Chapter-Market Segmentation, Targeting, and Positioning

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1 Chapter-Market Segmentation, Targeting, and Positioning Market Segmentation Geographic segmentation Demographic segmentation Psychographic segmentation Behavioral segmentation Requirements for effective segmentation Measurability Accessibility Substantiality Actionability Market targeting Evaluating market segments - Segment size and growth - Segment structural attractiveness - Company objectives and resources Selecting market segments - Undifferentiated marketing - Differentiated marketing - Concentrated marketing Choosing a market-coverage strategy - Degree of product homogeneity - Market homogeneity - Competitors strategies Market positioning Positioning strategies - Choosing and implementing a positioning strategy Product differentiation - Physical attribute differentiation - Service differentiation - Personnel differentiation - Location differentiation - Image differentiation Selective the right competitive advantages - How many differences? - Which differences Communicating and delivering the chosen position Positioning measurement: perpetual mapping

2 Product levels Course Title: Tourism and Hospitality Marketing Chapter: designing and Managing Products Core products Facilitating products Supporting products Augmented product - Accessibility - Atmosphere: The physical environment - Customer interaction with the service delivery system a. Joining stage b. Consumption phase c. Detachment phase - Customer interaction with other customers - Customers as employees Branding strategy Building strong brand Brand equity Brand positioning Brand portfolios Managing brands The new product development Product life-cycle strategies Product Deletion

3 Chapter Pricing Products: Pricing Considerations, Approaches, and Strategy Factors to consider when setting prices A. Internal Factors Affecting Pricing Decision Marketing Objectives - Survival - Current profit maximization - Market-share leadership - Product-quality leadership - Other objectives Marketing mix strategy Costs Cost subsidization Organizational considerations B. External Factors Affecting Pricing Decision Market and demand Cross-selling and upselling Consumer perception of price and value Analyzing the price-demand relationship Price elasticity of demand Factors affecting price sensitivity - Unique value effect - Substitute awareness effect - Business expenditure effect - End-benefit effect - Total expenditure effect - Price quality effect Competitor s prices and offers - Price rate comparison - Other external elements General Pricing Approaches A. Cost-based pricing B. Break-even analysis and target profit pricing C. Value based pricing D. Competition-based pricing

4 Price Strategies Course Title: Tourism and Hospitality Marketing A. New product pricing strategies Prestige pricing Market-skimming pricing Market-penetration pricing B. Existing-product pricing strategies Product-bundling pricing Price adjustment strategies - Volume discount - Discount based on time of purchase - Discriminatory pricing Revenue management - Revenue management software Distribution channels - Deflagging (reasons) Eliminate licensing cost, inflexibility of franchisors, evolving brand standards, ceiling for rate with flag properties, managing customer segments, national/international accounts. Bar pricing Nonuse of revenue management C. Psychological pricing Promotional pricing Value pricing Price Changes A. Initiating price changes Initiating price cuts Initiating price increases Buyer reaction to price changes Competitor reactions to price changes B. Responding to price changes

5 Chapter Distribution Channels Nature and Importance of Distribution System Nature of distribution channels Why are marketing intermediaries used? Distribution channel functions - Information - Promotion - Contact - Matching - Negotiation - Physical distribution - Financing - Risk taking Number of channel levels - Zero channel level - One channel level - Two channel level - Three channel level Hospitality distribution channel Direct booking Online travel agency (OTA) Global distribution system (GDS) Travel agents Tour wholesalers Specialist-Tour brokers, motivational houses, and junket reps Hotel representatives National, State, and Local tourist agencies Consortia and reservation systems Concierges Restaurant distribution systems Channel behavior and the organization Channel Behavior - Channel conflict (Vertical, Horizontal and Multichannel conflict) Vertical Marketing System - Corporate VMS - Administrative VMS - Contractual VMS (Franchising, Alliances) Growth of Horizontal marketing systems Growth of Multichannel marketing systems

6 Chapter: Promoting Products: Communication and Promotion Policy and Advertising The promotion mix : (Advertising, Sales promotion, personal selling, public relation, direct marketing) Integrated marketing communications The new marketing communications landscape The shifting marketing communications model The need for integrated marketing communications A view of the communication process Steps in developing effective communications Identifying the target audience Determining the communication objectives - Buyer readiness stages Awareness knowledge Liking Preference Conviction Purchase Designing the message - Message content - Message structure - Message format Selecting communication channels - Personal communication channels - Nonpersonal communication channels Selecting the message source Collecting feedback Setting the total promotion budget and mix Setting the total promotional budget - Affordable method - Percentage of sales method - Competitive parity method - Objective and task method

7 Promotion mix strategies Types of product and market Push versus pull strategy Buyer readiness state Product life-cycle stage Major decisions in advertising Setting the objectives - Informative advertising - Persuasive advertising - Reminder advertising Setting the Advertising Budget A. Some specific factors that should be considered when setting a budget - Stage in the product life cycle - Competition and clutter - Market share - Advertising frequency - Product differentiation B. Strategic versus tactical budgets C. Overall promotional budget D. Consistency E. Opportunities to stretch the budget F. The final budget Creating the advertising message A. Breaking through clutter B. Message strategy C. Message execution - Slice of life - Lifestyle - Fantasy - Mood or image - Musical - Personality - Technical expertise - Scientific evidence - Testimonial evidence D. Consumer-generated message E. Message generation F. Message evaluation and selection

8 Choosing Among Major Media Types A. Deciding on Reach, Frequency, and Impact - Total Number of Exposures (E) - Weighted Number of Exposures (WE) - Gross rating points (GRPs) B. Choosing Among Major Media Types - Target-audience media habits - Product characteristics - Message characteristics - Cost C. Selecting specific media vehicles D. Deciding on Media Timing - Continuity - Concentration - Flighting - Pulsing E. Road Blocking Evaluating Advertising Effectiveness and the return On advertising investment A. Measuring the Communication-Effect - Copy testing - Consumer feedback method - Portfolio test - Laboratory test B. Measuring the Sales-Effect C. Measuring the awareness effect

9 Chapter: Promoting Products: Public Relations and Sales Promotion Major Activities of PR Departments Press relation Product publicity Corporate communication Lobbying Counseling PR Opportunity for The Hospitality Industry Individual properties Build PR around the owner/operator Build PR around location Build PR around a product or service Sales Promotion Setting sale promotion objectives Selecting sales promotion tools - Consumer promotion tools (Samples, coupons, premiums, patronage rewards, point of purchase (POP), contests, sweepstakes and games) Finding creative ideas Developing the sales promotion program Pretesting and implementing the plan Evaluating the results

10 Chapter: Direct and Online Marketing: Building Customer Relationship Traditional Forms of Direct Marketing Direct-mail marketing Telephone marketing Kiosk marketing Digital Direct Marketing Technologies Mobile phone marketing Podcasts and vodcasts Interactive TV Online marketing domain - Business to consumer(b2c) - Business to business (B2B) - Consumer to consumer (C2C) - Consumer to business (C2B) Setting Up an Online Marketing Presence

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