Market Segmentation of Carden Park

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Market Segmentation Assessment Objective 3

Market segmentation is the process of dividing the overall market into different groups or segments. These groups are divided according to the customers likes and dislikes therefore the customers will have similar needs for the products and services. The market segmentation process considers which segment is to be targeted. Market segmentation is essential to Carden Park because it will decide what segment of people they will market too which will mean that the segment(s) they choose will hopefully be the people to visit Carden Park. The segments that are targeted will be the right set of customers and will be the customers that are interested to visit. This is so that Carden Park can meet their needs and demands to provide them with the right products and services.

The market can be split up using different methods. Carden Parks uses each of these different methods:

Demographic segmentation consists of dividing the market into groups based on variables such as age, gender and family size. This type of segmentation is usually the main method used for segmenting customer groups. In the demographic segment the customer’s wants are closely linked to different variables like income age and family size. In the demographic segmentation process there is often much more data obtainable to make the selection more considered. It is often thought of that people of the same ages are interested in similar products and services. Carden Park will aim to market to different family sizes and ages therefore they will aim their marketing based on information from demographic segmentation.

This is the ‘Stages of the family life cycle table’ and shows the different sets of people in different groupings. Carden Park will try to market their hotel to mainly other more respected generation in a bid to keep the image of the hotel. They would rather more couples over single people but promote the hotel in the way ‘This is the life’

The Socio-economic segment is often used to differentiate different groups according to income, occupation and education. The institute of Practioners in advertising developed a socio-economic table which splits up different people according to the socio-economic ‘rules’. This will mean that people who have similar income, occupation and education will be classed in the same group and will be classed to have the same demands, wants and needs. Class A is thought of as the highest and most respected class with class E having the least admiration. Carden Park will aim to market to the higher Classes such as class A and B as Carden Park is an expensive, well respected and high-quality complex and classes A and B meet the image of Carden Park.

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Class A Professional people, senior managers in business or commerce, top civil servants,

and retired people previously grade A and their widows

Class B Middle management executives in large organisations with appropriate qualifications,

principal officers in local government, civil service top management or owners of

small business concerns, educational and service establishments, and retired people

previously grade B and their widows

Class C1 Junior management, owners of small establishments and all others in non-manual

positions, and retired people previously grade C1 and their widows. Jobs in this

group have very varied responsibilities and educational requirements

Class C2 All skilled manual ...

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