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

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Lo6: market segmentation: market structures, based on how customers purchase, what they want, and/ or how they consume a product a. i. Taste and buying heterogeneity: variance in the value of customers b. i. Right mix of customers for that day: high $ customers tend to book last, marketing goals, strategy, & tactics. Internal analysis resources, constraints, values, and reputation: market analysis size, location, and trends b, competition analysis c. i. Market position: a-c should go to formulate a marketing action plan d. i. Particularly when utilizing cross product elasticity: forecasting demand more accurately, 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: segmentation bases, geographic traveller"s market, behavior (purpose, history, booking, price sensitivity, etc. , demography (age, psychography (difficult data to find, segmentation criteria.

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