In all sectors of industries, most kinds of organizations widely use market segmentation, which is the concept that is defined as the cornerstone of modern marketing. Nowadays, organizations are focusing on the most trending concepts that are market segmenting, targeting, and positioning. Initially, companies have to figure out what kind of people are going to buy their products or receive services from them. One half of potential buyers might be interested in products because of their fairly set prices and another half of customers might purchase the company’s goods if they simply aware of the fact that these products exist. The goal of the company is to understand who these people are, so that to divide them up into several different categories.Market segmentation is the procedureof grouping broad diverse markets into smaller ones according to their similar buying behavior and product needs.
Marriott International is a prominent leader in the global lodging industry that has a strong portfolio of leading quality hotel brand platforms running in more than 70 countries all over the world. This company operates
Hotel brands of the company are divided into different segments for various types of customers. For example, in the luxury segment, there are three famous brands of the company: The Ritz-Carlton, Bulgari Hotels & Resorts, and JW Marriott. In the upper-upscale section, Marriott Hotels is regarded as the company’s worldwide flagship top brand, whereas Residence Inn is North America’s premium extended-stay hotel trademark. AC Hotels by Marriott, Courtyard by Marriott, and SpringHill Suites address the upper-moderate price tire segment, while TownePlace Suites and Fairfield Inn & Suites constitute the moderate price tire section. There are more brands of Marriot that have important roles such as Renaissance Hotels and Autograph Collection. The former brand aims at lifestyle-oriented business people, while the latter targets travelers seeking for original, luxury, and independent hotels.
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