UnderstandingtheConsumers’ PersonalCharacteristics astheStartingPoint forTargetedMarketing tinavukasovi´ c University ofPrimorska, Slovenia tina.vukasovic@upr.si Market segmentation andchoosingtarget markets allowcompa- nies todistinguishandpositiontheir offerandtoplantheirmar- ketingactivities inamannerallowingthemtocome as closeto consumers as possible. Acompany doingbusinessin alarge mar- ketsoonrealises thatitcannotsupplytoallconsumersin this market. There can betoo manyof them, theycan differwith re- gard totheir requirements, can be scattered across themarket, or their purchasingdemands are substantiallydifferent. Themain objective ofthemarket research, whosemain results are pre- sentedin thearticle, was toresearch consumers’ lifestyle, per- sonalvalues andmedia habits.The quantitative research method was chosenandthetechniqueofonlinesurveying. Theresearch results willbe usedasa basisformarket segmentation andfor creating effective marketing messages andchoosingappropriate marketing communication tools intheanalysed market. Key words: lifestyle, values, consumer, market segmentation, marketing strategy, media, marketing communication, Croatia https://doi.org/10.26493/1854-4231.15.29-41 Introduction Thecoreofthecontemporarymarketingstrategyofthe21stcentury is comprised of segmentation, choosing target markets, and posi- tioning,whichisalsocalledtargetmarketing(Vukasovi´ candJagodiˇ c 2017). Companies are learning that mass marketing and marketing of diverse products is becoming increasinglydifficult. Massmarkets are getting smaller and are disintegrating into hundreds of small markets which are characterised by consumers searching for vari- ous products through various sales channels and paying attention tovariouscommunicationchannels.Companiesareincreasinglyac- cepting targetmarketing.The latter presentsthe first step of strate- gic thinking in contemporary companies. Utilising a deliberate ap- proachtotargetmarketing,companiescreatetherightrelationships management15(1):29–41 29 Tina Vukasovi´ c with the right consumers. In order for target marketing to be suc- cessful, the market has to be researched and the key markets de- termined, i.e. marketsegmentationfollowed by brand, products and servicespositioning (Vukasovi´ c2018). Segmentation can be defined as breaking down the market into various groups of consumers. Here, the target group can be found and reached using the right marketing mix (Damjan and Možina 1995). The main element of such a strategy is the focus on one or morenarrowersegmentsinsteadofonthewholemarket,ascompa- nies have limited resources and cannot meet all of the consumers’ requirements.Asegmentedapproachtothemarketbringsasignifi- cantgeneraladvantagetotheorganisation,i.e.betterfamiliaritywith consumersinanindividualsegment,whichmeansitisabletobetter adapttotheirneedsandrequirements(Vukasovi´ c2018). Companiesneedalotofdataonconsumers,theirwishes,require- ments, and characteristics in order to adapt their marketing activi- ties andbe successfulin themarket.Company managementusually does not have direct contact with consumers, does not know them, and consequently does not have all the required data. These data canbeobtainedwithmarketresearch;however,theyalsoneedtobe processed prior to use. One of the methods used for this purpose is market segmentation. The results of such processing are appropri- ate for creating a general picture on the situation in the market and product positioning, as well as for strategic decisions on the devel- opment of new products or groups of products. Due to the growing competitioninthemarketandconsumerswithincreasinglycomplex demands,thebasesformarketsegmentationarebecomingmoreand more complex and segmentation more and more difficult. For this reason,researchersinvolvedwithmarketsegmentationbeganusing statistical methods of classification into groups (Solomon, Bamossy, andAskegaard1999;Kotler1998;Vukasovi´ c2018). The main advantages of marketsegmentation are (McDonald and Dunbar1995): Recognising differencesbetween consumersrepresentsthe key tosuccessfulmarketing,asitenablesamoreoptimalmeetingof consumers’ needs and desires with the products offered by the company; Market segmentation leads to a concentration of company re- sources in marketswhere the company’s competitive advantage isthe mostevidentandrevenuethe highest; Market segmentation can be used as a way of achieving com- 30 management·volume15 UnderstandingtheConsumers’Personal Characteristics petitive advantage by analysing the market differently than the competition (thecompany choosesitsown criteria); Market segmentation allows the company to more quickly and effectively implement marketing activities in specific market segments