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## Module 2: Tourist Market and Segmentation ### Market Definition A set of actual and potential buyers of a product who share a need or want that can be satisfied through exchange relationships. ### Target Marketing Steps 1. **Market Segmentation**: Dividing the market into distinct groups with s...
## Module 2: Tourist Market and Segmentation ### Market Definition A set of actual and potential buyers of a product who share a need or want that can be satisfied through exchange relationships. ### Target Marketing Steps 1. **Market Segmentation**: Dividing the market into distinct groups with separate product and/or marketing mix needs. 2. **Market Targeting**: Evaluating each segment's attractiveness and selecting one or more to operate in. 3. **Market Positioning**: Developing competitive positioning for the product and an appropriate marketing mix. ### Market Segmentation Variables - **Geographic**: Divides the market based on geographic units (nations, states, regions, etc.) - **Demographic**: Divides the market based on variables such as age, gender, income, occupation, etc. - **Psychographic**: Divides consumers based on psychographic profiles such as social class, lifestyle, and personality. - **Behavioral**: Divides groups based on their knowledge, attitude, use of, or response to a product. - **Technographic**: Divides based on technology usage (users vs. non-users). ### Market Targeting Strategies - **Undifferentiated Marketing**: Ignores market segmentation and targets the entire market with one offer. - **Differentiated Marketing**: Targets several market segments with separate offers per segment. - **Concentrated Marketing**: Pursues a big share of a small market rather than a small share of a large market. ### Market Positioning Concepts - **Unique Selling Proposition (USP)**: Identifies what makes the product or service different from others. - **Competitive Advantage**: The product's advantage over competitors, gained by offering greater value (lower prices or more benefits). - **Top of Mind**: The highest level of recall a brand receives, occupying the top spot in a consumer's mind.
