Marketing to the Buyer Psychographics

Psychographics (or lifestyle analysis) is an evaluation of a person's daily activities of living or way of life, as expressed by the individual's activities, interests, and opinions (often referred to as AIOs). In the development of marketing strategies for college students (as opposed to the average consumer), conducting a lifestyle analysis of the target market may help provide insights for the creation of advertising themes geared toward the college student. For example, this psychographic profile might describe the college student as being between the ages of 18-24, idealistic with somewhat liberal viewpoints, who enjoys on-line computer activities such as Facebook or MySpace, individual sport endeavors such as skateboarding or running, and weekend clubbing with friends. The profile might also include demographic details indicating that this age group has limited regular income. Thus, the development of a marketing strategy for this target group might include advertising that is Internet or campus location-oriented, using attractive images representing the target market group (young men and women, perhaps with various racial or ethnic appearances). Pricing of the product or service might be leveled in such a way that the purchase could be completed by the customer without having to request funding from a parent or other financial benefactor. This would enhance the student's perception as an independent adult. Finally, promotion of the product or service might include reduced pricing or group specials for off-hours or weekend times when the availability of free time for the student increases.

A comparison of organizational buyers versus final customers denotes several similarities, as well as striking contrasts, in their respective purchasing behaviors. Organizational buyers generally focus more on economic factors, especially as they relate to meeting demands of their respective business strategies. They usually are buying for resale or to produce goods. Consequently, they might employ a more disciplined purchasing approach in order to meet strategic goals. Final customers often make purchases to satisfy personal desires, and thus may tend to be more emotional in the approach they take to making a purchase. The final customer buys to consume or to gain some utility from a product. However, in both cases the buying practices may be considered driven by self-interest. For the final customer, it is satisfying a personal want or need. For the organizational buyer, the goal may be to enhance his professional standing among his peers by demonstrating successful purchasing practices.

A dissimilar way in which the organizational buyer and the final customer operate is in the number of people involved in the purchasing process. For the final customer, he is usually making an individual decision about a purchase (although other immediate family members may wield influence over the decision).