as a specialist and ensures the achieving of competi- tive advantages of its products through a better understanding of theconsumers’needsanddesires. So, why is market segmentation so useful in marketing? Market segmentation is useful in all elements of the marketing mix. It is useful in promotional activities, as advertising, which is supported with market segmentation, plays an important role in product posi- tioning. When it comes to distribution, buyers differ with regard to wheretheywishtobuy.Incomesegmentationdeterminestheprices of the products with regard to who is buying them. Who the prod- uct is intended for also has to be kept in focus when designing the product (Mumel1999). LiteratureReview marketsegmentationandbasesforconsumermarket segmentation Segmentationconferstoapartofawholemarketthatrequiresiden- tifying customers’ product needs, grouping them with similarities (Bainess,Fill,andPage2010;Hawkins,Mothersbaugh,andMooker- jee2010;KeganandBhargava2010).Segmentationrequiresnarrow- ing down the macro market into common subsets (Peter and Olson 2013).Geographic,demographicandpsychographicphenomenaare the bases of segmentation (Kotler et al. 2013). Also, markets must have boundaries (Kamakura and Russell 1989; Natter et al. 2008) to be highly impacted and well defined (Davies and Brooks 1989) hav- ing product preference (Dibb and Simkin 1991; Hassan and Craft 2012;Islam2020). Targeting means assessing lucrative parts of the markets (Kotler etal. 2013)being distinct, accessible,measurableand profitable un- covered by competitors (Bainess, Fill, and Page 2010). Targeting in- volves looking for the right segments to offer products, undertak- ingstandardized,concentratedanddifferentiatedoffers(Keganand Bhargava2010).Besides,targetingindicatesdevelopingmeasuresof attractiveness and finalizing the target markets (Kotler et al. 2013). This alsoneedsto be specific,organized,cost-efficientandeffective (DibbandSimkin1991;Islam2020). Depending on the crucial factors, marketers must decide whether number1·2020 31 Tina Vukasovi´ c to undertake broad targeting through mass marketing and differen- tiated marketing whereas narrow targeting needs niche marketing (Kotler and Armstrong 2016). Additionally, Porter (1985) has men- tioned five factors to be considered for targeting suitable segments thatincludearivalry,newentrants,substitutes,bargainingpowerof buyers andsuppliers (Islam2020). Positioning implies marketer’s decision and activities designed to focus and uphold a certain concept in customers’ mind (Kegan andBhargava2010;Pride andFerrell2010).Specifically,positioning strategies include, designing superior customer value in line with qualityandprice(KotlerandArmstrong2016;Islam2020).Position- ing, of course, representsa unique featureof a product, shaping the consumer preference, that results in brand loyalty (Fuchs and Dia- mantopoulos 2010) with a focus of customers’ needs, expectations and priorities (Ernst, Hoyer, and Rübsaamen 2010; Fuchs and Dia- mantopoulos 2010).Positioning highly relies on assessingthe needs of targeted segments (Johnson 1987) characterized by price sensi- tivity (DeSarbo, Ramaswamy, and Cohen 1995). It also represents the‘sharpend’formarketerscomparedwiththeclosestcompetitors (Ries and Trout 1981) and a variable parameter taken as granted in customers’ view (Dibb and Simkin 1991). However, a viable threat takes place when competitors replicate positioning variables (Moe andFader2001;Islam2020). The variables which describe market segments are chosen from the group of variables which represent the basis for segmentation (geographic, demographic, etc.), while consumer variables can also be used. The description and formation of segments means that each segment is described with all available and interesting vari- ables(Vukasovi´ c2018). Groups ofvariables(Vukasovi´ c2020): Descriptive variables: demographic, socioeconomic, psychogra- phic, occasionof use; Behavioural variables: benefits sought, desired usage, purchas- ing patterns and loyalty, participation in the decision-making anddisseminationprocess,brandattitude,sensitivitytomarket- ing mixelements. Market segmentation using descriptive variables means that con- sumers are first classified into segments with regard to their char- acteristics (age, gender, lifestyle, income, etc.) and we then check whether they differ in terms of behavioural variables. Descriptive variables are more easily accessible and individual groups have al- 32 management·volume15 UnderstandingtheConsumers’Personal Characteristics ready been formed, which means that it is easier to assess the size ofthesegments.Insegmentationaccordingtobehaviouralvariables, consumersarefirstclassifiedwithregardtobehaviouralcharacteris- tics