Prestige Markets

Market segmentation is specific sections of the market that an organisation is aiming at. In order for an organisation to engage its market segmentation the organisation has to match its products to the customers wants and needs to appeal to the customer to buy the good or service. Market segmentation allows an organisation to have a competitive edge and it is a key factor for the organisation profitability and survival. Company use target marketing which is when a business aims all of its marketing effort to a certain group of customers which is affective as these are the group that spends the most. There are many ways to segment the market to create that certain group such as demographics, psychographic, geographically and lifestyle. Demographics is consists of dividing the market into groups based on variables such as age, income, occupation, religion, race and nationality. Psychographic segmentation is based on social class and lifestyle. Lifestyle is based on knowledge, attitude, their uses and segmentation. Geographic segmentation is the segmentation which divides the market but location, regions, countries and cities. Asos as an organisation is aimed at people of the ages of 15-34 year olds who are very fashion forward and who enjoy the culture of online shopping. In geographical segments Asos has created their website differently for 9

Demographic Segmentation fragments the market into categories according to different demographic factors, usually with regards to the wants and needs of multiple consumer groups. The

There are hundreds of companies that use very different techniques for marketing their product. A great example can be Apple with all if it products especially its new IPhone. Every year they bring a new product into the market, and it is usually the same product just with a few minor changes. Apple will successfully market the product is buy holding press conferences talking about the product, and how it is a revolutionary product. This year Apple was saying they were changing everything with a bigger phone than ever before. They use a lot of rhetoric in their marketing. To be specific they use logos, which is just telling the buyer it

In many critical contexts the term is used to describe the tendency of people to identify strongly with products or services they consume, especially those with commercial brand names and obvious status-enhancing appeal, e.g. an expensive automobile, rich jewel lery.

International market segmentation is the dividing of market into segments, this allow marketers to effectively determine whether business can thrive in a particular area. Segmentation is based on four factor namely geographical, psychographic, demographic and lastly behavioral segmentation. Geographical segmentation refers to grouping markets geographically such as nations, states or cities. Psychographic segmentation is the dividing of buyers into groups based on lifestyle or social class/status. Demographic segmentation uses factors like age, gender, occupation and etc to separate markets into groups. Last but not least, behavioral segmentation, this kind of segmentation divides buyer into groups by their knowledge about particular

This type of segmentation is about the buying behavior of the consumers. In this case, it is about how people behave in terms of entertainment and social interaction.

When an American views an advertisement, his or her subconscious mind depicts details and discovers hidden motives. Advertisements urge Americans to analyze their lifestyle, societal expectations, and realize how they portray the archetype of an American. Although a bad American offers society some positive contributions, he or she faces disorganization, and self-satisfaction, and unbalanced priorities regarding his or her spiritual, social, and work life. Bad Americans also strive to achieve credibility. Whereas, a good American contributes to the welfare of others through his or her self-sacrificing nature and handles balanced priorities. Societal expectations also impact whether or not one portrays a good or bad American. In a

into different groups according to their demographics, cultural values, or beliefs. In general, most segmenting characteristics are behavioral and cognitive (Schiffman & Wisenblit, 2014). Behavioral factors are data based such as age, gender, and purchasing habits (Schiffman & Wisenblit, 2014). Cognitive factors are opinionated characteristics such as attitudes and values (Schiffman & Wisenblit, 2014). Segmenting a market can be a difficult process because some of the characteristic used are abstract and lay in the minds of the consumers.

Ever wonder why when it comes time to apply to colleges, hundreds of emails from that one small college in Minnesota fills your inbox but the Ivy League schools only have to send one? It’s most likely due to the fact that you are already familiar with the Princetons and the Harvards of the university world. Receiving an estimated 34,295 applications for the class of 2018, those types of schools already have an esteemed brand. In fact, a more visible and established brand could mean more prestige and more applications for admission (Love 2). Studies show that brands can “provide an easy way for youth to compensate for their feelings of anxiety by acting as a substitute for value” (Tokuhama 34). Basically, having or being a part of a “brand” gives people a sense of belonging and can even instill a certain sense of confidence. For example, the “right” label for something can advice prestige and esteem upon teens, warding off any self-doubt (Tokuhama 34-5). Just as having the “right” designer handbag, shoes or wristwatch can elevate a young person’s sense of self-worth, albeit false, to a whole new level, a “designer university” has the same effect. Much of the time, college applicants feel so much more accomplished when they receive admission into a school with a 20 percent acceptance rate, opposed to a ninety. Apparently, universities with prestigious titles just so happen to be marketing to the perfect crowd. As a matter of fact, for many students aspiring to go to elite schools, a college acceptance there can give someone a particular type of status. But failure to achieve this goal, especially at the fragile age of 18, can represent an extremely large disappointment (Tokuhama 35). Living in a culture dominated by labels, the idea of a “brand” has become an important factor for decision-making, especially when it comes to picking a university to attend. So much so that studies show the

In order to market the product into the market successfully, marketers need to have some marketing strategy to enter the desired market and make profit. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics (Schiffman et al., 2011). Understanding the market size and segmentation is valuable, but the keys to effective targeting is to know just how valuable specific consumer groups are, and being able to quantify the impact of consumer trends ( Berry, 1999).

With psychographic segmentation, we use psychology and demographics to better understand consumers. Buyers are divided into different groups on the basis of psychological/personality traits, lifestyle

Self image has been research in the context of celebrity endorsement, and established that it is an important factor in marketing (Fortini-Cambell, 1992). Some of the respondents told stories of how they were influenced by celebrity endorsement when they were younger. One person referenced Michael Jordan and his endorsement of the Nike shoes. This reflects self image when considering what to buy and what influenced them. It also reflects a need to be different as well as the same time identify with a group of people. Apparently this can go both ways. If one product gets too popular among a certain group it can actually make others choose another product even though they like it.

In society today, everything has a name for it. If the product doesn’t have a well-known name, it goes by name that a well-known product that is similar goes by. Branding has made its impact on society and it’s never going to go away. In this situation, all we can do from here is analyze more and more until we fully understand its presence in society and its effects. Branding has its biggest effects on consumerism, which makes us question consumerisms power in society. Has our society become one big, replicated consumer or can a consumer or even a person still be unique and individual? Branding creates competition amongst companies throughout the world and creates a competition for the consumers. Not only, it also creates issues, creates

Market segmentation is an approach used by a company to select their target market and provide data for a marketing plan. “Market segmentation consist of a two-step process; naming broad product markets and segmenting these broad products-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2014, p.97). There are 4 categories pertaining to market segmentation; behavioral, geographic, demographic, and behavioral.

In recent times, branding has played a pivotal role in some brands’ success. This has been made possible through the ability of some marketers to capture the essence and minds of people (consumers), and put the trends and characteristics into the personality of a brand. Customers have always found ways to identify themselves with certain products, and on several occasions, branding campaigns