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The segments which a destination chooses to attract are referred to as:
Product markets
Target markets
Base markets
Niche markets
Step by step
Solved in 2 steps
- A hotel wants to focus its marketing efforts on attracting family travelers. They have a choice of segmenting the market on either a geographic or psychographic basis. Discuss the difference between the two segmentation basis and which one would be a better approach and justify your answerIf a marketer decides to segment a market based on neighborhoods, the marketer will method of segmentation. have chosen the Select one: O a. Psychographic O b. Demographic O c. Geographic d. BehavioralAfter a company segments its market, it needs to decide which segment (s) is most attractive to serve. Discuss the different targeting approaches that a company can utilize to serve consumers in the segment (or segments) that it may choose to target?
- Select a market or product category for study. Whether it’s a market in which the firm already competes, a new but related market or product category, or a totally new market, the overall market or product category should be clearly defined. Choose a basis or bases for segmenting the market: There are no foolproof procedures for selecting segmentation variables, but the segmentation scheme must produce segments that meet the four essential criteria discussed earlier in this chapter (substantiality, identifiability, and measurability, accessibility, and responsiveness). Select segmentation descriptors: Segmentation bases need to be clarified with descriptors to identify the specific segmentation variables to use. For example, if a company selects demographics as a basis of segmentation, it may use age, occupation, income, or some combination of these as descriptors. Profile and analyze segments: The purpose of this step is to determine the segments’ size, expected growth, purchase…As a marketing manager of the chosen company, you are required to prepare a marketing plan for the company’s new product or service to be launched in Hong Kong. Gather background information aboutthe industry, chosen company, its new product/service, market(s), competitors, and competing/ substitute products; Formulate a marketing plan for the new product/service carefully and intelligently; andWhich of the following is a disadvantage of employing a multiple products, multiple market segments strategy if not implemented well? Select one: a. meeting customer needs but at the expense of higher prices b. reduced quality and higher prices c. lower prices but with higher production costs d. higher quality but lower prices e. higher sales but lower profits
- 6 Bombay Gifts divides its markets into units of nations, regions, and cities. Bombay uses geographic segmentation. Select one: a. True b. FalseChoose a fast-food restaurant chain that does business in your area. Describe the company's target market and explain how its marketing mix is designed to appeal to this target market. Explain how they segment the market to match their product/serviceby choosing a product or product category that interests you. Next, prepare a detailed market segmentation analysis for this product by describing your product and explain why your segmentation scheme meets the four essential criteria.Also, provide your rationale for choosing your segment descriptors.
- 2. Why do we say that is more efficient not to compete directly with existing products? What are the expenses that may be incurred when we do try to compete with them? 3. What are the advantages and disadvantages of segmenting according to traditional variables such as demographics, psychographics, behavioural, and geographic?4)Outline the different approaches to segmenting consumer markets . Provide examples to demonstrate your understandingYou are required to select a commercial product/service/ offering of your choosing. This can be from any industry or any cartegory. You will then analyze the chosen product under the following categories. 1.Discuss the type of target market segmentation your selected product utilises, and fully justify you answer in the context of this example.