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(PDF) Hospitality Marketing Essentials Assignment

   

Added on  2021-02-20

12 Pages2978 Words23 Views
Hospitality MarketingEssentials

Table of ContentsINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1. Key roles and responsibilities of marketing .........................................................................1P2. Interrelationship of marketing function with other business functions................................1LO2 .................................................................................................................................................2P3. Comparison between ways in which enterprises uses marketing mix..................................2LO3 .................................................................................................................................................5P4. Market Plan (covered in power point)..................................................................................5CONCLUSION ...............................................................................................................................5REFERENCES................................................................................................................................6

INTRODUCTIONMarketing is a vital function in an organisation and it includes promotion, advertisement,sales and deliver of goods from producers to customers. In hospitality industry, marketing playsa major role by building relationships with customers. This report is based upon McDonald'swhich is an American based fast food company which is one of the largest food chain and servesin around 100 countries. (McDonalds, 2019)This report covers basic and significant roles andresponsibilities of the marketing function within McDonald's and the way in which marketinghelps other functional units to achieve better results. It also covers comparison between ways inwhich marketing mix is applied by hospitality organisations to achieve various objectives ofbusinesses. LO1P1. Key roles and responsibilities of marketing In an organisation, there are various roles and responsibilities which are performed bymarketing function. It helps the business in achieving its objectives by formulating effectivemarketing plan and strategies and for achieving profits and maximising sales. In McDonald's,marketing performs various roles and responsibilities which are elaborated as follows-Market Research- It is an organised efforts of people to collect information regardingtarget customers and market. This function helps in formulating an effective business strategythat helps an enterprise in achieving its goals and objectives. McDonald's indulge itself inappropriate market research for identifying customer's tastes and preferences and than producefast food accordingly (Baker and Magnini, 2016). For instance, because of market research, thisenterprise provides different flavours of burgers as per the demand of customers of variouscountries. Market Strategies- Another important role played by marketing function in widerorganisational context is that it helps in formulating various marketing strategies such as marketpenetration, diversification, product and market development and so on. McDonald's usesdifferent strategies of marketing in order to stay in market for a long period of time. It keeps onexpanding its franchise by using market development strategy and right now it has around37,855 franchises in the world. 1

Product Development- It includes developing or introducing a product in target market asper the demand and preferences of customers in the target market (Bowie and et. al., 2016). Itcan be done in two manners, either by launching a brand new product or by adding certainfeatures to the existing product. McDonald's keeps on updating its products by adding on newflavours as per the demand and needs of its target customers. It offers different products andcovers all categories of customers.Promotion- Another important role which is played by marketing is to promote andadvertise company's products and services among customers. Promotion is a form ofcommunication that is utilised to provide information to customers about a particular good orservice. Basically, it helps the organisation in making customers aware about the existence of aspecific product in market. McDonald's uses various promotional measures in order to promoteits products among customers such as television, social media, hoardings, and so on. Marketing Information System- It helps the organisation in providing necessaryinformation about certain factors such as controlling, planning and implementing marketingstrategies. For instance, it helps the company in depicting its data which is related to logisticsthat is based upon real time and it also helps the company to distribute working network in aproper manner. McDonald's uses it for acquiring necessary information about different factorswhich can be uses for company's functioning. Monitor Market Environment- Marketing function is not limited to organisationalcontext only but it has certain roles and responsibilities in context of marketing environment.Marketing helps the business in monitoring the environment of marketing and than develop aspecific product or service accordingly (Dinçer and Alrawadieh, 2017). It helps the company tobecome more responsive towards changing business environment such as changes in fashion,trends, economical, social, political or any other factors. McDonald's always keeps an eye to itschanging marketing environment and develop products thereby. 2

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