Hospitality and Tourism management
Tourism Services Marketing
Market Segmentation on the 2011 Edinburgh Fringe Festival
Student URN 6227683
Date Due Monday 19th of November 2012, 4pm
Student Name ziqi li
No of Words 2978
Topic Chosen Market Segmentation
Word Limit: 3000
Market segmentation is a useful marketing tool for exploring the classes or categories by which customers can be grouped according to the available information naturally. In this article, I first make an introduction of the importance of market segmentation as well as the often used several types of segmentation. Then choose the 2011 Edinburgh Fringe Festival as an example to apply the market segmentation theory. At last, several conclusions are draw as follows: • First, as the geographic segmentation shows that local residents make up a considerable proportion of festival attendees and often play host to visiting friends and relatives, more advertise on the local residents should be done advance the festival. • Second, as the demographic segmentation shows that the young and middle aged people are the main consumers, so the activities should be planned for the people in this age range. • Third, as the psychographic segmentation show that the visitors may travel around Edinburgh for a couple of days, the potential in promoting the benefits of accommodation within easy commuting distance is also a good business choice. • Forth, as the "positive" market segmentation shows that there may be opportunities here for accommodation deals, room hire for press events or early bird deals before audience members arrive. • Fifth, as the behavioral segmentation shows that visitors are much more likely to return to attend a specific event that interests them, so make sure they are aware of everything that goes on in the city. And visitors are looking for lots of information and ideas on what to do and see, your recommendation will be valuable to them. Besides, visitors always want to taste traditional dishes, so the travel line combined with delicious food will be more popular.
Since the market segmentation provides a valuable way, such as the STP (segmenting, targeting and positioning) process, this concept occupies an important role in a modern marketing for managers to contact a manageable and concrete market (Kotler, 1997). In this sense, different market strategies are made for customers in different markets to improve not only satisfaction to customers but also expected profits to companies. Thus, the company can select the best communications channels and distribution more easily, and also get a clearer known about its competitor. The need for market segmentation also reflects that the market is usually too large to focus on a company. That is, the market contains many current as well as potential customers with a various set of different customer features. The Edinburgh Festival is such a complex market and can be analyzed by this method. In this article, an introduction of importance of market segmentation will be introduced, as well as the often used several types of segmentation. Then, the target event, 2011 Edinburgh Fringe Festival as an example will be applied by the market segmentation theory. At last, several conclusions will be summarized and useful recommends will be given out.
Market segmentation is a useful marketing tool for exploring the classes or categories by which customers can be grouped according to the available information naturally (Hanafizadeh & Mirzazadeh, 2011). Market segmentation, which ‘‘involves viewing a heterogeneous market as a number of smaller homogeneous markets, in response of differing...