GB530 - Post Unit 3

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Purdue Global University *

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GB530

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Marketing

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Feb 20, 2024

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Uploaded by BaronKomodoDragonPerson727

Hello Class! Market segmentation and accurate understanding of the target market are critical elements of strategic Marketing. In the textbook Market Management, the authors define market segmentation as “Consisting of group customers who share a similar set of needs and wants.” (Kotler et al., 2016, p.245). A market can be segmented in many areas and ways, and getting the correct combination is critical. Knowing the customer can be critical to ensure a product or service succeeds. I used to work for Kimberly Clarck, and for them, knowing the customers and how they engaged and used the product was critical. The best example I can use is the launch of the Pullups Training pants. The design team understood the technology and how to create a product that met the needs. They didn’t know that potty training was more than just creating a training pant. Based on the market research and their segmentation, they understood that they needed to provide education and training materials for parents to succeed. Once the customers had the complete package, they could meet the goal and were loyal customers. My VALS results show that I am an Innovator- Achiever. The site describes innovators as always taking information in, confident enough to experiment, and making the most financial transactions ( Strategic Business Insights (SBI) logo 2023). The Achiever side has the Me first attitude, believes that money is a source of authority, and is oriented ( Strategic Business Insights (SBI) logo 2023). It seems pretty accurate based on my awareness of my personality. This insight method would be beneficial for new technologies or products that are unique. This could help companies understand who could be interested and early adopters. Based on some of the questions, I don’t believe the method could be used globally without adjustments, as it seems based on Western traditions and concepts. For example, the financial information captured in the US is not aligned with the salary and currency of Vietnam. The VALS method is a quick and easy way to segment consumers, but I believe that to get meaningful insight companies might need to dig deeper. Reference:

Kotler, P., Keller, K. L., & Chernev, A. (2016). Marketing management (15th ed.). Pearson Education Limited. Strategic business insights (SBI) logo . Strategic Business Insights. (2023). https://www.strategicbusinessinsights.com/vals/ustypes.shtml less

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