Mass market

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For the form of book binding, see Paperback § Mass-market.

The term "mass market" refers to a market for goods produced on a large scale for a significant number of end consumers. The mass market differs from the niche market in that the former focuses on consumers with a wide variety of backgrounds with no identifiable preferences and expectations in a large market segment.[1][2] Traditionally, businesses reach out to the mass market with advertising messages through a variety of media including radio, TV, newspapers and the Web.[3]

Overview[]

The mass market is the group of end consumers of common household products who are perceived as "average". This group encompasses such a wide variety of people that their need, uses, and price point for market offerings may vary greatly. The myriad of customers' needs makes it difficult to target each and every customer in the mass market via mass marketing.[4][2] Therefore, marketers often subdivide the market into smaller groups, or niches, comprising customers with similar wants, and then targeting them with niche marketing. Electric and gas utilities, soap, paper towels and gasoline are typical examples of goods for a mass market.[5] Products that are associated with a mass market are often ones that are essential for everyone member of society.

Marketing[]

Main article: Mass marketing

Marketing plays a vital role in setting companies apart from each other in a mass market. "Instead of operating on the premise that price, determined by marketplace supply and demand, functioned as an information feedback system telling manufacturers how much to produce, the new breed of marketers maintained that markets could be created by."[6] Developing a brand new product to then be driven by the manufacturer is something that several companies have had success in. There are a huge variety of brands that use different advertising techniques to sell their products or services nowadays. Brands have become better at advertising to social media, it allows them to reach a huge range of people with very little effort. Customers are now exposed to an excessive number of options for brands, and services, it can make it hard to make a purchase with all the options given to them. This is where mass marketing takes advantage of this and the size of the market that they are advertising too. Mass marketing advertises to everyone, as opposed to a specific group, or demographic. Corporations are best known for doing this, which is what makes them successful, they advertise to the largest number of customers. This technique also is very successful because what is usually advertised are essential products, or services. These necessities are advertised at the lower price in order to gain sales.

Mass marketing is a very competitive battle for companies in today’s world. The goal is to get manufacturing costs as low as possible to then pump their product out for a lower price than their competitors. “Meanwhile, as technological developments resulted in cheaper consumer goods and disposable incomes rose, price became less of an issue in purchases and brand names became more important.��� This is where marketing comes in to play and gives the company a chance to set itself apart from the competition. Big name athletes and celebrities who are looked up to as role models play a significant part in this. People will usually look at athletes as these top tier superhumans, if the former MVP of the NFL is endorsing a product or brand, it has to be good, right? Whether you attend a sporting event, or watch a game on television, you and millions of other audience members will be exposed to a bunch of brands during the course of a game. The more times these brands put themselves in front of people, the more likely someone or a group of people will be willing to listen and become familiar with a certain brand or product. “According to Sliburyte (2009) empirical evidence indicates that “approximately 20 to 25% of advertisements feature some famous person as a product endorser”.”[7]

Mass Market Retailers[]

Mass Market Retailer

A mass-market retailer is an organization that reasonably sells enormous amounts of products that appeal to a wide assortment of buyers. Mass-market retailers are not really known for selling sturdy, top notch stock or for having uncommon client assistance, yet they do meet customers' needs a lot at sensible costs. Some examples of mass retailers are Big-box stores such as Target, Sam's Club, and Best Buy, as well as brands like Levi Strauss and Gap, and e-retailers like Amazon.[8]

Mass Market Retailers Vs Luxury Retailers[]

Luxury Retailer

In terms of Mass Market vs Luxury Retailers, Luxury Retailers sell their products to specific consumers. Their target market is for wealthy consumers who purchase upscale products frequently, products that tend to be unobtainable for the regular consumer. Some examples of Luxury Retailers include Barney's, Tiffany's, Saks & Fifth etc.

Mass Market Advantages[]

  • Mass Marketing is the degree and cost-proficiency of advertising on a bigger scale compared to smaller business Marketing systems.
  • Increases brand awareness
  • Power to control the Market (scare future competitors away)

Mass Market Disadvantages[]

  • Will leave smaller companies more vulnerable
  • Always changing consumer Market

The Decline[]

“Technology has enabled consumers to skip over these mass-market models. Amazon and Google allow them to quickly and easily search out specific products that speak to them.”[9] People are not associating or committing to a certain brand, rather, whatever is more convenient for them when looking at quality, price, and availability.

When looking at mass market, we can include television as a contributor. TV shows are made to appeal to whoever wants to tune in and to however many people that attention brings. There has been a significant fall off in the number of viewers that the biggest TV shows are pulling in as opposed to 25 or so years prior. This decrease is largely attributed to the presence of social media and self-published apps and streaming services like Netflix, Hulu, HBO, etc. "Oprah, at her height, had 48 million viewers per week. Now, the biggest daytime TV stars, like Ellen DeGeneres or Dr. Phil, draw less than one-tenth of that per week."[9] Daytime television will never capture that big of an audience ever again based on the number of different options people have at their disposal today. This is one of the many instances where mass market is becoming obsolete.

See also[]

References[]

  1. ^ "Macau's Casinos Have Been Relying On VIPs, But The Mass Market Is Crucial To Future Growth". Forbes (magazine). 2018. Retrieved 30 March 2018.
  2. ^ Jump up to: a b “Niche Market.” Business: The ultimate resource. (2002). Cambridge, Massachusetts: Perseus Publications:1294.
  3. ^ "shotgun marketing |". Undifferentiated audience
  4. ^ "Mass Marketing". 2012. Retrieved 2 May 2012. Business Dictionary
  5. ^ Mc Daniel, Carl; F.Hair, Joseph; Lamb, Charles W. (January 14, 2008). Essentials of marketing. p. 224. ISBN 978-0324656206.
  6. ^ writer, Reviewed by Lynn Van Matre, a Tribune staff. "A MASS MARKETING HISTORY LESSON THAT'S GUARANTEED TO SATISFY". chicagotribune.com. Retrieved 2020-10-05.
  7. ^ "The Impact Of Using Athletes As Celebrity Endorsers Marketing Essay". UKEssays.com. Retrieved 2020-11-30.
  8. ^ Kenton, Will. "Mass-Market Retailer". Investopedia. Retrieved 2020-11-18.
  9. ^ Jump up to: a b "The death of the mass market and why consumers couldn't be happier". Marketing Land. 2018-03-02. Retrieved 2020-11-30.
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