power-loyalty-generation
10) http://www.forbes.com/sites/kymmcnicholas/2010/10/19/how-to-sell-to-gen-y/
11) http://www.buseco.monash.edu.au/mgt/research/working-papers/2007/wp28-07.pdf
12) http://virtualcampus.fortefoundation.org/girltalk/post/gen-ys-buying-habits-fact-or-fiction
13) http://www.candyfavorites.com/shop/catalog-hershey-usda.php