Marketing strategy in Hospitality Industry.docx
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Marketing strategy in Hospitality Industry.docx
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MarketingstrategyinHospitalityIndustry
MarketTargeting
2.1EvaluatingMarketSegments
TherearethreeofevaluatingMarketSegments:
Segmentsizeandgrowth,segmentstructuralattractivenessandcompanyobjectivesandresources.
2.1.1Segmentsizeandgrowth
ShanghaiXiaoNanGuoispositionedasanupscalerestaurantwhichisaimedatShanghaicuisinetoattractconsumerswhoarenativesorwillingtotastenewcuisine.Tochoosethe”rightsizeandgrowth”ofsegmentisdependedonthepotentialprofitable.Thisrestaurantattractsthewhitecollarsandthebusinesscustomerswhoseeconomicalcapabilitiesaffordtheprice.Thissegmentofbusinessandwhitecollarisbeingrapidgrowthwiththedevelopmentofeconomicprosperity.XiaoNanGuoattractshigh-endcustomerswithhighqualityproductsandservices.Therefore,ithasmoreeconomicpotentialinthissegment.
2.1.2Segmentstructuralattractiveness
AlthoughXiaoNanGuochoosestherightsegmentsizeandgrowth,therearefewproblemsofnotofferingattractivenessprofits.ThreatofIntensesegmentrivalrymayresultsinlosingtheloyaltyofcustomers.Soitneedstomaintainandenhancethequalityofproductandservices.XiaoNanGuoinsistsonprovidingthedelicatefoodandsincereservices.Thesignaturedishesalwaysmadewithgreatingredientsandmaintainthespecialtastewhichcannotbecopiedbyothercompetitors.Consideringthegrowingbargainingpowerofsupplier,XiaoNanGuoislimitedinfreshseafoodtoafewsuppliers.
2.1.3Companyobjectivesandresources
XiaoNanGuoisconcentratedtoprovidingthespecialandrelaxingenvironmentservicesforcustomers.Itofferedtheluxuriousdiningenvironmentforcustomerssobusinesscustomersandwhitecollarscanrelaxafterworking.Inaddition,thereisaroof-deckwithelegantdecorationsforweddingpartyorjustsittingandchattinginthererelaxed.IfcustomersholdaweddinginXiaoNanGuo,theywillreceiveaspecialpackageofmenu.Itisconvenientforcustomerstosavingtimeaswellashoteltopreparetheingredientsfortheweddingparty.Alsothepackageofmenuisprofessionalplansothecostscanbesaved.
2.2Selectingmarketsegments
Afterevaluatingdifferentsegments,thecompanymustdecidewhichandhowmanysegmenttoserve.Therearefourmarket-coveragestrategies:
undifferentiatedmarketing,bifurcatedmarketing,differentiatedmarketing,andconcentratedmarketing.
XiaoNanGuoispositionedashigh-endrestaurantandthemaincustomersarebusinessandwhitecollars.Sometimesitprovidesmeetingsorpartieswithsmallscale.Itstargetcustomersarethosewhoseagerangefrom25-45yearsoldwhohasdependenteconomiccapability.ThesetargetcustomerscometoXiaoNanGuoforbusiness,familyget-together,friendsmeetingorweddingparty.Andthepricerangefrom28yuanto2000yuanbasedonthekindoffoodsuchasnativeShanghaicuisine,andseafood.Basedonthesefactors,XiaoNanGuochoosesdifferentiatedmarketingstrategy.Inordertomeetdifferentdemands,XiaoNanGuohasamenuwithindiversifiedfoodsforcustomerstochoose.Customersalwaysseekfornewfoodandnewrestaurant,andthetrendsofcustomersarechangealltime.Inordertomaintaintheloyaltyofcustomers,XiaoNanGuoprovidesvariableproductsfordifferentneeds.Soitisprofitabletochoosethedifferentiatedmarketingstrategy.
2.3Choosingamarket-coveragestrategy
Afterselectingthemarket,therearesomeotherfactorstobeconsidered-thecompany’sresource,thedegreeofproducthomogeneity,product’slife-cyclestage,themarkethomogeneityandcompetitors’strategies.
XiaoNanGuohassolesupplierwhichofferfreshvegetablesandseafood.Becauseofthelimitedresources,therestaurantmustensurethesupplychanneltomaintainthequalityandfreshnessoffood.Anotherfactoristhedegreeofproducthomogeneity.Undifferentiatedmarketingissuitedforhomogeneousproducts.ButXiaoNanGuosuppliestheotherdifferentfoodexceptthemainShanghaicuisinetocustomers.Theproductsarevariable.Alsotheproduct’slife-cyclestageisimportant.XiaoNanGuodoesn’tadvertisingtopublicfrequentlyevenintheintroductionstage.Inthematurestage,XiaoNanGuousepromotionstrategytoattractcustomers.Then,themarkethomogeneityisafactorofmarket-coveragestrategy.Customersdon’thavesametasteandthesamebuyingpower,soXiaoNanGuousedifferentiatedsegment.Finally,thecompetitors’strategyisimportant.SouthBeautyistheoneofthecompetitorsofXiaoNanGuowhichusesdifferentiatedstrategy.AndthecategoriesofSouthBeautyaremorethanXiaoNanGuo.SoXiaoNanGuoneedsenhancethequalityandpromotiontoattractmorecustomers.
