Marketing Plan for Launching Premium Economy Rooms in UK
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Added on 2023/02/03
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AI Summary
This marketing plan focuses on the launch of premium economy rooms in the UK. It includes a company overview, situational analysis, marketing objectives, SWOT analysis, marketing strategy, PEST analysis, targeting, positioning, and marketing control.
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MARKETING PLAN EXECUTIVE SUMMARY The report focuses on the launching premium economyroomsinpanUK.Forthatthe marketing plan is being made which includes thecompanyoverview.Theexternaland internal analysis of the company. The external analysis includes the SWOT of the company where asthe externalanalysisincludesthe PEST of the company.The plan will also cover the marketing objectives and the strategy of marketing will include the STP analysis along with the marketing Control. COMPANY OVERVIEW It is a third largest hotel chain in the UK by the 32600numberofbedrooms.Itprovides accommodation, travelling, lodging and foo-ding facilities to the customers. SITUATIONAL ANALYSIS SWOT analysis SWOT analysis stands for the strength , weaknesses , opportunities and threats. The SWOT analysis of Travelodge is being discussed under. Strengths They offers their products and services in affordable prices, including rates for family also. Theyrunprogramsforitspremium customer'sbasesuchasTravelodge business accounts cards. Weaknesses Beingabudgethotel,itdoesnot provide the whole range of product and services which includes room service, concierge service etc. Theyareoftendescribedasplain looking and boring. Opportunities Theycanimplementthegreenand ecotourism which is in trend now a days. They cango globalto expandtheir markets Threats New entrants with providing additional services Lack of financial support PEST Analysis The pest analysis of the company includes the political, economic, social, technological factors which can affect the Travelodge. Political Being a developing organization Travelodge canbeaffectedbythepoliticalfactors. Political stability can be the basic requirement for the success of the company. Changes in policiesmayaffecttheworkingofthe organisation. Economic Changesistheeconomicfactorssuchas inflation rate, taxes may, income may affect the operations of the Travelodge. Social Changes in the consumer taste and preferences provides of affect which can reduce the profit of the organization. Technological Technology is dynamic in nature. It keeps on changing.IftheTravelodgedonotupdate themselvesas per the technology they will MARKETING OBJECTIVES after the careful analysis of internal and external environment of the Travelodge it has been seen that organisation has to focus on making the smart goals and objectives. The marketing objectives are discussed under- Increase in customers base Increaseinnumberof satisfied customers Improvingcrossfunctional communication MARKETING STRATEGY Marketingstrategyincludesthe segmentation, targeting and positioning of the Travelodge. SEGMENTATION The process of segmentation refers to the dividing of market into various segment such according to their common characteristics (LooandLeung,2018).Segmentationby Travelodgeisdoneonthebasisof demographicbehaviouralandgeographic. Travelodge has done the segment on the basis of Customer's income as they are known as budget hotels. TARGETING Targetingincludesthetypeof customers the organization target to achieve the profit. Travelodge target the mature people in their late 20s and 50s who prefer the quiet and traditional-looking accommodation. Apart from that they have target the middle class families which cannot afford high rated hotels. POSITIONING It is technique of portraying an image inthemindsetofthetargetcustomers. Travelodgepositionedthemselvesasan affordablebudgetaccommodationproviding organisation. MARKETING CONTROL Marketing control is the basic requirement of the marketing plan. It should be performed by keepingand matchingtheobjectiveswiththe results (Chandiok and Sharma, 2017). Produce a detailed, coherent, evidence- basedmarketingplanthatappliesthe marketingmixtomeetmarketing