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Chapter 7

Chapter 7. Marketing Strategy: Market Segmentation and Trends. Market Segmentation. The division of the overall market for a service into groups of people with common characteristics. Market Segmentation Analysis Steps.

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Chapter 7

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  1. Chapter 7 Marketing Strategy: MarketSegmentation and Trends

  2. Market Segmentation The division of the overall market for a service into groups of people with common characteristics

  3. Market Segmentation Analysis Steps • Step 1: Segmenting the market—dividing the overall market into subgroups using one or more factors • Step 2: Selecting target markets—selecting those market segments that the organization is best able to serve and appeal to

  4. Benefits of Market Segmentation • More effective use of marketing dollars • Clearer understanding of the needs and wants of selected customer groups • More effective positioning • Greater precision in selecting promotional vehicles and techniques

  5. Eight Criteria for Effective Segmentation The target markets must be: • measurable • substantial • accessible • defensible • durable • competitive • homogeneous • compatible

  6. Segmentation Approaches Depends on number of bases (factors) applied: • Single-stage segmentation (one base) • Two-stage segmentation (two bases) • Multistage segmentation (three or more bases)

  7. Customer Trends: Changes in Demand

  8. Hospitality and Travel Industry Overall Trends

  9. Hospitality and Travel Industry Trends: Changes by 8 Ps • Product • Partnership • People • Packaging • Programming • Place (distribution) • Promotion • Pricing

  10. Figure 7.13A Trends in supplier and carrier sectors.

  11. Figure 7.13B Trends in supplier and carrier sectors (continued).

  12. Figure 7.13C Trends in travel trade intermediary and DMO sectors.

  13. Figure 7.13C Trends in travel trade intermediary and DMO sectors (continued).

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