Performance Indicators

Hospitality and Tourism

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A market is a group of people who share the same wants and who have the ability to purchase a specific product or service. Market identification is the process of a marketer in identifying the most profitable areas to offer a new product or service. To determine these groups, a marketer uses three forms of data: demographic, geographic and psychographic. Demographic data defines a population in quantitative terms like age, gender, education or occupation. Geographic data identifies where potential consumers live. Psychographic data identifies common interests, attitudes and lifestyles of potential consumers.

Market Planning

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Explain the concept of market and market identification (CS)

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