Segmentation and Target Market

Segmentation and Target Market PaperJonathan GraceMKT/571October 21, 2014Dr. Johnny MorrisSegmentation and Target Market PaperThis plan was put into in 1936, establishing the Government Employees Insurance Company, the company known and respected today as GEICO. GEICO was primarily directed toward federal employees and certain groups of enlisted military officers. Lillian Goodwin actively marketed the company to this group of consumers and within a year, GEICO had written over 3,700 policy holders and employed 12 staff members.

The Gap Inc. is a global specialty retailer that operates stores selling casual apparel and accessories for men, women, and children (Yahoo Market Guide, 2001). Under the Gap, are the Old Navy and Banana Republic brands (Yahoo Market Guide, 2001).

Marriott is renowned for its elegant and comfortable hotels and resorts. The company caters to a targeted customer base, ranging from the frequent corporate business traveler to the family enjoying their occasional weekend get-away. Marriott has continued its rise in the lodging, contract services, and restaurant industries. The company continuously strives to meet the needs and wants of its customers while strategically maneuvering the rigors of today’s competitive and ever-evolving market of glamorous destinations and convenient services. In order to remain relevant in a highly-competitive environment, Marriott must strike that successful balance of minimizing costs, and gaining and effectively

Since its foundation in 1927 Marriott Corporation grew into one of the leading lodging and food services in the US. With three major business lines: lodging, contract services and related business, Marriott has the intention to remain a premier growth company. To achieve this goal the corporation’s strategy is to develop aggressively appropriate opportunities within their business lines. Marriott would like to be the preferred employer, the preferred provider and the most profitable company in each of the operating areas. The financial strategy includes four key elements:

Deardorff, J. (2012, January). Fitness: A rare health club beckons the obese. The Charleston Gazette,. Retrieved from http://search.proquest.com.ezproxy.apollolibrary.com/docview/914947863?accountid=458

Gutierrez, K. (Sept 11, 2014). eLearning vs Classroom Training—How Different Are They? Retrieved from http:/info.shiftelearning.com/blog/bid/354977/eLearning-vs-Classroom-Training-How-Different-Are-They

McDonald’s is a fast food giant and is one of the best known burger chains in the world. McDonald’s builds its brand equity by listening to its customers and continually adjusting its communication and marketing methods. Because McDonald’s faces stiff competition around the world from other fast food chains it must continually adapt. This paper will show how McDonald’s is segmented in the fast food industry, its target markets, and the selection process for that target market. Developing a marketing strategy is very important and to do that it is important to understand the

In business marketing, market segmentation and targeting specific markets aids organizations by reducing the risks involved in decisions of how, where, when, and with whom the brand, product, or service will be advertised, directed, or promoted to. Positioning the product or service to the accurate target while controlling the marketing budget are tactics used by marketing professionals to assure reaching the largest target group and controlling costs (Boundless, 2014). Attracting the right customer is the ultimate objective of targeting specific markets by directing the research and efforts in a manner

Marriott established six strategies to compete with its rivals. The first strategy was the Next Generation travelers, which purpose was to understand and attract Gen X, Y and future guests. The second strategy was the Brand distinction as a way to invest in innovation and differentiation. The third one was the Portfolio power which built loyalty with the most compelling family of brands. The fourth and fifth ones were the Technology leadership which empowered connections for guests and associates and the Owner preference which generated value for hotel owners and franchises. The sixth strategy was the Global Growth which guided Marriott to expand their footprint and profitability. Other than these six strategies, Marriott also developed a corporate social responsibility strategy known as the “Spirit to serve”. (Marriot, 2014)

Market segmentation is the division of a market into different groups of customers with distinctly similar needs and products or service requirements (Croft, 1994). Its major purpose is to pull scarce resources and ensure that the elements of the marketing mix, price, distribution trends, products and promotion are premeditated to satisfy the particular needs of the different customer groups. City Grill’s main approaches to market segmentation, could include using the breakdown method where they can view the market as to consist of consumers who are in essence the same, having similar tastes, and so forth. Their duty could only be to identify groups which share particular differences. Alternatively they

Marriott is a key player in the hotel and catering industry with operations in more than 70 countries and regions all around the world. Revenue has been earned from the market in both developed and developing countries. In developed markets such as the United States and Canada, the stability enhanced value growth, while in the developing market, stability increased the volume growth. In addition, the global presence guards the company against particular economic

When market segmentation reveals several potential target segments that the company can serve profitably, specific marketing mixes can be developed to appeal to all or some of the segments. A differentiated marketing strategy exploits the differences between marketing segments by designing a specific marketing mix for each segment.

Marriott is a multi brand company with a Global Portfolio that providing lodging that fit within many market segments. This report will discuss briefly Marriott’s Portfolio of hotels, what they do, briefly examine a number of their key marketing strategies and examine how they are implemented, measured and ask the question does this make them market leaders?

The main aim of market segmentation is to isolate markets into groups comprised of homogeneous characters and heterogeneous between segments based on a particular set of variables. Marketing practitioners and academics have adopted and implemented the topic of market segmentation with a lot of enthusiasm. The main advantage of this method has been to yield a higher understanding of a given market, advanced technique, and approaches used in forecasting consumer behavior, and enhance the ability to recognize and take advantage of developing new markets. Market segmentation enables the destination marketers to divide markets into particular groups of buyers, or potential customers who have constant changes in taste and preferences. The segmentation helps with influencing consumer demands through marketing targeting a particular segment. The millennial segment is the fastest growing group in the travel industry. In a this paper, we focus on how best to market Toronto to millennial segment based on their travel preferences. Their ability to use technology to marketplaces they visit makes them the best group to use in advertising unique features of Toronto.

Segmentation means to divide the marketplace into parts or segments which are definable, accessible, actionable and profitable and have a growth potential. In other word it is a technique used to enable a business to better target its products to the right customers by identifying the specific needs and wants of customer groups and then using those insights into providing products and services which meet customer needs.