About This Chapter
Hospitality Market Segmentation - Chapter Summary
What is market segmentation? What markets exist within the hospitality and tourism industries? These are some of the questions you'll explore when you access this chapter. The lessons provide relevant definitions, examples and explanations of branding, positioning and behavioral targeting. They also review effective strategies for segmenting business markets. Each lesson takes only 5-10 minutes to review, and you can print transcripts to use as handy reference tools. Take the self-assessment quizzes as many times as needed until you feel you've mastered this material. After you have completed this chapter, you should be able to:
- Identify group markets in the hospitality and tourism industries
- Explain the significance of segmenting markets
- List ways that markets can be segmented
- Describe the characteristics of the four major segments of business markets
- Relate the development of a brand and how it leads to brand equity
- Define and provide examples of brand loyalty
- Explain brand extension and how businesses can expand
- Understand components of brand strategies and how they are formulated
- Define terms such as positioning, differentiation and behavior targeting
- Identify different types of retail segments, target markets and marketing strategies
- Use target marketing techniques to draw customers
1. Markets in the Hospitality & Tourism Industries
Hospitality and tourism are large industries in the United States and they affect most citizens in one way or another. This lesson discusses the three major markets that fit within these industries.
2. Market Segmentation: Why Market Segments Are Important to Marketers
Marketing managers must understand the importance of segmenting a market and the specific criteria for successful segmentation. Before the 1960's, most companies tried to market products to the masses with declining success. It is important to identify key target markets!
3. Market Segmentation: Geographic, Demographic, Psychographic & More
Marketers must be effective at creating niche segments to promote and sell their products or services. There are five specific ways that markets can be segmented in order to create a successful sales opportunity.
4. How to Segment Business Markets Step-by-Step
Discover the four segments of business marketing in this lesson. You will also learn the distinguishing characteristics of each segment so you may easily identify each of them.
5. Branding and Brand Equity in Business Marketing
Brand and brand equity go hand-in-hand in the marketing arena. Here, we will discuss how a brand develops and how that leads to increased brand equity.
6. What Is Brand Loyalty in Marketing? - Definition & Examples
Do you always drink the same brand of soda or coffee? If so, why? In this lesson, you'll learn about brand loyalty. You'll also have a chance to take a short quiz after the lesson.
7. Brand Extension: Definition, Strategy, Failures & Examples
Have you ever looked at a company and wondered how it could expand? What factors should be considered? This lesson takes a look at brand extension and how companies can expand.
8. What Is Brand Strategy? - Definition, Examples & Development
What makes a product like Coca-Cola an iconic brand? How is it so well known that people around the world instantly recognize and buy it? A big part of the answer is found in its brand strategy. Learn about the components of a brand strategy and how to formulate one.
9. Branding in Hospitality & Tourism: Traits & Examples
Creating a brand should be a priority in establishing your company's reputation and expectations. By having a solid brand presence, you can help consumers feel confident that your services and products will be consistent and meet their needs.
10. Positioning and Differentiation in Consumer Marketing
Consumers' perceptions of products and brands are influenced by the marketing and promotional plan. Marketers must identify the key characteristics that are important to the target market and then ensure that their product stands out in the minds of the consumers as the best choice for purchase.
11. Positioning Strategy: Definition & Examples
Manufacturing and service firms need to find a business area that will allow them to be competitive in the marketplace. In this lesson, we will examine different positioning strategies through examples.
12. Retail Segments, Target Markets and Marketing Strategies
In this lesson, you will learn how to identify four different retail segments and gain an understanding of how producers of goods and services use different types of retailers to reach the different target markets that buy their products.
13. Keeping Customers Interested Through Target Marketing
Target marketing allows companies to approach customers with specific products they might be interested in. This lesson describes target marketing and how companies use it to keep their customers interested in their products and services.
14. Behavioral Targeting: Definition, Uses & Issues
This lesson will define behavioral targeting in online marketing. We'll see how it's used to customize what is marketed to potential customers. The lesson will also address privacy and security concerns for consumers.
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Other chapters within the Hospitality 301: Hospitality Marketing course
- Basics of Hospitality Marketing
- Hospitality Industry Trends
- Hospitality Marketing Research
- Consumer Behavior in the Hospitality Industry
- Pricing for the Hospitality Industry
- Hospitality Marketing Channels
- Hospitality Marketing Strategies
- Advertising for Hospitality
- Hospitality Industry & Public Relations
- Selling for the Hospitality Industry
- Hospitality Marketing & Technology
- Required Assignments for Hospitality 301
- Studying for Hospitality 301