Following the recent performance, car rental companies must have done something right. According to Zion Market Research sourcethe future of the global car rental industry is bright. The global economic recovery played a significant role in the performance of the travel industry. The global GDP growth went from 3.
The specific problem is: Too much jargon and unnecessary information Please help improve this section if you can. October Learn how and when to remove this template message It is important for a business to identify and select a target market so it can direct its marketing efforts to that group of customers and better satisfy their needs and wants.
It allows for better understanding of customers and therefore enables the creation of promotional materials that are more relevant to customer needs. Also, Target market for car industry makes it possible to collect more precise data about customer needs and behaviors and then analyze that information over time in order to refine market strategies effectively.
Market segmentation including the following: Geographic — Addresses, Location, Climate, Region.
Psychographic — Attitudes, values, religion, and lifestyles. Behavioral segmentation — occasions, degree of loyalty Product-related segmentation — relationship to a product  Market segmentation divides the market into four main sub categories — demographic, geographic, psychographic and behavioural segmentation.
Identifying consumer demand and opportunity along these subdivisions enables businesses to align and calibrate their marketing strategy to address variable market factors.
Analyzing market and consumer segments provides structure and control when measuring performance as consumer demand and behavior changes.
Feedback within these segments allows businesses and marketers to align, respond and adapt their approach to changing market factors within a shared definition of variables. Creating a message aimed at a particular demographic allows the sender to reach a wide range of receivers, while still staying within the confines of a specific segment.
A luxury good or service may be marketed to high income earners if the marketer believes that it would be relevant across a large enough portion of the segment to make it profitable for the sender, or create the awareness intended.
Certain brands only target working professionals whereas others might only target people who are at high school. Geographic segmentation divides the market by location. This could be divided into countries, cities, towns and neighborhoods etc.
Different geographic locations usually have different aspects to their environment, which allows marketers to appeal to the specific needs of each location. For example, marketers could target tractors specifically towards rural areas where there are likely to be a number of farmers who operate tractors.
In contrast, it would not make sense to market those same tractors in an urban area where people are not likely to find them as useful Thomas, This could encompass their values, as well as their personality, attitudes and general interests A.
In the example used, a segment categorised by how much money a consumer is willing to spend on a product could be defined by certain inclinations when shopping. One being — "spending no more money than is necessary…even if it means not buying the best.
Behavioural segmentation subdivides the market depending on how consumers behave towards a product. Consumers behave differently depending on occasions and the frequency of usage of a product. Demographic[ edit ] Demographic segmentation is the process of dividing the total market according to particular characteristics such as age, gender, family size, family life cycle, income, occupation, education, religion, race, and nationality.
Age and gender are two of the most commonly used demographic variables used to segment markets. Due to physiological differences, males and females have very different product demands and preferences, for example, in clothing, hair care, and other lifestyle items.
Consumers of different ages have different demand characteristics. Young people, for example, might demand bright, fashionable clothing, while the elderly prefer dignified and simple but elegant dress. Lower income and higher income consumers will be quite different in product selection, leisure time arrangement, social communication and communication and so on.
Consumers with different occupations education levels desire different products. For example, farmers prefer to buy load-carrying bicycles while students and teachers love light, beautiful style bikes. Families can be divided into five stages based on age, marital status, and children.
These are newly married, full nest, empty nest and lonely. In different stages, family purchasing power and interest in particular goods and services vary greatly. Geographic[ edit ] Geographic segmentation is the process of dividing the total market according to geographic location, for instance region urban, suburban, rural, city sizeclimate and land type.
Businesses may do this because different regions may present different needs and provide different commercial opportunities.
For instance, an ice cream shop would be more likely to start up in a hot location than a cold climate. These variables are concerned with why people behave the way they do and are often used effectively in conjunction with other segmentation variables. Lifestyle is a particular habit of individuals or groups in the consumption, work and entertainment.
Different lifestyles tend to produce different consumer demand and purchase behavior, even on the same kind of goods, there will be different needs in the quality, appearance, style, and specifications.
Today, many consumers does not only buy goods to meet the material needs, it is more important to show the performance of their lifestyle, to meet the psychological needs, such as identity, status, and the pursuit of fashion. Due to the different social class have a different social environment, different backgrounds, and different characteristics of different consumer preferences, demand for goods or services are quite different.
Philip Kotler divided American society into six classes.Target Market •Age •70% Male •30% Female •Yearly Income: $40,+ •Urban and Suburban •Tied to the success of airline and car industry car rental industry Introduction Industry Ad Strategy Recommendation.
Introduction Industry Ad Strategy Recommendation Advertising Strategy •More interactive advertising efforts. Jan 02, · You'll need to analyze your market and industry.
But, what's the difference between industry analysis and market analysis? Industry Research Versus Market Research: What’s the Difference? by: Having the deep knowledge of how your industry works and how your target market behaves will help you develop smarter strategies for /5(10).
Conduct interviews: Talk to consumers who might fit in your target market. For example, you could stand in a high-traffic area at a trade show and ask attendees to answer a few short questions. For example, you could stand in a high-traffic area at a trade show and ask attendees to answer a few short questions.
Jun 27, · To write a target market analysis, begin with a clear title page that contains an informative title.
After your title page, include a brief introduction that explains your objective. For example, you might explain that based on your research, marketing efforts should be revised%(23).
Car companies toil endlessly to establish their individual brand images and build up their personalities in the minds of consumers. To target these various audiences, car manufacturers market their products in specific ways, catering to the emotions, desires, and needs of the typical consumer.
According to Zion Market Research , the future of the global car rental industry is bright. In , the global car rental market was estimated at approximately $ billion USD, and is expected to grow at a CAGR of around per cent between and