Casino Town Puts Its Money on Hispanic Market
1) What made this company's targeting and other marketing strategies successful?
The market for casino has become highly competitive as more and more companies are entering into the industry. As discussed in the case, the success of the strategy was due to various steps taken by the company to lure the new target segment comprising of new as well as old Latino customers. Companies have been improving their marketing strategies and offering value addition to its customers in order to retain them and to attract new customers such as using Spanish speaking dealers.
The company has ...view middle of the document...
Following are the details of the 3 principles which helped the company to win and contributed in company's success:
1. Demographic segmentation of the market. They targeted Hispanic: A company should gather all the information about the demography of the target segment in order to understand the customer needs and the requirements in detail and in a better way. Kotler and Lane (2006) say that in demographic segmentation, the market is divided into groups on the basis of age, family size, income, occupation, and social class. In this case the target market comprises both English as well as Spanish speakers, but now the company is focusing on targeting the Latino market so they introduced Spanish speaking dealers, tables with rules written in Spanish on them. They target was also not only the high income group, they target middle income group also by having slots of the game of the choice. By determining the demographic characteristics, the company was able to understand the requirement and the the kind of entertainment that would be provided to the target market to win the market and capture larger customer base.
2. Promotional Strategy: They also took major steps to grab the attention of their new target segment. They tried to influence their target audience by conducting concerts with Spanish speaking singers and musicians. They also influenced the target audience by having band which has conga drums and roaming cocktail waitresses offering shots of top-shelf tequilas.
3. Application of strategic concept: The reason of the success of the strategy was also idea of building loyalty of the customers towards the company. They made arrangements to help the Spanish customers to understand the game in their own language which in turn made them comfortable. The customers are now having the feeling of belongingness and warmly welcomed to the casino. It increased the loyalty of the customers towards the company.
3) What lessons about targeting a new market do you take away from this analysis? (Be very specific in relating each lesson to this case. For instance, do not say, "A company should ..." Instead, say, "The companies discussed in (refer to the appropriate Background material) demonstrated that ...")
Targeting a new market is an marketing strategy that help marketer to get hold on its customer base and cater them successfully to enhance the customer satisfaction. This is a kind of growth strategy as a growth strategy because it will help in capturing additional customer base and marketing segments in the market and consequently additional market share. As a result the marketing and financial performance will also improve but to achieve these objectives is not an easy task. Following are the details of important lessons that are learned as these served as the bases in determining appropriate marketing strategies: