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Posted: November 29th, 2022
A market is a medium for businesses
Marketing
Question:
A market is a medium for businesses to exchange products/services with other businesses or consumers. There are two types of markets, consumer and business. Consumer markets are comprised of consumers who purchase products/services without the intent of profiting. Business markets, on the other hand, are comprised of businesses interested in purchasing products/services with the intent to use, produce, or sell (resale). Once the type of market (consumer or business) is identified, a target market needs to be selected. The five step process to select a target market consists of: Identify the targeting strategy-undifferentiated, concentrated, and differentiated Identify the segmentation variables-demographic, geographic, psycho-graphic, and behavioristic Develop market segment profiles-examine differences and similarities within segments Evaluate market segments-assess the factors that are relevant to market segments (competition, costs, sales, etc.) to eliminate segments Select target markets-select target markets based on segmentation analysis Segmentation that meets the following criteria is considered successful (DMASA): Defined Measurable Actionable Suitable Accessible Select one of the following Hotel Markets (Links to an external site.) : commercial, extended stay, meeting and groups, and leisure/wholesale. While some national hotel chains are represented in each market, select one national hotel chain and research the chain. Based on your research, does the chain meet the criteria for successful market segmentation? In a minimum of 700 words (excluding the title and reference pages), in APA FORMAT with a minimum of three references, explain whether or not your selected hotel chain meets the criteria for successful market segmentation based on their target market selection.
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