What are the 4 major market segments for hotels?
What are the 4 major market segments for hotels?
The hospitality industry is a multibillion-dollar industry that depends on the availability of leisure time, disposable income, and complete customer satisfaction. There are four segments of the hospitality industry: Food and beverages, Travel and Tourism, lodging, and recreation.
How can a market be segmented by age?
A demographic segmentation strategy in which a product-market is grouped into segments based on the basis of age so that the organisation can more precisely target its offerings to the needs and wants of each stage of life of interest to it.
What are the market segments in hotel industry?
The three most basic segments are transient (individual travellers), corporate (business travellers), and group. These are broad segments that have a lot of sub-segments. For example, the group segment can be further segmented into weddings, corporate meetings, government groups, etc.
What are the 5 main different segments for demographics?
The five main demographic segments are age, gender, occupation, cultural background, and family status.
How a hotel marketing manager can segment the available market?
In a segmenting group based on tourist descriptors, the five basic types of variables that can be used by hospitality marketing managers to segment their market are geographic, demographic, psychographic and behavioural variables (Reid and Bojanic, 2010).
How marketers use age cohorts to segment markets?
Segmenting a market by age cohorts is very effective and helps to narrow down the most ideal target market for a product or service. The external factors and events that were experienced by consumers in a specific generation, impact the interests and consumption habits of those specific members of the generation.
How do you target market segments?
Here are some tips to help you define your target market.
- Look at your current customer base.
- Check out your competition.
- Analyze your product/service.
- Choose specific demographics to target.
- Consider the psychographics of your target.
- Evaluate your decision.
- Additional resources.
