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Chic Value Executive Summary

569 Words3 Pages

Objectives Setting objectives is very important as it will provide a clear sense of guidance and direction as to where Chic Value will want be in the future. Since Chic Value is a new brand in the market, a suitable objective is ‘Brand Awareness’. Creating brand awareness can make consumers identify with the business because people like a brand that they can trust. Therefore, it will invite customers and encourage them to keep coming back. Another appropriate objective for Chic Value is ‘Increased Market Share’. Chic Value main aim is to compete with the two-major hotel chain, Premier Inn and Travelodge. However, these two businesses have been around for a long period to gain their brand. If Chic Value want to be in their level, a similar percentage of market share should be achieved, if not more, so that the business can be able to compete. An alternative objective is ‘Unique Customer Service’. Hence Chic Value are aiming to have a differentiated service and offering from their competitors, bestowing a differentiated …show more content…

Psychographic segmentation is quite relevant in this case as it will allow Chic Value to split its market upon their customers’ personality traits, interests and lifestyle. Considering the business’ plan to stand out, psychographic segmentation will enable the business to gain much insight into the coatomer’s interest and lifestyle identify needs and wants. With information on needs and wants from the customers, Chic Value can then offer different service whilst meeting the customer specification. An alternative segmentation that can be as relevant is Demographic Segmentation. This technique is very beneficial to the business because it will allow the company to targets its audience more precisely. With this approach, Chic Value can retain their customers and their loyalty due to focus and attention given to the

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