Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Introduction to Hospitality > Revenue Management > Flashcards

Revenue Management Flashcards

Unit 2: Target Market Segmentation

1
Q

Describe market segmentation.

A
  1. Identify bases for segmenting the market.
  2. Develop profiles of resulting segments.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Describe market targeting.

A
  1. Develop measures of segment attractiveness.
  2. Select the target segments.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Describe market positioning.

A
  1. Develop positioning for each target segment.
  2. Develop marketing mix for each target segment.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The practice of dividing total markets up into groups on the basis of similar characteristics.

A

Segmentation analysis.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Describe market segmentation.

A

Consumers possess different needs and wants, and they can be grouped into segments. The product is adjusted to meet the requirements of the target segments.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

List the different types of market segmentation.

A
  1. Geographic
  2. Demographic segmentation
  3. Psychographic
  4. Behavioral
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Examples of geographic segmentation.

A

Nations, states, regions, countries, cities, neighborhoods, population density, climate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Examples of demographic segmentation.

A

Age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, generation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Examples of psychographic segmentation.

A

Social class, lifestyle, personality.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Examples of behavioral segmentation.

A

Occasions, benefits, user status, usage rate, loyalty status.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the most popular type of segmentation?

A

Demographic segmentation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Why does demographic segmentation considered as a short-term marketing timeframe?

A

Demographic segmentation often include fast about people. These facts can change over time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is psychographic segmentation based on?

A

Personality traits, attitudes, motivations, activities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the requirements for an effective segmentation?

A
  1. Measurability
  2. Substantiality
  3. Accessibility
  4. Actionability
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Define target marketing.

A

A business can’t be all things to all people, selective targeting of specific segments will ensure success.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Evaluating market segments include:

A
  1. Size and growth
  2. Structural attractiveness (degree of competition, number of substitute products, power of buyers)
  3. Company objectives and resources
17
Q

What is the difference between features and benefits?

A

Features are facts about the service or product. Benefits give consumers a reason to buy, explain how the service or products will improve their stay.

18
Q

Describe undifferentiated marketing.

A
  1. Ignores market segmentation and goes after the entire marker with one market offer.
  2. Focuses on common needs instead of differences.
19
Q

Describe differentiated marketing.

A
  1. Targets several segments with specific offering for each.
20
Q

Describe concentrated marketing.

A
  1. Focuses on grabbing a larger share of one or a few small markets.
  2. Appealing to companies with limited resources.
21
Q

Describe micromarketing.

A
  1. Local marketing.
  2. SoLoMo - Social + Local + Mobile
  3. Marketing to individuals.
22
Q

Hotel Guest Journey Map

A
  1. Inspiration
  2. Research
  3. Shop
  4. Prepare
  5. In-House Experience
  6. Share and Review
  7. Remember and Return
23
Q

Where does the Hotel Purchase Path ends?

A

Shop.

24
Q

The two purpose of travel.

A
  1. Business - they have to and they are told to.
  2. Leisure - they want to and they are sold on the idea of going.
25
Q

How many rooms are considered to be a group booking?

A

10 or more.

26
Q

List the individual travel market segments.

A
  1. Government
  2. Corporate - special negotiated, preferred, published
  3. Rack
  4. Discounts - In-House, contracts, OTAs
  5. Packages
  6. FITs
27
Q

List the group travel market segments

A
  1. Air crew
  2. Corporate and government meetings
  3. Incentive
  4. SMERF - associations, conventions, tradeshows
28
Q

Define market positioning.

A

The ability to influence how the consumer perceive the product relative to competing products.

29
Q

List a few positioning strategies.

A
  1. Specific product attributes.
  2. Emotional appeal.
  3. Compared to product class.
  4. Competitive advantage.
  5. Effective communication.
  6. Avoid positioning errors.
30
Q

What are some differentiation qualities?

A
  1. Important
  2. Distinctive
  3. Superior
  4. Communicable
  5. Preemptive
  6. Affordable
  7. Profitable
31
Q

Define differentiation.

A

A strategy in which a firm promotes the features of its product or service over competitors’ brands offered to the same market.

32
Q

List the differentiation elements

A
  1. Physical attributes
  2. Service
  3. Personnel
  4. Location
  5. Image
33
Q

Define positioning statement

A

A short phrase that reflects the image the company wants to create.

34
Q

What are the key questions to answer when creating a positioning statement?

A
  1. Who is your target customer?
  2. What is your category or market?
  3. What is your main benefit or value proposition?
  4. What is your point of difference?
35
Q

Two internal analysis

A
  1. Strength
  2. Weaknesses
36
Q

Two external analysis

A
  1. Opportunities
  2. Threats
37
Q

Define field data.

A

Raw data gathered directly from its source (sales staff, observation, distribution channels)

38
Q

Define published data.

A

Existing data compiled from a variety of sources (books, articles, newspaper)

Introduction to Hospitality (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions