HMD259 UNLV Ch 8 Market Segmentation Targeting and Positioning Questions You need to read 6 files that I attached first and then please answer follow quest

HMD259 UNLV Ch 8 Market Segmentation Targeting and Positioning Questions You need to read 6 files that I attached first and then please answer follow questions.

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Chapters 8-10

Question 1 (10 points) (Chapter 8)

Explain the process of market segmentation, market targeting, and market positioning.

Question 2 (10 points) (Chapter 9)

Use a product from the hospitality or travel industries to explain the following terms (provide an example in your explanation): a) facilitating product; b) supporting product; c) augmented product. Chapter 8: Market Segmentation, Targeting, and Positioning
Chapter Notes
I.
Market. A market is the set of all actual and potential buyers of a product.
II.
Three Steps of the Target Marketing Process [Slide 8-3]
A.
Market segmentation is the process of dividing a market into distinct groups of
buyers who might require separate products and/or marketing mixes.
B.
Market targeting is the process of evaluating each segment’s attractiveness and
selecting one or more of the market segments.
C.
Positioning is the process of developing competitive positioning for the product and
an appropriate marketing mix.
III.
Market Segmentation [Slide 8-4]
A.
Bases for segmenting a market. There is no single way to segment a market. A
marketer has to try different segmentation variables, alone and in combination,
hoping to find the best way to view the market structure.
a. Geographic segmentation calls for dividing the market into different geographic
units, such as nations, states, regions, counties, cities, or neighborhoods.
b. Demographic segmentation consists of dividing the market into groups based on
demographic variables such as age, gender, family life cycle, income, occupation,
education, religion, race, and nationality. [Slide 8-5]
c. Psychographic segmentation divides buyers into different groups based on social
class, lifestyle, and personality characteristics.
d. Behavior segmentation divides buyers into groups based on their knowledge,
attitude, use, or response to a product. [Slide 8-6]
B.
Requirements for Effective Segmentation [Slide 8-7]
a. Measurability. The degree to which the segment’s size and purchasing power can
be measured.
b. Accessibility. The degree to which segments can be accessed and served.
c. Substantiality. The degree to which segments are large or profitable enough to
serve as markets.
d. Actionability. The degree to which effective programs can be designed for
attracting and serving segments.
IV.
Evaluating Market Segments [Slide 8-8]
A.
Segment size and growth. Companies analyze the segment size and growth and
choose the segment that provides the best opportunity.
B.
Segment structural attractiveness. A company must examine major structural factors
that affect long-run segment attractiveness.
C.
Company objectives and resources. The company must consider its own objectives
and resources in relation to a market segment.
V.
Selecting Market Segments. Segmentation reveals market opportunities available to a firm.
The company then selects the most attractive segment or segments to serve as targets for
marketing strategies to achieve desired objectives. [Slide 8-9]
A.
Market-coverage alternatives
a. Undifferentiated marketing strategy. An undifferentiated marketing strategy
ignores market segmentation differences and goes after the whole market with
one market offer.
B.
VI.
b. Differentiated marketing strategy. The firm targets several market segments and
designs separate offers for each.
c. Concentrated marketing strategy. Concentrated marketing strategy is especially
appealing to companies with limited resources. Instead of going for a small share
of a large market, the firm pursues a large share of one or more small markets.
Choosing a market-coverage strategy. Companies need to consider several factors in
choosing a market-coverage strategy.
a. Company resources. When the company’s resources are limited, concentrated
marketing makes the most sense.
b. Degree of product homogeneity. Undifferentiated marketing is more suited for
homogeneous products. Products that can vary in design, such as restaurants and
hotels, are more suited to differentiation or concentration.
