| VALS is a marketing tool that is used, among other things, to predict consumer behavior based on their philosophical perceptions, their mechanical and intellectual curiosity. VALS stands for Values and Lifestyle and is a series of questions to define the target groups. It is believed that every boy behaves and consumes differently.
VALS (Values and Lifestyles) is a proprietary research method used for psychographic market segmentation. Market segmentation is meant to help companies tailor their products and services to the people who might be buying them.
Consumers are limited in their full self-expression through behavior and purchases. Hence, VALS also measures a person’s ability to express themselves in the market. VALS ™ identifies the psychological reasons that predict consumption differences.
The acronym VALS (for values, attitudes and lifestyle) is a psychographic segmentation. It was developed in the 1970s and inaugurated by Mitchell at SRI International in 1978. VALS ™ ranks American adult consumers into one of eight segments based on their responses to the VALS questionnaire.
Types of VAL:
The main dimensions of the VALS segmentation framework are consumer motivation (the horizontal dimension) and consumer resources (the vertical dimension). Consumers are inspired by one of three main factors: ideals, performance and self-expression.
Demographic information usually focuses on external or physical factors such as age, ethnicity, gender, location, etc. while psychographic information focuses on psychological factors such as motivations, beliefs, priorities, etc. Definition: Values and Lifestyle Research (VALS)
The interest. Values and lifestyle are a means of market segmentation where consumers are divided into groups that are mutually exclusive based on their psychography such as high performing people or experienced people.
Service segmentation divides the market based on the perceived value, benefits, or benefits that consumers derive from a product or service. Many different companies use this type of segmentation, including the automotive, apparel, home furnishings, and consumer electronics industries.
An effective tool for market segmentation is called PRIZM. It is developed by Claritas. PRIZM stands for Potential Rating Index for Zip Markets and is based on geographic neighborhood data determined by the United States Census. Families are grouped into one of 68 demographic and behavioral segments.
Psychography is used to segment consumers out of demographic variables. A well-known segmentation strategy is VALS, which stands for Values, Attitudes, Lifestyle. PRIZM combines demographics, consumer behavior and geography to help marketers identify, understand and target potential customers.
Psychographic segmentation involves splitting the market into segments based on different consumer personality traits, values, attitudes, interests and lifestyles. This segmentation is beneficial because it allows you to specifically participate in product design and marketing.
Updaters are people with so many resources that they can partially or fully benefit from their personal orientation. On the other hand, underfunded people find it difficult to immerse themselves in any customer orientation. The different personality of each person influences their buying behavior.
Market segmentation is the process of dividing a market of potential customers into groups or segments based on different characteristics. The segments created are made up of consumers who want to respond to marketing strategies in a similar way and who share characteristics such as similar interests, needs or places.
(P. 193) To return to the VALS system, this acronym stands for: Values and Lifestyles System (p. 194).