Segmentation and Target Market
Segmentation and Target Market
MKT/571June 09, 2014Erica Hayes
Segmentation and Target Market
Marriott International, Inc. was founded by J. Willard and Alice Marriott in 1927 and has been a leading hospitality company for over 80 years. It has more than 3,900 properties, 18 brands, and associates with its headquarters in Bethesda, Maryland, USA. The company boasts of revenues of nearly $13 billion in the fiscal year 2013 and is expanding globally. This paper specifically discusses the market segmentation, targeting and positioning strategies of Marriott – Marriott Hotels & Resorts, Courtyard by Marriott in the Asia-Pacific marketplace. Asia-Pacific is expanding exponentially for the hospitality industry and Marriott has bright prospects in this region. China has proved this in the past 30 years by being a prime example of how the economy of the nation has developed due to the hospitality industry. Marriott is aware of the potential market in Asia-Pacific region and how rapidly the hospitality industry is growing there. Marriott International, since 1989, has grown leaps and bounds in expanding its properties and in Hong Kong alone 32 hotels have sprung up throughout the country (Marriott International, Inc. Corporate Headquarters, 2008). Tourists choose hotels not just to stay and eat but also for the location, category of the hotel, and the services that are provided in the hotel. Their needs and wants are unique and target marketing for hotels has become micromarketing. The industry needs to adjust according to the location, culture and diversity of the place and also needs to provide tailored services to its guests – individualized marketing.
Segmentation
Segmentation of consumer markets for the hotel industry involves geographic as well as behavioral segmentation. Thorough analysis of the market opportunities of the region will lead to evaluation and segmentation of whether the business is viable for that particular region. Market
MKT/571June 09, 2014Erica Hayes
Segmentation and Target Market
Marriott International, Inc. was founded by J. Willard and Alice Marriott in 1927 and has been a leading hospitality company for over 80 years. It has more than 3,900 properties, 18 brands, and associates with its headquarters in Bethesda, Maryland, USA. The company boasts of revenues of nearly $13 billion in the fiscal year 2013 and is expanding globally. This paper specifically discusses the market segmentation, targeting and positioning strategies of Marriott – Marriott Hotels & Resorts, Courtyard by Marriott in the Asia-Pacific marketplace. Asia-Pacific is expanding exponentially for the hospitality industry and Marriott has bright prospects in this region. China has proved this in the past 30 years by being a prime example of how the economy of the nation has developed due to the hospitality industry. Marriott is aware of the potential market in Asia-Pacific region and how rapidly the hospitality industry is growing there. Marriott International, since 1989, has grown leaps and bounds in expanding its properties and in Hong Kong alone 32 hotels have sprung up throughout the country (Marriott International, Inc. Corporate Headquarters, 2008). Tourists choose hotels not just to stay and eat but also for the location, category of the hotel, and the services that are provided in the hotel. Their needs and wants are unique and target marketing for hotels has become micromarketing. The industry needs to adjust according to the location, culture and diversity of the place and also needs to provide tailored services to its guests – individualized marketing.
Segmentation
Segmentation of consumer markets for the hotel industry involves geographic as well as behavioral segmentation. Thorough analysis of the market opportunities of the region will lead to evaluation and segmentation of whether the business is viable for that particular region. Market
References: Marriott International Inc. (2008) Marriott Hotels & Resorts Retrieved from http://www.marriott.com/marriott-hotels-resorts/travel.mi Marriott’s market segmentation Retrieved from https://www.boundless.com/marketing/consumer-marketing/market-segmentation/developing-a-market-segmentation/Core Values and Heritage of Marriot Retrieved from http://www.marriott.com/culture-and-values/core-values.mi