c. Market homogeneity. If buyers have the same tastes, buy a product in the same
amounts, and react the same way to marketing efforts, undifferentiated marketing
is appropriate.
d. Competitors’ strategies. When competitors use segmentation, undifferentiated
marketing can be suicidal. Conversely, when competitors use undifferentiated
marketing, a firm can gain an advantage by using differentiated or concentrated
marketing.
Market positioning. A product’s position is the way the product is defined by consumers on
important attributes – the place the product occupies in consumers’ minds relative to
competing products.
A.
Positioning strategies [Slide 8-10]
a. Specific product attributes. Price and product features can be used to position a
product.
b. Needs products fill or benefits products offer. Marketers can position products by
the needs that they fill or the benefits that they offer. For example, a restaurant
can be positioned as a fun place.
c. Certain classes of users. Marketers can also position for certain classes of users,
such as a hotel advertising itself as a women’s hotel.
c. Against an existing competitor. A product can be positioned against an existing
competitor. In the “Burger Wars,” Burger King used its flame-broiled campaign
against McDonald’s, claiming that people prefer flame-broiled over fried burgers.
B.
Choosing and implementing a positioning strategy. The positioning task consists of
three steps: identifying a set of possible competitive advantages on which to build a
position, selecting the right competitive advantages, and effectively communicating
and delivering the chosen position to a carefully selected target market.
C.
Product Differentiation [Slide 8-11]
a. Physical Attributes
b. Service
c. Personnel
d. Location
e. Image
D.
Selecting the right competitive advantage
a. How many differences?
b. Which differences? [Slide 8-13]
E.
Communicating and delivering the chosen position. Once having chosen positioning
characteristics and a positioning statement, a company must communicate their
position to targeted customers. All of a company’s marketing mix efforts must
F.
support its positioning strategy.
Perceptual Mapping [Slide 8-14]
Marke&ng for Hospitality and Tourism
Tony L. Henthorne, PhD
TCA 380
Customer-Driven Marke2ng Strategy: Crea2ng Value for
Target Customers
Chapter 8
Learning Objectives
1. Define the major steps in designing
a customer-driven marketing
strategy: market segmentation,
targeting, and positioning.
2. List and distinguish among the
requirements for effective
segmentation: measurability,
accessibility, substantiality, and
actionability.
Learning Objectives (cont.)
3. Explain how companies identify
attractive market segments and
choose a market-targeting strategy.
4. Illustrate the concept of positioning
for competitive advantage by
offering specific examples.
Target Marketing
Market
Segmenta&on
Market
Targe&ng
Market
Posi&oning
Market Segmentation
Geographic
Demographic
Psychographic
Behavioral
Demographic Segmentation
Age and LifeCycle Stage
Gender
Income
Behavioral Segmentation
Occasion
Benefits Sought
User Status
Usage Rate
Loyalty Status
Requirements for Effective
Segmentation
Measurability
Substantiality
Effective
Segmentation
Accessibility
Actionability
Evaluating Market Segments
Size & Growth
Company
Objec&ves &
Resources
Structural
ADrac&veness
Selecting Market Segments
Concentrated
Undifferentiated
Marketing
Strategies
Micromarketing
Differentiated
Positioning Strategy
Iden&fying
Compe&&ve
Advantages
Selec&ng
Compe&&ve
Advantages
Effec&vely
Communicate
Chosen Posi&on
Differentiating Competitive
Advantages
Management
Orienta&ons
Positioning Errors
Underposi&oning
Confused
Posi&oning
OverPosi&oning
Which Differences?
Important
Distinctive
Superior
Communicable
Which Differences? (cont.)
Preemptive
Affordable
Profitable
Figure 8–3
Positioning map of service level versus price.
Chapter 9: Designing and Managing Products
Chapter Notes
I.
Product. A product is anything that can be offered to a market for attention,
acquisition, use, or consumption that might satisfy a want or need. It includes
physical objects, service, places, organizations, and ideas. [Slide 9-3]
II.
Product Levels [Slide 9-4]
A.
Core product answers the question of what the buyer is really buying.
Every product is a package of problem-solving services.
B.
Facilitating products are those services or goods that must be present
