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Marketing of Segmentation in hospitality industru - Essay Example

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The potential use of segmentation in hospitality industry is discussed in this paper. Emphasis is given on the value of segmentation in the particular industry, as the specific issue is analyzed in the relevant literature. In order to understand the importance of segmentation in hospitality industry it would be necessary to refer to the characteristics of segmentation as a marketing technique. Then, its use in hospitality industry could be explored. According to Stanton market through segmentation a market, which is heterogeneous in regard to a particular product is partitioned, or else divided, into segments, so that each of these segments to be homogeneous for the particular product (Stanton 1983, cited by Vieceli & Valos, 1998, p.137). From a similar point of view, Lamb, Hair & McDaniel note that market segmentation helps marketers to identify the preferences and needs of different groups of people within a particular area (Lamb, Hair & McDaniel 2008, p.232). Market segmentation has led to the transformation of business practices worldwide. For instance, Wal-Mart has established a unique marketing approach: its stores address the needs of six different market segments, being aligned with six different styles: “urban, suburban, Hispanic, multicultural, baby boomer and rural” (Lamb, Hair & McDaniel 2008, p.232). ...
Segmentation has been proved particularly valuable in the hospitality industry. In the above industry, a specific type of segmentation has been found to be particularly valuable:

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the market based segmentation. This type of segmentation focuses on “the market value of the product rather than on its benefits” (Botha, Strydom & Brink 2005, p.75). Marketers in the hospitality industry use market segmentation in order to develop marketing schemes that best suit to the needs of the targeted group. For example, customers who belong in the category “premium market” (Botha, Strydom & Brink 2005, p.75) would be attracted both by the high quality of services which are also popular in the global hospitality industry (Botha, Strydom & Brink 2005, p.75). On the contrary, customers that belong to the “economy market” would prefer a hotel that offers the basic accommodation, no matter its image in the market (Botha, Strydom & Brink 2005, p.75). Another type of segmentation would be also used in the hospitality industry, additionally or as an alternative to the market – value segmentation described above; it is the segmentation based on one of the following criteria: “a) demographics, b) geographical characteristics, c) psychological characteristics and d) behavioural characteristics” (Burkard 2011, p.8). The above type of segmentation is extensively used in all industrial sectors; in the hospitality industry, the specific type of segmentation would be also used; however, the market-value segmentation would be most appropriate for aligning the needs of the customers with the characteristics of services available in the hospitality industry; for example, through the market value segmentation the identification of groups of low/ average income
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Summary

Importance of segmentation in hospitality industry Importance of segmentation in hospitality industry The success of marketing policies used within each industry is depended on the level at which these policies are aligned with the industry’s needs and trends, as influenced by the local culture and ethics…
Marketing of Segmentation in hospitality industru
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