Values are difficult to define, Jocano (1993, cited in Tiempo, 2005) brings to light the Fillipino definition; objects, ideas and actions, consisting of price, worth, importance and consequence. The Westernised view of values is summed up by Engel, Blackwell and Miniard (1995) to represent consumer beliefs about life and acceptable behaviour, expressed via motivations and avenues in which to attain these goals.
In the world of the marketer, to establish the core values of the business is to unlock the door of corporate success. By understanding a the values of the consumer, the business is able to target itself predominantly within the market by creating a value/ mission statement, as well as a five step plan which will produce a marketing plan, largely helped by the use of 'value proposition' (Dunbar, I. McDonald, M. 2004). It has become increasingly well known that segmentation according to product or region (one size fits all approach) is not effective when compared to segmentation via needs and types as individualistic sales techniques can be delivered to create and maintain strong relationships.
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| Determine Value Proposition (McDonald, M. Dunbar, I. 2004) |
Another technique designed to assess the image of a brand is called 'Laddering'. "Laddering exposes the meaning structure, which the respondent uses to decide upon an action, usually the purchase of the product" (Van Riel, C. Fombrun, C. 2007), and the most important question used by the laddering techique is why?
'Psychographics examine the motivations people have in purchasing products and the lifestyle they have and desire' (Kahle, L. 2000) and to analyse these motivations, Kahle devised a list of values that included self-fulfillment, excitement, security and sense of belonging. This list is very well known to marketers however, a system devised by Rokeach (Engel, J. Blackwell, R. Miniard, P. 1995) shows extensive lists of values that fall into either Terminal (desirable end-states) or Instrumental (modes of conduct). By ranking Rokeach's values in order of individual preference, it is soon determined which product or service market contains the interest for each consumer.
Below are my answers from a test taken to assess the type of person I am in regards to ownership, media preferences, demographics and hobbies (Strategic Business Insight, 2011).
Values at work
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