The United Kingdom funeral market is believed to be worth around ?1billion yearly, with in excess of 600,000 funerals taking place every year. It is estimated that there are about 4,000 funeral directors currently offering services in the UK, but exact numbers prove to be difficult to pinpoint as the profession is unregulated therefore anyone can enter it. The funeral market in the UK has two industry leaders, The Co-operative Group and Dignity Caring Funeral Services (Dignity Plc). The Co-operative Group has over 800 branches across the UK and conducts around 100,000 funerals a year .
They also own the North Eastern Co-operative. Dignity has just over 500 branches and conduct 75,000 funeral a year. Between these two companies, they are currently involved in over 25% of all funerals in the UK. There are several other large groups with large numbers of funerals homes. Targeting customer needs by the Coop Funeralcare In evaluating different market segments, the Coop Funeralcare has considered three factors, segment size and growth, segment structural attractiveness, and company objectives and resources.
After evaluating different segments, the Coop Funeralcare has decided which and how many segments to target. Target markets consist of a set of buyers who share common needs or characteristics the company decides to serve. The Coop Funeral Care serves all population age groups, in assisting with Funeral arrangement for the deceased. On its website it state that it offers support to the deceased’s relatives when someone dies, in hospital, at nursing home, abroad, or unexpectedly.
In addition to these services the Cooperative Funeral Care also sales funeral cover for to UK families. Because buyers have unique needs, wants and expectations, Coop Funeral care could potentially view each buyer as a separate target market. There many different factors in which relatives, insurance companies, or local authorities take into account when choosing a funeral home for the deceased. These factors may include quality, perception, reputation and financial. Funeral are personal and unique, it appears the Coop Funeralcare view each buyer as a separate target market.
There are four different target market segments and we shall now examine the Coop Funeralcare’s target market strategies in turn. Undifferentiated marketing Differentiated marketing The funeral market is differentiated by different factors which ultimately play a role in the type of funeral, burial or cremations to be chosen by the deceased through funeral policy, the deceased’s family, local authority or insurance firms. The key factors include religious beliefs, life style and can also be influenced by the economic factors for example the economic downturn.
The Coop Funeralcare offer different products for different market segments for example they sale funeral care insurance plans to specific group of customers, they also offer religious funerals to cater for certain religious groups , they can conduct funerals on behalf of other insurances companies individuals. They can also cater for individuals and can conduct funerals on behalf of local authorities. By offering product and market variations to these segments, The Coop Funeralcare hope for higher sales and a stronger position within each market segment.
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