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Essay On Market Segmentation

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The term MICE in literal terms is an acronym for Meetings, Incentives, Conferences/Conventions and Exhibitions. MICE tourism combines business with pleasure. It’s a niche segment of tourism dedicated to planning, booking and conducting conferences, meetings, seminars and other events. Dwyer and Forsyth, 1996 described MICE as “The meetings, Incentives, Conventions and Exhibition (MICE) sector consist of activities including conventions, trade shows, seminars, events, exhibitions and incentive travel.” MICE is a congregation of different groups like corporate event planners, hotels with the facilities to conduct conferences, food and beverage managers, tour operators, tourism boards and tourism & trade associations. Figure 3.1.1 MICE Tourism …show more content…

Market segmentation came into existence with the thought that one size doesn’t fit all. A heterogeneous market is divided and viewed as several homogeneous markets. It is an essential aspect of marketing in industrialised countries. Goods are no longer produced or sold without considering customer needs and the heterogeneity of those needs.
a) Nature and Purpose of Market Segmentation
Purpose of Market Segmentation
The main purpose of market segmentation is to allow a market or the marketing program to focus on the prospects that are most likely to purchase the product or service. The focus of marketing strategy and force on the subdivision or market segments to gain competitive advantage within the segment. It is not possible to sell everything to everyone in today’s competitive world. Each customer has different needs, wants, tastes, preferences and purchasing power. For example, Kellogs have different type of cereals for kids and adults. For kids they have Kellogs chocos and for adults they have Kellogs wheat flake cereals.
Three levels of segmentation Figure 3.1.3 Levels of market

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