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Questions and Answers
Which term refers to channeling all marketing efforts towards one well-defined segment of the population?
What is market segmentation?
What are the three steps to target marketing?
What does market coverage strategies and positioning refer to?
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What is the tourism market?
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Which term refers to dividing a broad consumer or business market into smaller, more manageable segments?
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What is a niche market?
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What does target marketing involve?
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What are the characteristics of a good market segment?
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What do market coverage strategies and positioning refer to?
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Study Notes
Market Segmentation
- Refers to dividing a broad consumer or business market into smaller, more manageable segments
- Involves channeling all marketing efforts towards one well-defined segment of the population
Target Marketing
- Involves directing marketing efforts towards a specific segment of the population
- Three steps to target marketing:
- Segmentation: dividing the market into smaller groups
- Targeting: selecting a specific segment to focus on
- Positioning: creating a unique identity for the product or service in the target market
Niche Market
- A small, specialized segment of the market with unique needs and preferences
Market Coverage Strategies and Positioning
- Refer to the process of determining which segments to target and how to position the product or service in those segments
Characteristics of a Good Market Segment
- Measurable: can be quantified and analyzed
- Accessible: can be reached through marketing efforts
- Substantial: large enough to be profitable
- Differentiable: distinct from other segments
- Actionable: can be acted upon with marketing efforts
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Description
Test your knowledge on the tourist market and segmentation in the tourism and hospitality marketing industry. Learn about defining a market, targeting marketing, characteristics of a good market segment, market coverage strategies, and positioning. Gain a better understanding of the new and emerging trends in this field.
