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Hospitality strategic marketing midterm exam - Term Paper Example

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Summary to term paper on topic "Hospitality strategic marketing midterm exam"
Marketing research is the systematic design, collection, interpretation and reporting of information used to help marketers solve specific marketing problems (Strydom 2004: 86). The following research questions would be used to advise a colleague who has decided to open a…
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Download file "Hospitality strategic marketing midterm exam" to see previous pages... More importantly, she has to show the uniqueness of the product such that they would appeal to all the age groups living within the surrounding residential area. Dessert can be seen as something that is minor but the way it is presented to the potential customers will make a big change if properly marketed.
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The positioning of the bakery is very strategic it will be located in Thayer Street which is mainly comprised of pedestrians who live in the trendy neighbourhood on the East side of Providence where the residents are generally wealthy. Given that the other competitors do not specialise in this product, she can capitalise on this advantage given that there are likely chances of getting buyers from the overally wealthy residents who live nearby. The residents in the neighbourhood are predominantly wealthy year round residents as well as students from Brown University and Rhode Island School of design. Indeed, dessert can be seen as luxury but in most cases, wealthy people are fascinated by flashy and unique things that can also be used to serve the purpose of asserting their status in society. When launching a product, the most important thing to consider is that the new item in the market has to be unique and it also has to appeal to a wide number of people. Since this is a new product in the market, it is likely to appeal to a number of potential customers if the image and message are clear to the customers. She has to communicate the benefits that can be derived from consumption of the product.
3. Strydom (2004), defines segmentation as the division of a heterogeneous market into fairly homogeneous subsets or segments of customers who normally have similar needs and likely to respond in a similar way to the market offering. Basically, geo-demographic segmentation converges geography and demographics of a particular group ...Download file "Hospitality strategic marketing midterm exam" to see next pagesRead More
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