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Bling H2O : Why bottled Bling H2O is an eco low - Assignment Example

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Market segmentation is a key factor in marketing that assist in identifying the customer base for a product and allows for creating targeting strategies for the identified target market segment. With a niche product like Bling, market segmentation and targeting becomes so much more important…
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Bling H2O : Why bottled Bling H2O is an eco low
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"Bling H2O : Why bottled Bling H2O is an eco low"

Market segmentation is a key factor in marketing that assist in identifying the customer base for a product and allows for creating targeting strategies for the identified target market segment. With a niche product like Bling, market segmentation and targeting becomes so much more important. Segmentation involves dividing the market into clear groups of consumers called a segment, where each group has definite similarities within the group, but is distinct from the other groups, so that the marketing mix of the company can be made suitable for the market segments chosen as the target market (Kotler, et al, 2008). Kotler et al 2008, suggest that there are four bases available for segmentation, namely, demographic, psychographic, geographic and behavioural. While elements of any of the bases can be included for identifying the possible consumers for Bling H2O, for a brief essay at this segmentation, it may be useful to concentrate purely on psychographic segmentation. Psychographic segmentation involves the use of three features for segmentation. These features are socio-economic status, lifestyle and personality (Kotler, et al, 2008). The reason why these attributes are important to Bling is because the high price of the product; product demonstrates a style of living and is attractive to certain kinds of personalities.Based on social class, the Australian society can be divided into upper class, middle class and lower class, each constituting 10%, 30% and 60% of the population (Slideshare, 2011). The cost of the product that is merely meant to satisfy the need of thirst implies that it is only 10% of the upper class that will make up the essential base of the consumer base. Yet, the consumer base will not be as large as this, for it within this segment it will only be those that want to demonstrate a high life style and have the personal make up that allows so much money to be spend on a demonstration of high life style that will actually form the consumer base for Bling. Viewed from the personal internal characteristics it is the consumer lifestyle component that will be the influencing factor on buying behavior for Bling H2O in Australia. Lifestyle extends beyond the personal beliefs and attitudes and the social class influence that an individual belongs to. It defines the pattern in which the individual acts and interacts with the world. Such demonstration of market segmentation is seen in the case of luxury products. Rolex watches are purchased by their consumers to satisfy their want of demonstrating a high life style (Kotler et al, 2010). Question 2 Find out more on Bling H2O by going through blogs and other types of social media. Identify the different types of ethical and social concerns that people might have about this product. What actions can society undertake in response to these concerns? Cite relevant theory on ethics and marketing compliance. Bling H2O is the most expensive bottle of water that an individual can buy anywhere in the world. It therefore is the high note of conspicuous consumption that is demonstrated by the loud segments of society. Bling H20 was marketed at $55 for Tennessee water in a crystal bottle. Subsequent to the recession Bling H2O is now available in plastic bottles for $20, an indication that the recession has caused a dip in conspicuous consumption. Blind tests have shown that the $55 a bottle Bling H2O tastes no different from ordinary water, and yet in an environmental madness water from a spring in Tennessee is shipped to high-life and style centers of the world to cater to the lavish spending splurges of those that want to show off (Environment Blog, 2009). Summing up Bling H2O is associated with the social concerns of wasteful and lavish spending s Read More
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