for the guest to use the core product.
C.
Supporting products are extra products offered to add value to the
core product and to help differentiate it from the competition.
D.
Augmented products include accessibility (geographic location and
hours of operation), atmosphere (visual, aural, olfactory, and tactile
dimensions), customer interaction with the service organization
(joining, consumption, and detachment), customer participation, and
customers’ interactions with each other. [Slide 9-5]
III.
Product Considerations
A.
Accessibility. This refers to how accessible the product is in terms of
location and hours of operation.
B.
Atmosphere. Atmosphere is a critical element in services. It is
appreciated through the senses. Sensory terms provide descriptions
for the atmosphere as a particular set of surroundings. The main
sensory channels for atmosphere are sight, sound, scent, and touch.
[Slide 9-6]
C.
Customer interactions with the service system. Managers must think
about how the customers use the product in the three phases of
involvement: joining, consumption, and detachment. [Slide 9-7]
D.
Customer interactions with other customers. Customers become part
of the product you are offering.
E.
Coproduction. Involving the guest in service delivery can increase
capacity, improve customer satisfaction, and reduce costs.
IV.
Reasons Companies Use Brands and Identify the Major Branding Decisions.
Brand is a name, term, sign, symbol, design, or a combination of these
elements that is intended to identify the goods or services of a seller and
differentiate them from those of competitors. [Slides 9-8 to 9-9]
A.
The role of brands. Brands identify the source or maker of a product
and allow consumers to assign responsibility for its performance to a
particular company.
B.
The scope of branding. Branding is endowing products and services
with the power of a brand. It’s all about creating differences between
C.
V.
products. Marketers need to teach consumers “who” the product is—
by giving it a name and other brand elements to identify it—as well as
what the product does and why consumers should care. Branding
creates mental structures that help consumers organize their
knowledge about products and services in a way that clarifies their
decision making and, in the process, provides value to the firm.
Brand equity is the added value endowed on products and services. It
may be reflected in the way consumers think, feel, and act with
respect to the brand, as well as in the prices, market share, and
profitability the brand commands for the firm.
New Product Development [Slide 9-10]
A.
Product life cycle. The product life cycle presents two challenges:
i.
All products eventually decline.
ii.
The firm must understand how its products age and change
marketing strategies as products pass through life-cycle stages.
B.
New product development strategy
i.
A company has to develop new products to survive. New
products can be obtained through acquisition or through new
product development.
C.
New product development process
i.
Idea generation. Ideas are gained from internal sources,
customers, competitors, distributors, and suppliers. [Slide 911]
ii.
Idea screening. The purpose of screening is to spot good ideas
and drop poor ones as soon as possible.
iii.
Concept development and testing. Surviving ideas must now be
developed into product concepts. These concepts are tested
with target customers.
iii.
Marketing strategy development. There are three parts to the
marketing strategy statement. The first part describes the
target market, the planned product positioning, and the sales,
market share, and profit goals for the first two years. The
second part outlines the product’s planned price, distribution,
and marketing budget for the first year. The third part
describes the planned long-run sales, profit, and the market
mix strategy over time.
iv.
Business analysis. Business analysis involves a review of the
sales, costs, and profit projections to determine whether they
satisfy the company’s objectives.
v.
Product development. Product development turns the concept
into a prototype of the product.
vi.
Market testing. Market testing is the stage in which the product
and marketing program are introduced into more realistic
market settings.
vii.
Commercialization. The product is brought into the
marketplace. [Slide 9-12]
VI.
Product Life-Cycle Stages [Slide 9-13]
A.