and the segments are later described with descriptive variables. This second procedure is believed to be better, as market segmen- tation is prepared on the basis of consumers’ requirements and the so-obtained segments present a better basis for the preparation of themarketingmix(Žiberna2002;Vukasovi´ c2018). Despite the predominantly similar criteria for market segmenta- tion, another author needs to be mentioned who proposes slightly different criteria for market segmentation. According to Wind, the following variables are the most frequently used basis for market segmentation(DamjanandMožina1995): Forgeneralunderstandingofamarket:benefitssought,product purchase and usage patterns, consumers’ needs, brand loyalty or ahybridoftheabove variables. For positioning: product usage, product preference, benefits soughtor ahybridof thevariablesabove. For new product introduction: responsetonew products (inten- tiontobuy,preferenceovercurrentbrand,etc.),benefitssought. For pricing decisions: price sensitivity, deal proneness, price sensitivitybypurchase/usagepatterns. Foradvertisingdecisions:benefitssought,mediausage,psycho- graphic or lifestyle, a hybrid of the variables above and pur- chase/usagepatterns. For distribution decisions: store loyalty and patronage, benefits soughtinstoreselection. The above-mentioned variables are rather specific and situation- bound. They emphasise the consumers’ responses or their respon- sivenesstomarketingstimuli. When preparing market segmentation, we include various vari- ables which determine the characteristics of individuals who we then combine into groups with regard to common characteristics. Theserepresentthetargetgroupsofacompany’smarketingstrategy. There are countless combinations of including variables (from de- mographictomorecomplexoneswhichdescribetheconsumer’sbe- haviour). However, marketsegmentation does not suffice for a good marketingstrategy.Weneedtodevelopproductsandserviceswhich canbepositionedinthechosensegments.Marketsegmentationand productpositioninghavetobedevelopedsimultaneously(Vukasovi´ c 2018). number1·2020 33 Tina Vukasovi´ c Market segmentation can be successful and useful for preparing the marketing strategy if the following criteria are met (Solomon, Bamossy,andAskegaard1999): Consumers within the segment are similar to one another in termsofproductneeds,andtheseneedsaredifferentfromcon- sumersinothersegments; Importantdifferencesamongsegmentscanbeidentified; Thesegmentislargeenoughtobeprofitable; Consumers in the segment can be reached by an appropriate marketingmix; The consumers in the segment will respond in the desired way tothemarketingmixdesignedfor them. Throughout the years of developing different theories, marketing experts have developed every possible configuration of segmenta- tionandcombinationofvariablesforachievingthebestpossibleand mostappropriateprofileofthemaingroupsofconsumers.However, changes in consumers’ lifestyles and other characteristics of the populationbringnewmarketingopportunities.Inorderforsegmen- tationtobesuccessful,establishingconnectionsbetweenconsumers who have the same of similar lifestyle has also proven to be effec- tive,asthesedataaremorerelevantthanthebasicdemographicand geographicdataandactuallyexpresssimilarity(Vukasovi´ c2018). One of the most famous and popular market segmentation sys- tems on the basis of values and lifestyle was developed at an Amer- ican research institute (vals – Values and Lifestyles). The system is based on Maslow’s hierarchy of needs and the theory by the sociol- ogist David Riesman who distinguishes between people, who value personalexpressionandindividualtaste,andpeople,whotendtobe swayedbythebehaviourandreactionsofothers(Solomon,Bamossy, andAskegaard1999). Marketsegmentationdiscoversopportunitieswhichrepresentthe marketsegmentforindividualcompanies.Thecompanyneedstoas- sessvarioussegmentsanddecideonhowmanyandwhichsegments tofocus. MaterialsandMethods methodology,datacollectionandsample The quantitative research method was chosen and the technique of online surveying. Surveying was performed using an online sur- vey. The link to the survey was sent to the respondents’ email ad- dresses. The questionnaire was substantially the same structure as 34 management·volume15 UnderstandingtheConsumers’Personal Characteristics table1 Respondents’ Characteristics Category Group f % Respondents’age Up to24yearsold 27 12 25to34yearsold 69 32 35to44yearsold 73 33 Over 45yearsold 50 23 Total 219 100.0 Respondents’status Secondary school student 2 1 Student 12 5 Employedor self-employed 170 78 Unemployed 21 10 Retired 2 1 Other 12 5 Total 219 100.0 Fieldofemployment Economicsector 99 58 Public sector 71 42 Total 170 100.0 inVukasovi´ c(2018)butconductedondifferentmarketanddifferent population. 