HRT 302 Lecture 4: HRT 3020- Chapter 4

• School: Cal Poly Pomona
• Department: Hospitality Management
• Course: HRT 302
• Professor: Linchi Kwok

Document Summary

Competitive advantage: an advantage over competitors gained by offering greater relative value based on lower prices and/or higher quality. Market segmentation: pursuing a marketing strategy where the total potential market is divided into homogeneous subsets of customers, each of which respond differently to the marketing mix. 4 criteria used to evaluate the effectiveness of the market segmentation strategy: Sustainability: the size of the segment must be large enough to warrant special attention to meet the needs of the segment and to achieve the marketing objectives of the firm. Measurability: the overall size of the target market segment and the projected total demand or purchasing power of the target market. Accessibility: the target markets must be reachable, or accessible, through a variety of marketing communication efforts. Actionability: consumers int he same market segment should react similarly to the marketing program used to target them. Geographic segmentation: segmentation technique that focuses on the consumer"s geographic area of residence.