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

Marketing in Hospitality - Assignment ExampleCustomers needs are different and segmenting a target securities industry makes the society more efficient and can achieve higher performance. Performanceis seen throughindicators such as revenue or sales.Another reason for market class 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 conf employ prices, can cater to a larger section of a given market. This results in enhanced profits for the company.Market segmentation can be used by a company to position a product. Customers can be encouraged to start using a particular product if it is offered at a low price. After gaining thatlow-pricemarket, a company can and then growth the company through built up sales revenue that is reinvested back into the enterprise.A benefit of market segmentation as a merchandising strategy is that it can be used 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. Large brands maximize subdue of economies in production and marketing and leverage their relationship with distributors and retailers to deliver an extremely differentiated 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 reason for this is that these factors are essential aspects of marketing activities. Market planning can then be better translated into practice.The basic components of a marketing mix are the product, price, place, and promotion. Other components may include people, process, and