6. Analyzing Consumer Markets & Business Markets

Diving deeper within the concept of analyzing consumer markets in addition to business markets and their respective ecosystems, within this blog entry i will be exploring one of the Market Segmentation models, specifically the framework of LOHAS (Lifestyle of Health and Sustainability). By focusing upon this model, enterprises attain a better understanding in regards to the evident sustainable economy, sequence of healthy lifestyle decision making in addition to ecological lifestyles, alternative health care as well as personal development segmentation of their audience.

The niche market of lifestyle of health and sustainability is ultimately taking up more than 25% of the current customer population, generating a whooping 290 billion dollars in sales (Ethos, 2017). In a nutshell, this segmentation is deemed as a perception oriented, attitude and behavior lifestyle paving societal group in which, their emphasize is upon the development of purchases and lifestyle oriented decision making which add to their pursuit of balanced prosperity between the individuals, the environment and the society itself.

It is worth noting, that by implementing this segmentation framework upon real life scenarios that are directly linked with the marketing endeavors of an enterprise, the trends as well as marketing tools which are utilized, become more precise as the groups which are identified by being filtered through this model, are ultimately coded to 5 different segmentations: Unconcerned; conventionals; drifters; LOHALS and last but not least, naturalities. Each one of the segmentations above that originate from the application of the LOHAS Model, provide businesses with a much needed insight within their respective competitive market and the evident occupants of it.

Before finalizing with this blog entry, yet an other concept that is directly involved within the activities that take place within the procedure of analyzing consumer markets in addition to respective business markets, is the concept of a mental map. A mental map addresses the perspective of an individual and its relation to numerous subjective areas. This selective and highly subconscious-related map, indicates the feelings as well as opinions that a person has for a topic, brand, product or service (“Mental mapping,” 2021). To support this ideology, an evident example of such, is the mindmap provided within the strategic marketing management course, in which, we were subjected to the mental map developed by state farm insurance, an occurrence which allows them to captivate the emotional state their brand radiates through their activities and consistent marketing endeavors.

References:

Mental mapping. (2021, November 14). Retrieved November 28, 2021, from Wikipedia website: https://en.wikipedia.org/wiki/Mental_mapping

Ethos. (2017, July 3). What to Know about Marketing to LOHAS Food and Beverage Consumers. Retrieved November 28, 2021, from Ethos Marketing website: https://www.ethos-marketing.com/blog/reach-market-to-lohas/

Analyzing consumer markets & business markets presentation - Strategic Marketing Management course - KAMK. Retrieved from: DevMoodle - Strategic Marketing Management Course.