A Value refers to a single belief that transcends any particular object, in contrast to an attitude, which refers to beliefs regarding a specific object or situation. Values are more stable and occupy a more central position in a person’s cognitive system. Values are determinants of attitudes and behavior and provide a stable and inner oriented understanding of consumers. Values within a system refer to a wide array of individual beliefs, hopes, desires, aspirations, prejudices etc. Values provide potentially powerful explanations of human behavior as they serve as standards or criteria of conduct. These tend to be limited in number & are remarkably consistent over time. The value construct can therefore be used to segment the population into homogenous groups of individuals who share a common value system.
A lifestyle is a distinctive mode of living in its aggregate and broadest sense. They deal with everyday behaviorally oriented facets of people as well as their feelings, attitudes, interests & opinions. It embodies the patterns that develop and emerge from the dynamics of living in a society.
Value and Lifestyle segmentation unlike traditional segmentation begins with people instead of products and classifies them into different types, each characterized by a unique style of living – it then determines how marketing factors fit into their lives. This perspective provides a three-dimensional view of the target consumer.