Question

The Golden Group is a group of luxury hotels that caters exclusively to high-end customers who form a small part of the market and are willing to pay for luxurious amenities. The hotel has incorporated all possible luxuries to satisfy these customers. The marketing approach employed by The Golden Group best exemplifies

Answer 1

Answer: Niche marketing.

Explanation:

Niche marketing involves a business aiming a product at a particular, often very small, segment of the market.

It anticipates consumers' needs and wants and can be clearly identified. It can be a local or small national market.

Answer 2

Answer:

focused differentiation or niche marketing

Explanation:

When a company focuses on the needs of a small but very specific groups of people, they are carrying out a focused differentiation strategy on a niche market. Niche markets are usually very small, but they are made up of consumers who really know what they want and are very specific about what satisfies their needs. E.g. vegan restaurants serve niche markets.

In this case, Golden Group hotels is focusing on the 1%, or very wealthy customers that demand special amenities and are willing to pay a very high price for them.