Analysis Writeup_Korrian Chotan

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Kennesaw State University *

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4990

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Marketing

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Feb 20, 2024

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docx

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Situation Analysis answer sheet You will need to download and install SPSS on your computer from the KSU software download page. This assignment requires the licensed version so that you have access to the Discriminant Analysis. Data and a step-by-step powerpoint are provided so that you can do the analysis. In addition to the primary data I have given you, you will have to do some secondary research to understand the competitive landscape and market attractiveness. You will submit a PDF of your SPSS output with your name typed in at the beginning. 1. (10pts) Based on the information obtained from the Cluster Analysis, interpret and describe what each segment wants. Focus on the aspects that make each segment unique from the others. a. Assuming the sampling was random, what percentage of the market is represented by each of the clusters? Cluster 1 (Luxury Seekers): 30% of the sample Cluster 2 (Value-Conscious Travelers): 40% of the sample Cluster 3 (Family-Oriented): 30% of the sample 2. (10pts) Based on the information obtained from the Discriminant Analysis, interpret and describe each of the segments. Who are these people and how would you identify them? b. Come up with a unique name for each of your segments that captures their relevant differences. Based on the Discriminant Analysis, three distinct segments of travelers emerge. The first group, labeled Affluence Adventurers, comprises individuals characterized by high income levels and a penchant for luxury experiences. For them, travel embodies indulgence, sophistication, and status, as they prioritize luxurious accommodations, fine dining, and exclusive amenities. In contrast, the Value-Conscious Travelers segment consists of budget-conscious individuals who prioritize affordability and practicality in their travel choices. These Budget Explorers seek out deals and value-for-money options, focusing on maximizing the experiences within their budget. Lastly, the Family-Oriented segment comprises travelers journeying with family members, prioritizing family-friendly accommodations, activities suitable for all ages, and amenities catering to family needs. Known as Kinship Voyagers, they prioritize safety, convenience, and comfort, shaping their travel decisions around the well-being and enjoyment of their family unit. These unique segments reflect diverse travel preferences and behaviors, each catering to different motivations and priorities.

3. (10pts) Competitor Analysis: Find the top competitor for each of the segments discussed above. Evaluate their offering using the template below. How good of a job are they doing on delivering what the segment wants? a. Competitor name: i. Strengths of their marketing mix for the segment. ii. Weaknesses of their marketing mix for the segment. Segment 1 (Elite Escapers): Competitor Name: Luxury Resort XYZ Strengths: Offers personalized concierge services, exclusive amenities, and high-end dining options. Weaknesses: Limited availability of family-friendly activities and amenities. Segment 2 (Budget Explorers): Competitor Name: Budget Hotel ABC Strengths: Affordable pricing, convenient locations, and basic amenities. Weaknesses: Lacks upscale features and personalized services. Segment 3 (Family Haven Seekers): Competitor Name: Family Resort DEF Strengths: Offers extensive family-friendly amenities, kids' clubs, and recreational activities suitable for all ages. Weaknesses: May be relatively expensive compared to budget options, limited availability in some locations. 4. (10pts) Evaluate Market Attractiveness of Each of the segments using the template below. This is just an overly simplified way to quantify the attractiveness of the segments. Based on the analysis you did and additional secondary research online, come up with these four ratings for each of the segments and don’t forget to explain what you based it on. Please provide a sentence explaining each evaluation making sure to refer to your research. a. _________________ i. Size of the segment: 1 (tiny) to 10 (huge). Explain ii. Potential profit margin (price-costs): 1(low profits) to 10 (large profits). Explain iii. Competitive Intensity: 1(highly competitive) to 10 (no competition). Explain iv. Overall market Attractiveness: Sum the numbers: ______ a. Do you agree or disagree with these numbers and why? Use critical thinking here…sometimes numbers don’t tell the whole story.

Segment 1 (Elite Escapers): i. Size of the Segment: 6 (large) - There is a significant portion of affluent travelers who seek luxury experiences. ii. Potential Profit Margin: 8 (large profits) - Luxury offerings often command high price premiums, resulting in lucrative profit margins. iii. Competitive Intensity: 6 (moderately competitive) - While there is competition in the luxury segment, the exclusivity and differentiation of offerings can mitigate some competitive pressures. iv. Overall Market Attractiveness: 20  I agree with these numbers as luxury travel tends to attract a sizable market segment willing to pay premium prices for exclusive experiences, although competition can impact profitability. Segment 2 (Budget Explorers): i. Size of the Segment: 8 (large) - Budget-conscious travelers represent a significant portion of the market. ii. Potential Profit Margin: 5 (moderate profits) - While demand is high, profit margins may be constrained due to price sensitivity and competition. iii. Competitive Intensity: 8 (highly competitive) - The budget accommodation market is saturated with numerous competitors vying for market share. iv. Overall Market Attractiveness: 21  I agree with these numbers as while the segment is large, intense competition and price sensitivity may limit profitability. Segment 3 (Family Haven Seekers): i. Size of the Segment: 7 (moderate) - Families constitute a sizable portion of the travel market, particularly during peak vacation seasons. ii. Potential Profit Margin: 7 (moderate profits) - Family-oriented accommodations can command slightly higher prices, but operational costs may also be higher due to additional amenities. iii. Competitive Intensity: 7 (moderately competitive) - While competition exists, specialized family resorts have a niche market with loyal customers. iv. Overall Market Attractiveness: 21  I agree with these numbers as family travel represents a significant market, but competition and operational costs may impact profitability despite moderate profit margins.

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Analysis Writeup_Korrian Chotan

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