Marketing management on: Market segmentation
For the past 25 years market segmentation has been referred to as one of the most important tool which would help any organization in order to climb the ladder of success (Billingham, 2011).. Based upon the Theodore Levitt’s text, the segmentation in case of market should be done in order to practice successful marketing. According to Levitt, it is said that “if you are not thinking segments, you are not thinking marketing”.
Market Segmentation refers to one of the most devoted topic for the past couple of years. This has helped the advisors in order to come across the various challenges such as identifying one of the most profitable client, the niche market, etc (William, 2008).
Segmentation refers to one of the most crucial as well as an important aspect in marketing. It must be seen that, market segment would play a very important role in order to achieve competitive advantage over the same (Gupta & Lehmann, 2005). For example, in case of the tourism industry it would quite important in order to segment the market based upon the various factors such as income group, age group, demographics, status, etc. In this industry, before the bookings would be done for a particular destination, the visitor would be segmented upon its ability to pay for a particular product (Gupta & Lehmann, 2005). It must be noted that, the visitor or the customer market is not homogenous & each and every visitor wants to the same thing. Therefore, the major issue in regards to segmentation would arise (Billingham, 2011)..
It should be noticed as to why segmentation is quite an important task for any organization or industry. There are certain reasons which would help in order to have an in depth knowledge regarding the same (Billingham, 2011). The reasons are firstly, segmentation would help in order to provide better prospects for their services, secondly, segmentation would help in order to have greater need for the services & in the end, some of the segments would turn out to be more profitable as compared to others (Gupta & Lehmann, 2005).
Some of the characteristics for market segmentation would be firstly, segmentation in case of the tourism industry would help in order to attract the potential segment or the niche market or destination in this case, and secondly, segmentation would help in order to see the capacity to pay or not (William, 2008). This trait in case of marketing segementation would help to see the willingness to pay for a particular destination or not. With the help of segmentation proper communication could be done (Billingham, 2011).. This would help in order to communicate the marketing messages to its clients. Thirdly, segmentation of the market would also help to sustain the business & lastly, have a creditability regarding the business or the tourism industry (William, 2008).
Based upon the various marketing strategies, the visitor market would be heterogeneous in nature. Hence segmentation would be one of the most important aspects which would help in order to motivate one another & take up a particular decision based upon the segmentation of the market (Gupta & Lehmann, 2005).
Implementation of the tourism marketing plan would be totally based upon the segmentation of the visitors. Though, it refers to quite a difficult task but is not an impossible task as well (Billingham, 2011). Hence, many traditional segmentation strategies have not been used in the tourism market. Such type of traditional strategies does not fit in to the bracket as well as does not suit the sophisticated, fragmented tourism industry at large (Levitt, 2006).
The traditional strategies mainly focus upon the segmentation, targeting & the positioning process. This would help them in order to inform as well as implement the same in order to satisfy the visitors & meet their requirements in the best of the ability (Billingham, 2011). Segmentation helps in order to provide the tourism industry a structured process which would help to understand the tourism industry at large as well as develop certain strategies which would help to meet the needs of the customers (William, 2008).
The tourism industry covers all those people which would require ample amount of motivation; ability as well as an opportunity to visit a particular destination or a vacation spot (Goldstein, 2007). Segmentation of the market refers to a process which is consumer oriented & involves the division of the entire market in to small groups based upon the various factors. The factors would be as under behavioral actors, income group, age group, status, class, demographics, etc (William, 2008).
In case of the tourism industry, the market would be segmented based upon the destination or the attractive places. This would the tourism sector to target the right kind of the visitor at the right time (Levitt, 2006). The targeted group would be targeted by the various marketing campaigns which would help them to attract more number of visitors. Hence, it could be stated that market segmentation has various relevant implications upon this particular industry (Gupta & Lehmann, 2005).
Segmentation refers to one of the healthy ways through which the various questions be answered. This refers to one of the marketing aspects which would help to locate the most profitable bunch of customers, the key criteria based upon which one can say why a particular (Gupta & Lehmann, 2005) product has been purchased or not, which of the visitors are loyal o the company, how to attract & retain the customers towards themselves, which are the most effective as well as efficient methods with which the target group could be targeted (Levitt, 2006).
Segmentation refers to one of the process which would help the visitors to decide i.e. what all factors would be used to influence one’s behavior or not. There would be various reasons due to which various types of segments could be maintained (Levitt, 2006).
According to Professor Malcolm McDonald, in case of the tourism industry geographic as well as demographic information could be used to segment the people or the visitors at large. It would be very important in order to segment the visitors as tourism industry refers to one of the most competitive industry in today’s time (Gupta & Lehmann, 2005).
The tourism market could be segmented on the basis of the following ways. The four most basic segmentation factors could be used. These factors would be geographic, demographic, psychographic & behavioristic factors (William, 2008). These factors have certain advantages as well as disadvantages. Amongst the four factors consists of various types of characteristics. Such characteristics would be tangible, descriptive, intangible, measurable, etc (Gupta & Lehmann, 2005).
With the help of the demographic & geographic segmentation factors, the visitors would be able to differentiate amongst the various marketing strategies which have been used in order to segment the visitor’s behavior. These factors would help any organization or the industry in order to have a better understanding of the tourism industry (Goldstein, 2007).
Hence, it could be concluded that market segmentation being one of the most traditional means of marketing would help today to climb the success ladder of the organization. According to Levitt, it is said that “if you are not thinking segments, you are not thinking marketing” (Goldstein, 2007). Therefore, market segmentation should be considered as one of the most important tool which would help any organization in order to climb the ladder of success (Billingham, 2011). Marketing Segmentation refers to one of the most devoted topic for the past couple of years (Billingham, 2011). This has helped the advisors in order to come across the various challenges such as identifying one of the most profitable client, the niche market, etc. It should be noticed as to why segmentation is quite an important task for any organization or industry (Goldstein, 2007).
Thus, segmentation of the market should be done as it would help the industry due to the following reasons he reasons (Gupta & Lehmann, 2005). They are firstly, segmentation would help in order to provide better prospects for their services, secondly, segmentation would help in order to have greater need for the services & in the end, some of the segments would turn out to be more profitable as compared to others (Billingham, 2011).
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