262 respondents participated in the study. 219 respondents pro- videdtheirgender.Ofthosetherewere77malerespondents(35%of respondents)and142femalerespondents (65%ofrespondents). So as to facilitatethe assessmentof respondents according toage, they were classified into four age groups. Table 1 presents the four agegroupsofrespondents.Thehighestshareofthe219respondents belong to the 35 to 44 age group, i.e. 73 respondents or 33% of all respondents.This isfollowed by the group of respondents belong to the25to34agegroup,i.e.,69respondentsor32%ofallrespondents. Before the implementation of the study, the following hypotheses wereformulated: h1 The most important values determined by the respondents are beingfairandhonest. h2 The mostemphasised values determinedby the respondentsare honesty,reliability andrespect. h3 Themostpopulartopicsthatrespondentsfollowonadailybasis areglobalnews,informationonwork,studying,andleisuretime, economyandfinanceandnewsfromcountry. h4 The most frequently used media through which respondents ob- tain the majority of information are tvchannels, web portals andsocialnetworks. number1·2020 35 Tina Vukasovi´ c ResultsandDiscussion Analysingtherespondents’status,table1showsthatthemajorityof the respondents (170 or 78%) provided employed or self-employed as their current status. This is followed by the unemployed (21 re- spondents or10%),andstudents(12respondents or5%). 170 respondents provided their answers on the field of employ- ment.Themajority,i.e.99respondentsor58%,workintheeconomic sector, while 71 respondents or 42% work in the public sector (ta- ble 1). The research focused on consumer’s lifestyle and personal char- acteristics,totheattitudetowardsdifferentpersonalvaluesorthings which consumers see as the guiding principles which give meaning to their lives. The respondents answered our question using a five- point Likert scale, with 1 meaning that a statement does not apply to the respondent at all and 5 that a statement fully applies to the respondent. The respondents could freely choose a number from 1 to5. Table2showstherespondents’attitudetowardsdifferentpersonal values or things which the respondents see as the guiding princi- ples which give meaning to their lives. 227 respondents answered the question. The mostimportant values determinedby the respon- dents were safety of loved ones. This statement was chosen by 175 (77%)respondents.Therespondentsalsobeingfair,honestveryim- portant. This statement was chosen by 162 (71%) respondents. Ac- cording to the respondents, the least important characteristic is the traditionaldivisionofrolesintomaleandfemaleroles.Theseresults allow us to reject hypothesis 1 (h1)that‘Themostimportantvalues determinedby the respondentsisbeing fairandhonest.’ The next set of statements refers to the respondents’ personal characteristics.Therespondentshadtoindicatetheirlevelofagree- ment with an individual statement. A five-point Likert scale was used,with1meaningthattheycompletelydisagreewithastatement and5thatthey fully agreewithit. Table 3 presents the respondents’ personal characteristics. This question focused on the respondents’ personal characteristics. 224 respondents answered the question. 108 respondents (48%) find co- operation, help, and encouraging others to be very important. 99 (44%)respondentsvaluedifferentopinions,arewillingtoacceptad- ditional information and knowledge, and upgrade existing knowl- edgethroughresearch.95(42%)respondentsareorganised,respon- sible,andpersistent. 36 management·volume15 UnderstandingtheConsumers’Personal Characteristics table2 TheRespondents’ AttitudetowardsDifferentPersonal Valuesor Things whichtheRespondents SeeastheGuidingPrinciplesWhichGive MeaningtoTheir Lives Values f % x Safetyoflovedones 175 77 4.7 Beingfair,honest 162 71 4.7 Doingthings Ilove 151 67 4.6 Helpingothers 130 57 4.5 Equalopportunitiesfor all 111 49 4.3 Achievingahigher standard 96 42 4.3 Excitingexperience 60 26 3.9 Havingfun 56 25 3.9 Materialgoods, havingalotofmoney 54 24 3.9 Beingdifferentfrom otherpeople 49 22 3.7 Livingaccordingtoprinciplesdictated byreligion 48 21 3.2 Maintainingtradition 23 10 3.2 Traditional division ofroles intomaleandfemaleroles 12 5 2.1 table3 Respondents’ Personal Characteristics Characteristics f % x Iamacooperativeperson,Iliketohelp,andencourageothers. 108 48 4.4 Iaminquisitive, of avivid imagination,Iappreciatedifferent opinionsandideas. 99 44 4.3 Iamresponsible, organised, persistent. 95 42 4.3 Iamthoroughinmywork. 89 40 4.3 Iamconsiderate andkindtoalmosteveryone. 87 39 4.2 Iappreciateartisticandaestheticexperiences. 