When to use the dividend discount model for valuing a stock?

I'm using the Dividend discount model, to calculate fair value. However I'm not sure what would be considered a significant dividend for this method to make sense?

Also wouldn't there not be a need to factor stock growth into the equation, ie. the company may not be paying as much of a dividend out as it can, as there's potential to reinvest and grow the company eg. coca-cola – in this case it makes sense to use the discounted cashflow model (DCF). However with a 3% dividend like coca-cola has, I don't want to disregard the dividend completely.