Hospitality and Tourism companies recognise that they cannot appeal to all customers in the marketplace
Table of Contents
4.1Target Market Selection5
6.Pret a Manger7
7.Market Segmentation, Market Targeting and Market Positioning8 8.Conclusion9
Today business successful is all about marketing strategy; the companies do not sell a product or service to all customers in the market. But on the other hand, the marketing research and marketing information are providing orientation to the companies for developing new products, services and brands. The aim of this report is to analyse the topic, and the advantages that come from marketing research and development. Both are important to companies when investing in, creating or developing products and services in competitive market. Market segmentation, targeting and positioning are the weapons to launch the product in the right direction, and help to recognize customers’ needs (Bose, 2012).
The next step is to write about the ‘Pret a Manger’ company. This company was chosen because it has been growing successfully, and has confidence in the shop employees to sell the food and pay wage bonuses for good customer relations (Goodman, 2011). The chain Pret a Manger is a good example of market segmentation because the brand offers different types of sandwiches and a variety of products to meet customers’ needs. Pret a manger concept scope for economic development in others countries, and a different value and product acceptance in the marketplace (www.pret.co.uk).
Companies formulate strategies to bring products and the services to the market. This is necessary to succeed in business. The marketing plan is about developing opportunities, and working in the right direction and positioning the products and services that companies produce (Kotler, Bowen, and Makens , 2006). Moreover, managers can use the plan as a reference to make new decisions, and steal a march on the competition (Bose, 2012).
The marketing plan is essential to understand customers’ needs. The key of the marketing strategy is to divide the market into different segments; this method has been relevant in gaining important information of customers’ needs and service demands. This is based on the target marketing activities are market segmentation, market targeting, and market positioning (Baines, Fill, and Page, 2008).
Market segmentation is based on dividing the market according to different customer groups, with their likes and needs to purchase products and services. The companies can design different marketing plans for different products or services that can be offered in different market segments. For example, the restaurant sector can be divided in to different groups, the market is “eating out”, and the products are consumed by different kinds of customers such as elder people, adults, young people, and children (Kotler, Bowen, and Makens , 2006).
(Baines, Fill, and Page, 2008) explains that market segmentation can be achieved by two methods. The first is called the breakdown method, in which customers are similar. Recognizes different groups of customers with a particular interest. This is used in major markets. The second is called the build-up method; this is the opposite of breakdown method, and means that customers are different, and it is based on recognizing the interests and affinities of the customers’ needs. Research in both methods, aims to create more segments among the existing that are present in the market.
The consumers’ markets are segmented in profile, behavioural and psychological criteria. Profile criteria is...