Prestige Markets
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
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
Citations: * Peter, J, & Olson, J (2008). Consumer Behavior and Marketing Strategy - Eight Edition. New York: McGraw-Hill/Irwin. * Unknown, Answers.com. Retrieved May 1, 2008, from Mass-market Web site: www.answers.com/topic/mass-marketing * Vaughn, M (2001). Bringing Back the Bentley Boys. AutoWeek, 51, Retrieved May 1, 2008, from http://q-web.ebscohost.csulib.ctstateu.edu * Delman, Ivan (1999). Niche Marketing vs Mass Marketing. Retrieved May 10, 2008, from About.com Web site: www.marketing.about/cs/advertising * Davis, David (1991). Hell- Bent for Bentley. Forbes, 148, Retrieved May 1, 2008, from http://0-web.ebsco.com.csulib.stateu.edu * Donoho, R (2001). Sales & Marketing Management. Automobile industry & Trade, 153, Retrieved May 1, 2008, http://0-web.ebsco.com.csulib.stateu.edu