2.4Marketsegmentation
Marketsegmentationmeansdividingamarketintodistinctgroupswhorequireseparateproductsandmarketingmixes.Becausebuyershaveuniqueneedsandwants,eachispotentiallyaseparatemarket.Thereisnosinglewaytosegmentamarket.Differentfactorsinfluencethevariablesegments.
Therearesomefactorsusedinsegmentingconsumermarkets:
geographicsegmentation,demographicsegmentation,psychographicsegmentationandbehaviorsegmentation.
2.4.1GeographicSegmentation
Geographicsegmentationisdividingthemarketintodifferentgeographicunits.XiaoNanGuohasalmost50restaurantsspreadin10citiessuchasShanghai,Beijing,HongKong,NanJin,andTianjin.MostoftherestaurantlocatedinsouthofChinabecauseXiaoNanGuoissouthernfoodwhichiseasytobeacceptedbysoutherner.Becausetheyarehigh-endrestaurants,sothatalltherestaurantslocatedinprosperouscitiesanddowntownthecity.Culturedifferencesaretheattractivenesstoothercities.XiaoNanGuodevelopsindifferentcitiessocustomerscantastenativeShanghaicuisinewithoutgoingtoShanghai.Forexample,inTianjin,XiaoNanGuolocatedincenterofcitybecausetherearemoresourcesofcustomers.ItisconvenientontrafficandtherearesomeentertainmentsaroundXiaoNanGuosothepotentialcustomerswillincrease.
2.4.2DemographicSegmentation
Demographicsegmentationconsistsofdividingthemarketingintogroupsbasedondemographicvariablessuchasage,gender,andincome.Demographicvariablesarethemostcommonbasesforsegmentingcustomergroups.
2.4.2.1Age
Consumerpreferenceschangewithage.Socompaniesofferdifferentproductsormarketingstrategiestopenetratevariousageandlife-cyclesegment.Marketingstrategyshouldchangewillthechangeofconsumerpreferences.XiaoNanGuoisconcentratedonthebusinesscustomersandwhitecollarswhoseagesrangefrom25-45yearsold.Butdifferentcustomershavevariabletastes.Forexample,youngwhitecollarmayfocusonthetasteandcoloroffoodaswellasthepricewhichistreatedasconsiderationofbuying.Ontheotherhand,customerscometoXiaoNanGuoforbusinesspurposemayfocusonthehighqualityfoodwithhighpricesuchassea-ear,sashimiandotherexpensiveseafood.Othercustomerslikefamiliesmaypreferthehealthyfoodandtraditionaldishes.
2.4.2.2Gender
Genderisalsotheimportantfactortoinfluencethechoiceofcustomers.Womenandmenhavedifferenttastesondishes.Womenlikesweettaste,whereasmenprefersaltydishes.SomedishesofXiaoNanGuohavesaucesofdishesyoucanaddornotdependsonyourtaste.Forexample,theboiledprawnshavesauceinaseparatebowl.Menwillusethesauceiftheylikerobusttaste,conversely,womenwilleatprawnsdirectly.
2.4.2.3Income
Incomesegmentationiscommonlybelievedtobeoneoftheprimaryvariablesaffectingpricingstrategies.Priceisnotsolelydeterminedbyincome,butthereisaclosecorrelation.
XiaoNanGuofocusesondifferentclassofincomecustomerssuchasupper-incomeandmiddle-incomecustomers.Thepriceisestablishedbydifferentincomecapability.Theaverageexpenseis150yuanperperson.Butitdependsonwhatyouordered.Thecustomerswillnotonlythewhitecollarsorbusinesscustomers,somestudentswhowanttoexperienceandtastecanbethepotentialcustomersofXiaoNanGuo.
2.4.3PsychographicSegmentation
Psychologicalsegmentationdividesbuyersintodifferentgroupsbasedonsocialclass,lifestyle,andpersonalitycharacteristics.
2.4.3.1Socialclass
Almosteverysocietyhassomeformofsocialclassstructure.ForXiaoNanGuo,themainsocialclassesofcustomersareupperuppers,uppermiddlesandmiddle.Theyareseekingforhighqualityproducts,caringservicesandcomfortableatmosphere.XiaoNanGuocreatesthesurroundingofhigh-endexperienceforcustomers.Atthesametime,thehighpriceisasignofupperrestaurant,sothecustomersofXiaoNanGuowillbetreatedasupperuppers.
2.4.3.2Lifestyle
Alifestyleisaperson’spatternoflivingasexpressedinhisorheractivities,interests,andopinions.Lifestyleisthefactorinfluencethechoiceofbuying.XiaoNanGuoisatraditionalrestaurantbutithasmanynewelementstoattractyoungpeople.Somesuccessfulmenenjoyrelaxinginthebeautifulatmosphere,andsomeyoungpeoplelikepartiesormeetingwithfriends.XiaoNanGuomixesthetraditionalandfashionableelementstogethertoattractdifferentcustomerswithvariablelifestyles.
2.4.3.3Personality.
Personalityistheimportantfactorwhichwillinfluencethebuyingbehaviorofcustomers.SomecustomerscometoXiaoNanGuojustfordinner,becausetheyprefertheShanghaicuisine.Somecustomerscometoherejustbecausetheypreferhavedinneraftershoppingnearby.
2.4.4BehavioralSegmentation
Behavioralsegmentationisdividedbuyersintogroupsbasedontheirknowledge,attitude,anduseorresponsetoaproduct.
2.4.4.1OccasionSegmentation
Buy
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