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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.
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2
Q

Describe market targeting.

A
  1. Develop measures of segment attractiveness.
  2. Select the target segments.
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3
Q

Describe market positioning.

A
  1. Develop positioning for each target segment.
  2. Develop marketing mix for each target segment.
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4
Q

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

A

Segmentation analysis.

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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.

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6
Q

List the different types of market segmentation.

A
  1. Geographic
  2. Demographic segmentation
  3. Psychographic
  4. Behavioral
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7
Q

Examples of geographic segmentation.

A

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

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8
Q

Examples of demographic segmentation.

A

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

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9
Q

Examples of psychographic segmentation.

A

Social class, lifestyle, personality.

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10
Q

Examples of behavioral segmentation.

A

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

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11
Q

What is the most popular type of segmentation?

A

Demographic segmentation.

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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.

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13
Q

What is psychographic segmentation based on?

A

Personality traits, attitudes, motivations, activities.

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14
Q

What are the requirements for an effective segmentation?

A
  1. Measurability
  2. Substantiality
  3. Accessibility
  4. Actionability
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15
Q

Define target marketing.

A

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

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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 (3 decks)

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