Marketing in Hospitality Assignment Example | Topics and Well Written Essays - 500 words

Marketing in Hospitality - Assignment ExampleCustomers needs are different and segmenting a target merchandise makes the company more efficient and disregard achieve higher performance. Performanceis seen throughindicators such as gross or sales.Another effort for market segmentation is the fact that customers have different disposable incomes. Thus, their sensitivity to price is different (Boundless, 2014). Abusiness thatsegments theirtarget marketbyoffering their products at various prices, good deal cater to a larger section of a given market. This results in enhanced profits for the company.Market segmentation offer be used by a company to position a product. Customers can be further to start using a particular product if it is offered at a low price. After gaining thatlow-pricemarket, a company can then growth the company through built up sales revenue that is reinvested back into the enterprise.A benefit of market segmentation as a marketing strategy is that it can be use d to maintain a share of a market segment. A business without a strong lead will find it hard to maximize profitability due to larger brands. with child(p) brands maximize scale of economies in production and marketing and leverage their relationship with distributors and retailers to deliver an extremely tell product to the end consumer. Small companies may find it harder to find a particular segment of the market to satisfy.Marketing mix refers to a marketing strategy that involves combiningfactors that can be controlled by a business, to achieve its objectives of marketing a product to a particular target market segment (Chong, 2003). The intellect for this is that these factors are essential aspects of marketing activities. Market planning can then be better translated into practice.The staple fibre components of a marketing mix are the product, price, place, and promotion. Other components may include people, process, and