Final answer:
The Ritz Carlton has segmented its market based on psychographic factors, specifically targeting wealthy individuals and those who want to appear wealthy.
Step-by-step explanation:
The Ritz Carlton has segmented its market on a psychographic basis. Psychographic segmentation is when customers are grouped based on their attitudes, lifestyles, interests, and values.
In this case, the Ritz Carlton is targeting wealthy individuals who value luxury and those who aspire to give the appearance of wealth. This segmentation is based on the psychographic characteristics and preferences of the target market.
By focusing on psychographic factors, the Ritz Carlton aims to cater to the specific needs, desires, and aspirations of its target customers, creating a unique and exclusive experience that aligns with their values.