Product development begins when the company finds and develops a
new product idea.
B.
Introduction is a period of slow sales growth as the product is being
introduced into the market. Profits are nonexistent at this stage.
C.
Growth is a period of rapid market acceptance and increasing profits.
D.
Maturity is a period of slowdown in sales growth because the product
has achieved acceptance by most of its potential buyers.
E.
Decline is the period when sales fall off quickly and profits drop. [Slide
9-14]
Marke&ng for Hospitality and Tourism
Tony L. Henthorne
TCA 380
Designing and Managing Products and Brands
Chapter 9
Learning Objectives
1. Define the term product, including
the core, facilitating, supporting,
and augmented product.
Learning Objectives (cont.)
2. Explain how accessibility, atmosphere,
customer interaction with the service
delivery system, customer interaction
with other customers, and customer
coproduction are all critical elements
to keep in mind when designing a
product.
3. Understand branding and the
conditions that support branding.
Learning Objectives (cont.)
4. Discuss branding strategies and
decisions companies make in
building and managing their brands.
5. Explain the new-product
development process.
6. Understand how the product life
cycle can be applied to the
hospitality industry.
What is a Product?
• A product is anything that can be
offered to a market for attention,
acquisition, use, or consumption that
might satisfy a want or need.
• It includes physical objects, services,
places, organizations, and ideas.
Product Levels
Core Products
Facilitating
Products
Supporting
Products
Augmented
Products
Augmented Product
Accessibility
Customer
Participation
Augmented
Product
Atmosphere
Customer
Interaction
Atmosphere’s Effect on
Purchase Behavior
A=en&on-Crea&ng
Medium
Effect-Crea&ng
Medium
Message-Crea&ng
Medium
Mood-Crea&ng
Medium
Customer Interaction with the
Service Delivery System
Joining
Consump&on
Detachment
Elements of Branding Strategy
Brand
Equity
Brand
PosiAoning
Brand Name
SelecAon
Leveraging
Brands
Brand
PorGolios
Managing
Brands
Brand Positioning
Beliefs and Values
Benefits
A=ributes
The New-Product Development
Idea
Genera&on
Business
Analysis
Idea
Screening
Product
Development
Concept
Development
and Tes&ng
Test
Marke&ng
Marke&ng
Strategy
Commercializa&on
Idea Generation
External
Environment
External
Sources
Idea
Generation
Internal
Sources
Crowdsourcing
Commercialization
Commercializa&on
Decisions
Figure 9–3
Sales and profits over the product’s line from
inception to demise.
Product Deletion
Phase-Out
Drop It
Run-Out
Marke&ng for Hospitality and Tourism
Tony L. Henthorne, PhD
TCA380
Internal Marke+ng
Chapter 10
Learning Objectives
1. Understand why internal marketing
is an important part of a marketing
program.
2. Explain what a service culture is and
why it is important to have a
company where everyone is focused
on serving the customer.
Learning Objectives (cont.)
3. Describe the three-step process
involved in implementing an internal
marketing program.
4. Explain why the management of
nonroutine transactions can create
the image of being an excellent
service provider.
Internal Marketing
• Internal Marketing involves
marketing to the firm’s internal
customers, its employees.
• The Moment of Truth occurs when
employees and customers have
contact.
Internal Marketing Process
Establishment of
a Service Culture
Development of
a Marke&ng
Approach to HR
Dissemina&on of
Marke&ng
Informa&on to
Employees
Establishment of a Service
Culture
Service Culture
Service
Marketing
Program
Organizational
Culture
New Organizational Structure
Customers
Line Employees
Supervisors
Department Heads
General
Managers
Corporate
Focus of
Organiza&onal Team
Nonroutine Transactions
• Strong culture prepares employees
to handle nonroutine transactions.
– Service culture provides employees with
the proper:




Attitude
Knowledge
Communication Skills
Authority
Nonroutine Transactions
(cont.)
• Nonroutine transactions are unique.
– The ability to handle nonroutine
transactions separates excellent
hospitality companies from mediocre
ones.
Marketing Approach to HR
Create Jobs that Attract Good People
Improve the Hiring Process
Promote Teamwork
Emphasize the Importance of Initial Training
Marketing Approach to HR
(cont.)
Train Continuously
Manage Emotional Labor
Implement a Reward and Recognition System

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