74 33 4.0 Iamoriginal andoften comeupwithnewideas. 70 31 4.1 Iameffective inwhatIdo. 64 29 4.1 Iamtalkative. 53 24 3.7 Iremaincalm instressful situations. 52 23 3.9 Iforgivepeopleeasily. 37 17 3.5 Iamoftenworried. 18 8 3.1 Iquicklygetnervous. 7 3 2.5 The study further focused on the values with which the respon- dents associate their personality. The respondents could choose a maximum offive values. Table 4 shows the values which the respondents associate with themselves. The six most frequently chosen values are shown. We wereinterestedintherelationbetweenthechosenvalueandthere- spondents’ gender. Honesty is the most emphasised value. 45 (34%) number1·2020 37 Tina Vukasovi´ c table4 Values with which theRespondentsAssociate Their Personality Values Male Female Total f % f % f % Honesty 45 33.83 88 66.17 133 100 Reliability 34 28.57 85 71.43 119 100 Respect 33 29.46 79 70.54 112 100 Flexibility 33 35.87 59 64.13 92 100 Ambitiousness 32 37.21 54 62.79 86 100 Originality 6 28.57 15 71.43 21 100 Total 183 32.50 380 67.50 563 100 men and 88 (66%) women chose this value. The second most fre- quently chosen value is reliability, which was chosen by 34 (29%) men and 85 (71%) women. 33 (29%) men and 79 (71%) women chose the value of respect. In light of the data obtained with our study, we can say that the percentage of positive personal values is higher among women thanitis among men.The lowestnumberof respon- dents,i.e.6(28%)menand15(71%)women,chosethevalueoforig- inality as the least important. These results allow us to confirm hy- pothesis2(h2)that‘Themostemphasisedvaluesdeterminedbythe respondents arehonesty,reliability andrespect.’ The next set of questions refers to the following and use of media inrespondents’everydaylives. Weestablishedthemostpopulartopicsthatrespondentsfollowon adaily basis: Informationonwork,studying, andleisuretime(175;78%); Globalnews(155;70%); Newsfromcountry(154;69%); Economy andfinance(151;68%); Localinformation(147;66%); Scienceandtechnology(141;63%). The highest share pertains to topics associated with information onwork,studying,andleisuretime.Theseresultsallowustoconfirm hypothesis3(h3)that‘Themostpopulartopicsthatrespondentsfol- low on a daily basis are global news, information on work, studying, andleisuretime,economy andfinanceandnewsfromcountry.’ It was further established that web portals, tvchannels, search engines, and social networks are the most frequently used media through which respondents obtain the majority of information with regard to individual fields (table 5). These results allow us to con- 38 management·volume15 UnderstandingtheConsumers’Personal Characteristics table5 TheMostFrequentlyUsed MediaasaSourceofInformation for IndividualFields Fields (1) (2) (3) (4) (5) (6) (7) Newsfrom country 55 7 4 105 23 25 218 Localinformation 21 24 14 96 21 42 218 Globalevents 51 5 6 115 23 18 218 Informationonwork,studying, andleisuretime 7 1 5 123 64 18 218 Sports 67 6 5 100 19 21 218 Crimesection 42 5 26 103 25 17 218 Employmentandsocial affairs 24 3 7 115 53 16 218 Scienceandtechnology 31 4 2 131 41 9 218 Economyandfinance 43 5 7 116 40 7 218 Cultureandart 45 7 10 105 31 20 218 N a t i o n a l p o l i t i c s 8 0879 11 91 32 1 8 Internationalpolitics 72 4 7 102 22 11 218 notes Column headings are as follows: (1) tv, (2) radio, (3) print media, (4) web portals, (5)searchengines,(6)social networks, (7)total. firmhypothesis4(h4)that‘themostfrequentlyusedmediathrough which respondents obtain the majority of information are tvchan- nels,webportalsandsocialnetworks.’ Conclusion The most important objectives of market segmentation are creating astrategywhichwillbringthehighestpossibleprofitwithminimum costs and allow us to achieve the desired marketshare and compet- itive advantage. After a certain time, the company has to review its strategy and adapt its target segments to the new situation in the market.Inaddition tothecorrectchoiceandpositioning inthemar- ket, the right communication with the chosen target groups is also important, i.e. by adapting individual elements of the communica- tion mix with regard to their demographic and behavioural charac- teristics. Companies can use a number of various media to transfer informationandinfluencetheconsumer’spurchasingdecisions.The best results are achieved if companies know how to correctly com- bine various media. In order to choose the right combination, the company has to know the characteristics of individual media and combine them so as to utilise their advantages and communicate messages to consumers with which it affects their purchasing de- cisions.The study focusedon the consumers’lifestyle,personalval- ues and media habits. 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