LIFESTYLE

MKTG6150 Consumer Behavior May 17 2012

Swithin Aby Jim Ling

Experience Economy2

Differentiated

UndifferentiatedPricing

PremiumMarket

Extract Commodities

CompetitivePosition Relevant to Needs

of CustomerMakeGoods

DeliverServices

Stage Experiences

Beyond Experience

The Evolution of Nike3

Nike Yesteryear Nike Present Day

Another Example – A&F4

THEN NOW

The Greatest Sporting Store in the World1939

Casual Luxury2000s

Maslow’s Triangle5

Hierarchy of Needs

Commodity Segmentation

Lifestyle Segmentation

THEN

NOW

What has changed?6

THEN

NOW

• Selling consumer goods, i.e. functional needs• Making factual claims of product• Product quality is priority

• Authentic representation of a lifestyle or culture, i.e. emotional needs• Convince consumers on values or aspirations that they desire• A “must have” issue instead of quality issue

• Advertisement bombardment

• Brand speaks for itself, “members” are the best spokepersons

THEN

NOW

7

The Change

Consumer Good Vs Culture8

Elements of Lifestyle Brand9

Aspiration

Intimate

I want to be …. …. Symbol of success, Sell the dream

It draws me in …. …. there is no substitute

I feel like that …. …. Identify with the brand

Charismatic

Dimensions of Lifestyle Brand

10

Buzz Agents

Ceaseless Innovator

Enabler

Subcultures

Legend of Ralph Lauren11

• Brand consistency - Position, Promise, Personality and Association • Clear lifestyle message• Create lifestyle that resonate with consumers

Apparels and Accessories

MagazineRestaurantHome

One Step Further - Google12

13

Google It!

Pearls Before Swine - © Stephen Pastis

Two Distinct Lifestyles14

Person A Person B

Lifestyle Brand Transformation

15

How would you transform McDonald’s into a lifestyle brand?Possible? Not possible? What’s your thought?!