What are the three aspects of lifestyle advertising ?

Lifestyle Advertising, is different from traditional advertising in a sense it is not just one-way communication from the business to its audience, but a two way communication, where businesses ask about consumer preferences, and then addresses those preferences in terms of product offerings. It draws heavily from lifestyle customer segmentation, where the goal is to segment your current and potential consumers in to groups based on their lifestyle life stages. This not helps businesses make a very targeted offering, thereby increasing the response rates (in other words - reducing the cost of campaigns), but also be able to predict the "next-product-demanded" , and thereby increase the cross-sell, and possibly up-sell. It is akin to a very "snipper" kind of advertising compared to a "shot-gun" approach. 

Similarly, extensive technology-driven social renaissance is creating unprecedented opportunities for the advertising industry to execute its core principles in powerful new ways. Instead of attempting to position the company alongside the segmented lifestyles of mass audiences, advertisers are now aiming to position their brands within the lifestyles of individual consumers. This is Lifestyle Advertising.

A very good article on this subject can be found on PwC report at the following location: http://www.pwc.com/extweb/pwcpublications.nsf/docid/a7e0d656acfe74328525725e005b7771