1. What have you learned about this particular consumer group? Discuss at least 5 characteristics of the consumer group. For example, the baby boomers generation has the largest population size – 78 million people. For another example, brand positioning that focuses on establishing identity, rebelling, or peer acceptance is more effective among the teen and Gen Y market.
2. How to market Car Insurance to Hispanic American consumer group? Create an ad (print or video) and name 3-5 media on which you will place the ad.
1. Which consumer segment best describes you? And what other Lifestyle & Media Traits would you like to add to the existing list based on your consumption?
2. What’s your evaluation of this segmentation tool in assisting marketing practices?
Hispanic American Consumer Group
Assigned Consumer Group: Hispanic Americans
1. I learn that the Hispanics Americans consumers are the single largest minority in the U.S.A. They are the second largest consumer group in the Australian market. They are young, digitally connected and socially engaged with today’s world at various purchasing level.
Five characteristics of Hispanic Americans Consumer group –
- Authenticity and Transparency of any product matter mostly – Hispanic Americans consumers’ found transparency and authenticity in most appealing manners towards any brands. They wanted 100% tactic and creative output in every purchasing products.
- Value those brands that are socially responsible – Hispanic Americans consumers’ value those brands only that are reliably too good (Korgaonkar, Petrescu and Karson, 2015). The consumer group supported a local cause or living and breathing an encouraging brand purpose that may have a positive impact on society is more important. This is the key characteristics of Hispanic Americans consumers.
- Favor those marketing behaviors that reflect their culture – Hispanic Americans consumers mainly have a unique and rich culture, and they mainly follow traditional culture. In addition, it means they only favor those brands that reflect their traditional culture in every aspect.
- More likely to search new brands through social media – Between the Hispanic Americans Consumers,' there is a trend to search for new products or to discover new brands throughout the various social media (Bricker et al., 2016). Every Hispanic audience has social media accounts to search for new things through the internet, and they not only use the internet for entertainment purposes.
- Like better quality products that show brand loyalty – Hispanic Americans consumer's say that quality is the factor that most influenced brand loyalty. Hispanic Americans consumers like or feel happy to spend and continue spending money on those brands that encounter with their standards.
2. Car insurance is a significant asset to the American people, and in present days Hispanic Americans are also familiar with this insurance procedure. Hispanic Americans are familiar with both offline and online services, and therefore they can appoint an agent that can easily demonstrate the benefits of insurance both online and offline (Mora, 2014). The main aim of this strategy is to convince the consumer group that car insurance not only provides safety of their cars but on the other hand it also provides the corresponding security of their cars. With the help of this strategy, the car insurance market will easily grow their business to the Hispanic American consumer group.
The following of the car insurance towards the Hispanic American customer group should be posted on YouTube, Instagram, and Newspaper, Billboards and also on television. The advertisement will be posted in the above media so that every Hispanic American people will ensure their car after taking it from the market.
1. “25 -up-and-comers” consumer segmentation best describes me because I am a 26 age college graduate student having an idea of latest digital technology and searching for a better job in future to achieve better success and to make own savings account. So, I belong to this consumer group -Upper Mid (Scale) Younger Family Mix because up-and-comers belong to younger families, some have children while others just planned to get married. These type of consumers mainly lived in suburban areas and second cities. The consumers of this group are mainly digitally connected college graduates who are fit with athletic activities and have an idea of latest technology in every matter usually ages, 25 to 44 (Stewart, Rogers and Haque, 2015). While some others are continuing their education with the hopes of purchasing a home with own money, increasing their saving amounts and to achieve better success in the following years.
The lifestyle patterns and media traits that I should like to include in the existing list is simply based on my consumption. These traits follows the opinions about any new product launch in the Australian market. The attitudes towards any market aspects must be goods so that everybody supports the attitude. There must be high-interest power and eager to know any new method of technology which will benefit me in the future. The high amount of curious to know about new trends and happenings in social media to become aware firstly from others, must keep patience to understood negative views regarding any product matter and trying to solve it (Ryabov, 2016).
2. Segmentation is an important marketing technique that helps anybody to reach each group of future customers with a proposal that can be appealed to them. The consumer segmentation tool applied to knowing the consumption behavior of the same group of individuals that are similar in specific ways (such as age, gender, spending habits and interest) throughout the world helps a lot to know their trends regarding the market strategy in merging world (Alvarez, Dickson and Hunter, 2014). This consumption segmentation tool helps the marketers to know their customers very deeply and properly to understand their behaviors and assumptions regarding marketing. Each segment ensures the marketers are not waste any resource at marketing level on the peoples on the basis of the segment that never buys their products. Rather with the help of this consumer segmentation tool, the marketers may apply specialized tools to analyzed and gather current data based on those subgroups, then they can develop various different designed strategies to give best results for each segment to meet their satisfaction.
Moreover, from the fact it is clear that without consumer segmentation tool, a company can never apply its market strategy. The company gets various advantages such as a clear focus on each consumer segments, increase in competitiveness, customer retention, better communication with individuals of every segment, profitability increases, and market expansion. After analyzing properly, I can say that the marketers get many bits of help from the consumer segmentation tool.
Alvarez, C.M., Dickson, P.R., and Hunter, G.K., 2014. The four faces of the Hispanic consumer: An acculturation-based segmentation. Journal of Business Research, 67(2), pp.108-115.
Bricker, J., Dettling, L.J., Henriques, A., Hsu, J.W., Jacobs, L., Moore, K.B., Pack, S., Sabelhaus, J., Thompson, J. and Windle, R.A., 2017. Changes in US family finances from 2013 to 2016: evidence from the survey of consumer finances. Fed. Res. Bull., 103, p.1.
Korgaonkar, P., Petrescu, M. and Karson, E., 2015. Hispanic-Americans, mobile advertising, and mobile services. Journal of Promotion Management, 21(1), pp.107-125.
Mora, G.C., 2014. Cross-field effects and ethnic classification: The institutionalization of Hispanic panethnicity, 1965 to 1990. American Sociological Review, 79(2), pp.183-210.
Ryabov, I., 2016. Conspicuous consumption among Hispanics: evidence from the consumer expenditure survey. Research in Social Stratification and Mobility, 44, pp.68-76.
Stewart, H.L., Rogers, H.P. and Haque, M., 2015. Media Usage and the Buying Behavior of Hispanics. In Minority Marketing: Research Perspectives for the 1990s (pp. 33-36). Springer, Cham.