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Lecture 6

HTM 4454 Lecture Notes - Lecture 6: Residence Inn By Marriott, Financial Statement, Automatic Writing


Department
Hospitality and Tourism Management
Course Code
HTM 4454
Professor
Perdue
Lecture
6

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HTM 4454: Revenue Management
LO6: Market Segmentation
1. Market Structures
a. Based on how customers purchase, what they want, and/ or how they
consume a product
a.i. Taste and buying heterogeneity
b. Variance in the “value of customers”
b.i. Right mix of customers for that day
c. High $ customers tend to book last
2. Marketing Goals, Strategy, & Tactics
a. Market Analysis – Size, location, and trends
b. Internal Analysis – Resources, constraints, values, and reputation
c. Competition Analysis
c.i. Differentiation
c.ii. Market Position
d. A-C should go to formulate a Marketing Action Plan
d.i. Seasonal
3. Segmentation (grouping) and Target Markets (focus of efforts and resources)
a. Undifferentiated – one strategy for all segments (cheapest)
b. Differentiated – different strategies for different segments (when
maximized, best opportunity for revenue generation)
c. Niche
d. Mass Customization – particularly marketed to high value customers
4. Why Market Segmentation
a. Allows for more effective pricing strategies
a.i. Particularly when utilizing cross product elasticity
b. Forecasting demand more accurately
c. Consumers can be a part of multiple market segments depending on
purchasing power, demographics , etc.
c.i. Diversification within the Marriott Brand: JW vs. Courtyard vs.
Fairfield vs. Residence Inn depending on current need(s)
5. Segmentation Bases
a. Geographic – Traveller’s Market
b. Behavior (purpose, history, booking, price sensitivity, etc.)
c. Demography (age,
d. Psychography (difficult data to find)
6. Segmentation Criteria
a. Identifiable – ability to clearly define and assign segmentation
b. Accessible – ability to effectively reach and serve segments with
minimum waste
c. Substantial – significant current size and high growth potential
d. Responsiveness – to marketing tactics
7. American Hotel and Lodging Association (AHLA) – Uniform System of
Accounts for the Lodging Industry
a. Largely for audit purposes to review financial statements against
market expectations
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