28 Jun MICROECONO 101-Explain the criteria for successful market segmentation
Question
Learning Objective #3: Explain the criteria for successful market segmentation
A market is a medium for businesses to exchange products/services with other businesses or consumers.
There are two types of markets, consumer and business. Consumer markets are comprised of consumers who purchase products/services without the intent of profiting. Business markets, on the other hand, are comprised of businesses interested in purchasing products/services with the intent to use, produce, or sell (resale).
Once the type of market (consumer or business) is identified, a target market needs to be selected. The five step process to select a target market consists of:
Identify the targeting strategy-undifferentiated, concentrated, and differentiated
Identify the segmentation variables-demographic, geographic, psycho-graphic, and behavioristic
Develop market segment profiles-examine differences and similarities within segments
Evaluate market segments-assess the factors that are relevant to market segments (competition, costs, sales, etc.) to eliminate segments
Select target markets-select target markets based on segmentation analysis
Segmentation that meets the following criteria is considered successful (DMASA):
Defined
Measurable
Actionable
Suitable
Accessible
Please read the following articles. Once you have read the articles, please complete the assignment below.
Effective Marketing Segmentation is More Than Simplistic Demographics (Links to an external site.)Links to an external site.
Measuring a Successful Segmentation (Links to an external site.)Links to an external site.
Requirements of Market Segmentation (Links to an external site.)Links to an external site.
Assignment:
Select one of the following Hotel Markets (Links to an external site.)Links to an external site.: commercial, extended stay, meeting and groups, and leisure/wholesale. While some national hotel chains are represented in each market, select one national hotel chain and research the chain. Based on your research, does the chain meet the criteria for successful market segmentation?
In a minimum of 700 words (excluding the title and reference pages), in APA FORMATwith a minimum of three references, explain whether or not your selected hotel chain meets the criteria for successful market segmentation based on their target market selection. Your submission should be a Word document.
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