Task 1: Overview of Antiques Market
Task 2: Antique Ownership
Psychological
Economic
Social
Task 3: Current Condition of Antiques Trade
Attitudes
Role of Opinion Leadership
Impact of Sources of Information
Task 4: Market Research
In researching about consumer behavior, the trends in consumption, the possible ways of marketing to the consumers there are different considerations. One of the most important activities in market research is market segmentation.
Market Segmentation
According to Proctor (2000), segmentation is a market technique which can help firms find ways of establishing a competitive advantage. A market segment is a section of a market which possesses one or more unique features that both give it an identity and set it apart from other segments. Market segmentation amounts to partitioning a market into a number of distinct sections, using criteria which reflect different and distinctive purchasing motives and behaviour of customers. Segmentation makes it easier for firms to produce goods or services that fit closely with what people want
Segmentation Variables
More than one variable can be used when segmenting markets, and indeed, the more variables the better since it helps to focus on a tighter target market. Tighter targeting means less waste, more relevant offers to appropriate customers and higher customer satisfaction (2000).
In order to segment a market, characteristics have to be identified which distinguish among customers according to their buying preferences. Profiles of market segments reflect different combinations of these characteristics then have to be constructed.
To target the users, the financial appeal of all segments should be assed and segments that have the greatest appeal should be selected for targeting.
Age
A consumer’s age is often a strong determinant of their product choices and consumption practices. Age has an impact on purchasing decisions.
Life cycle Stages
Age and life cycle stages are often combined in order to study markets. Life cycle position is an important determination of buying behaviour.
Marital Status
Specific marital status groupings such as singles, single parents and dual-income married couples should be taken to consideration.
Income, education and occupation
Income has long been an important variable for distinguishing market segments. Income is often considered to identify the capacity of the market segments to purchase a product or service. Occupation and economic circumstances influence consumption patterns. Educational achievement is another variable that explains purchasing decisions and is closely associated with occupation and income.
Lifestyle
Lifestyle is an important psychographic variable composed of a combination of factors such as activities and opinions. Lifestyle patterns are changing.
Consumer Needs and Motivation
Maslow suggested that human needs are ordered in a hierarchy of importance. The most important needs are those to do with physiological needs, whereas the least important ones are to do with self actualization. Maslow contended that people would not seek to satisfy the less important needs until the more important ones were satisfied ( 2000).
Maslow’s Hierarchy of Needs
Abraham Maslow suggested that human needs can be divided into five basic categories:
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Physiological – include hunger, thirst and sex
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Safety – range from security and protection
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Social Esteem – cover affection and a sense of belonging; include recognition, status, and self esteem
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Self Actualization – range from self development to self accomplishment
According to Maslow’s hierarchy of needs, after physiological and safety needs have been realized, social needs, esteem needs, and finally self-actualization needs take priority. Self-actualization is our highest need. There is overlap between each level since no need is ever completely satisfied. For this reason, the lowest needs remain as prime motivators that influence consumer behavior ( 2003).
Task 5: Marketing Antiques
E-Marketing
Internet has become a part of everyday life for almost all the people in the world. Internet has shaped many areas of life from entertainment to communication to business. Now, businesses can reach a wider audience because of the Internet. The internet allows every business to reach potential customer more effective, efficiently and more at more affordable costs. Antique dealers can make use of the Internet to market and advertise their products. E-marketing is a new trend in marketing where in the Internet is used as a tool to reach potential and existing customers. There are different ways that a business can reach its customers through e-marketing – email, search engine marketing, e-magazines, blogging, online articles, and online public relations. Compared to traditional direct mail and print advertising, e-marketing is often a low-cost alternative that has a much higher rate of return.
Recommendations
1. Website – one of the most effective way of reaching and interacting with potential and current customers is through a company website. A company website contains information about the company, its products and services, and other information that the consumers find valuable. The company website can also contain a page where in the consumers pose their feedback and suggestion thereby, giving the company first hand information about the consumers’ needs and wants. The website can be used also to gain information about the consumers by the use of online surveys. The website is a vital e-marketing tool so the company must make sure that it displays the contents that the consumers want to see. The company must also entice the consumers to come to the website by using different strategies that will capture their interest. One strategy is encouraging consumers to post pictures of their antique collections and keeping these photos in a library that every visitor can access. The company must also write articles about the antiques that it specializes in. Another strategy is having a Question and Answer page or How-To page in the website where visitors can post their questions and where the company provides tips on shopping, restoring, maintaining, and selling antiques.
2. E-Newsletter – e-newsletters can also be a valuable tool. By publishing newsletter every month or every quarter which contains interesting, helpful articles, the company can gain invaluable ‘top of mind’ advertising. Using willingly supplied emails from the customers is called ‘permission-based marketing’. The company can have a sign-up field on its website and use the emails of the customers to send them e-newsletters.
3. Email Marketing
4. Online Public Relations (PR)
5. Blogging
6. Article Marketing
Interesting NewsCredit:ivythesis.typepad.com
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