In today´s market place managers are constantly seeking to find the best ways to reach and serve their customers. Market segmentation, dividing the market into submarkets, and branding products and services plays a major part in marketing activities.
Globalization is one of words used nowadays to describe the convergence of cultures. Cultures are believed to move closer together as a result of increased travel, better communication methods and enhanced transportation opportunities. Companies try to anticipate this change by offering standardized products to a global audience. Cultural differences are a logical barrier to standardization of the marketing strategies on a global scale. However, even on a national scale, there are many different types of consumers, who need to be treated differently. Market segmentation plays a major part in marketing, as all marketing activties depend on precisely defined and carefully choosen market segments.
Table of Contents
- Introduction
- Market Segmentation
- Definition
- Tasks of Market Segmentation
- Criteria for Segmentation Strategy
- Geographic Segmentation
- Demographic and socioeconomic Segmentation
- Psychographics
- Behavioural Segmentation
- Targeting Strategies
- Concentration Strategy
- Multisegment Strategy
- The Benefits of Segmentation
- Limitations of Segmentation
- Market Segmentation within the Hotel Sector
- Branding
- Definition
- Tasks of Brand Management
- Positioning
- Brand Equity
- Brand Policies
- Individual Branding
- Multiple Branding
- Family Branding
- Overall Family Branding
- Line Family Branding
- Brand Extension Branding
- Company Branding
- Benefits of Brands
- Changing Brand Strategies in the Hotel Sector
- Market Segmentation and Branding within Hilton Hotels Corporation
- The Company
- The Hilton Family
- Conrad Hotels
- Doubletree
- Embassy Suites Hotels
- Hampton Inn & Suites
- Hilton
- Hilton Garden Inn
- Homewood Suites by Hilton
- Company's Market Segmentation and Branding Strategy
Objectives and Key Themes
This essay explores the interconnected concepts of market segmentation and branding within the context of the hospitality industry. The main objective is to illustrate how these marketing strategies are used to target diverse customer segments and build strong brand identities. * Market Segmentation Strategies: The essay examines various approaches to dividing the market into distinct segments. * Branding and Brand Management: The essay details the creation and management of strong brands. * Brand Policies: Different branding approaches, including individual, multiple, and family branding strategies, are analyzed. * The Hotel Sector: The application of these strategies within the competitive hotel industry is a central focus. * Hilton Hotels Corporation Case Study: A detailed case study on Hilton's successful implementation of market segmentation and branding provides a practical example.Chapter Summaries
Introduction: This introductory chapter sets the stage by discussing the ever-present challenge for managers to effectively reach and serve customers. It highlights the importance of market segmentation and branding in achieving this goal, particularly in a globalized marketplace where cultural differences necessitate tailored strategies. The chapter sets the context for the following sections by emphasizing the need for precise market segment definition to effectively implement marketing activities, foreshadowing the detailed explorations of segmentation and branding in subsequent chapters. Market Segmentation: This chapter provides a comprehensive overview of market segmentation. It defines market segmentation, outlines its tasks, and details the key criteria used to develop effective segmentation strategies, including geographic, demographic, psychographic, and behavioral factors. The chapter then discusses different targeting strategies, such as concentration and multisegment approaches, weighing the benefits and limitations of each method. It concludes by specifically applying market segmentation to the hotel industry, highlighting its importance and unique challenges within this sector. Branding: This chapter focuses on branding, a crucial marketing tool often intertwined with market segmentation. It defines branding and explores its essential functions within brand management, encompassing positioning and brand equity building. The chapter thoroughly investigates various brand policies, including individual, multiple, family (with a deeper examination of overall and line family branding), brand extension, and company branding. The advantages of implementing effective branding strategies are detailed, followed by an analysis of the evolving brand strategies observed within the hotel sector. The chapter demonstrates how a strong brand can be a key differentiator in a competitive market. Market Segmentation and Branding within Hilton Hotels Corporation: This chapter provides a practical application of the concepts discussed in the preceding chapters through a case study of Hilton Hotels Corporation. The chapter first presents an overview of the company and its history, tracing its evolution and expansion within the hotel industry. It delves into Hilton's diverse brand portfolio, including its various hotel types catering to different market segments (e.g., Conrad, Doubletree, Embassy Suites, Hampton Inn, Hilton Garden Inn, Homewood Suites). The chapter concludes with an analysis of Hilton's overall market segmentation and branding strategies, demonstrating how their success in the industry can be attributed to a carefully developed approach to targeting diverse customer segments and effectively managing their diverse brand portfolio.Keywords
Market segmentation, branding, brand management, brand equity, targeting strategies, geographic segmentation, demographic segmentation, psychographic segmentation, behavioral segmentation, individual branding, multiple branding, family branding, brand extension, Hilton Hotels Corporation, hotel industry, marketing strategies.
Frequently Asked Questions: A Comprehensive Language Preview on Market Segmentation and Branding in the Hotel Industry
What is the main topic of this document?
This document is a comprehensive preview of a text exploring the interconnected concepts of market segmentation and branding, specifically within the context of the hospitality industry. It uses Hilton Hotels Corporation as a case study.
What are the key themes explored in the document?
The key themes include various market segmentation strategies (geographic, demographic, psychographic, behavioral), branding and brand management (including brand equity and positioning), different brand policies (individual, multiple, family, brand extension, company branding), and a detailed case study analyzing Hilton Hotels Corporation's successful implementation of these strategies.
What is market segmentation, and how is it discussed in the document?
Market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics. The document defines market segmentation, outlines its tasks, details criteria for effective segmentation strategies, discusses targeting strategies (concentration and multisegment), and analyzes its benefits and limitations within the hotel sector.
What is branding, and how is it covered in the document?
Branding is the process involved in creating a unique name and image for a product in the consumer's mind, mainly through advertising campaigns with a consistent theme. The document defines branding, explores its essential functions in brand management (positioning and brand equity), investigates various brand policies (individual, multiple, family, brand extension, company branding), and details the advantages of effective branding strategies within the hotel sector.
What is the role of the Hilton Hotels Corporation case study?
The Hilton Hotels Corporation case study serves as a practical application of the concepts discussed. It provides an overview of the company, its diverse brand portfolio (Conrad, Doubletree, Embassy Suites, Hampton Inn, Hilton Garden Inn, Homewood Suites), and analyzes Hilton's successful market segmentation and branding strategies, demonstrating how they target diverse customer segments and manage their brand portfolio effectively.
What are the chapter summaries provided in the document?
The document includes summaries for an introduction, a chapter on market segmentation, a chapter on branding, and a final chapter focusing on market segmentation and branding within Hilton Hotels Corporation. These summaries provide a concise overview of the key concepts and findings within each chapter.
What keywords are associated with this document?
Keywords include: Market segmentation, branding, brand management, brand equity, targeting strategies, geographic segmentation, demographic segmentation, psychographic segmentation, behavioral segmentation, individual branding, multiple branding, family branding, brand extension, Hilton Hotels Corporation, hotel industry, and marketing strategies.
What is the overall objective of this document?
The main objective is to illustrate how market segmentation and branding strategies are used to target diverse customer segments and build strong brand identities within the hospitality industry.
For whom is this document intended?
This document is intended for academic use, focusing on the analysis of themes related to market segmentation and branding in a structured and professional manner.
Where can I find more detailed information?
The full text of the publication provides a much more detailed analysis of the topics discussed in this preview.
- Quote paper
- Nora Burkard (Author), 2003, Market Segmentation and Branding in the Hotel Industry, Munich, GRIN Verlag, https://www.grin.com/document/22596
