Prestige Markets

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  • Topic: Marketing, Bentley, Marketing strategy
  • Pages : 7 (2710 words )
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  • Published : July 27, 2011
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SEGMENTATION AND PRESTIGE MARKETS

Many American’s today think image explains everything about who a person is. Countless believe that material products, status, and ways one presents him or herself can tell someone everything they need to know about that particular individual. Numerous psychologists believe this is not good for us, however are paid plenty of money to seek deeper into a person, nevertheless marketers can have a field day with this subject. The concept of prestige is where marketers can help Americans feel as if he or she has obtained that status of higher ranking. In this paper, we will discover the difference between prestige and mass markets, the special character of brand meaning and unique marking strategies of brands, the general consumer behavior in prestige markets and mass markets, and one particular prestige brand, Bentley automobiles. Prestige markets “seek the highest-quality (and often he highest-priced) product available.”(Peter, 370) These are products that give the own a feeling of high statues, beauty, and wealth. They also often hold an important meaning; such as “expression of good taste, expertise, and status.”(Peter, 370) When a discuss of prestige is brought up within a group, one might say, “Would you rather pull up in a Honda or a Bentley? No, really?” That is the question. Which of these automobile fits into which market? The Bentley fits into the prestige market. Bentley is a very expertise, classy car that is often on the cover of magazines, driven by high profile people, and are rarely sold through normal dealerships. Prestige marketing, similar to niche marketing, “is made specially for one persons or a group of persons” identified.(Unknown, 5) One can define the prestige market of one that is “viewed as a signal of status and wealth, and whose price, expensive normal standards, enhances the value of such a signal (perceived conspicuous value.)”(e/f, 1) Prestige markets are determined by sociability and self-expression. Within these, there are five major motives: “conspicuous, unique, social, emotional, and quality.”(e/f, 2) When looking at mass markets, this is where Honda would fit in. A mass market is a board, non-targeted demographic that often can fit a wide variety of consumers. Mass markets look more of the score of the larger audience, with a wider variety of needs, wants, and desires. Many times these people are reached through radio, television and newspapers, rather than high-end catoglue and classy launch parties that happen in the prestige markets. The buyers in this market are looking more at what and how much am I getting for the cost, can I go somewhere else or to another brand to save money, and it will get the job done what I am looking for. The company’s marketing teams’s objective is “to reach ever customer, rather then targeting a parrticular marekt segment.”(Unknown, 2) This allows the products to appreal to a broader cross-section of people, rather then just the niche or target marketing they are looking for. Many times in mass markets, products are “priced according to the number of cumsumers who will be reacted, and must generate a larger return in order to justify the expense.”(Unknown, 2) The theory is that will bring more appeal to more people, resulting in potentional higher total profits. Mass markets works like a chain reaction; first explanding volumer with as low and possible pricing, then reducing costs through production and other areas to make the least possible cost for the product but still resulting on an overall profit, and finally be able to compete and be sold at high volumes in the competitive mass market! Mass maketing began back in the 1880s and now, with our economy going into recession, it is becoming more mainstream than the prestige markets. The prestige markets are now finding ways to create and market new lower end models of their production to encompass some of what the mass market does; create a...
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