Impact of Social Media Marketing on the Financial Performance Assignment

Added on - 17 Feb 2021

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RESEARCH PROPOSAL
TABLE OF CONTENTSTitle..................................................................................................................................................1BACKGROUND.............................................................................................................................1INDUSTRY BACKGROUND........................................................................................................2RESEARCH AIM, RESEARCH QUESTIONS AND OBJECTIVES...........................................3Rationale.................................................................................................................................3Scope and Importance of study..............................................................................................4RESEARCH METHODOLOGY.....................................................................................................4TIMESCALE...................................................................................................................................6RESOURCES..................................................................................................................................8REFERENCES..............................................................................................................................10
TitleImpact of Social Media Marketing on the financial performance of hospitality sectorBACKGROUNDThe financial performance of company is a vital factor to achieve desired goals ineffective manner. With relation to this, social media marketing has greater impact on financialstanding of firm. Social media has evolved in the recent times facilitating not only people forestablishing connection with friends but also helping hospitality firms for attaining marketing.The following report is about the use of Social Media Techniques which is majorly used foreffective promotions of organizations that provides a global recognition which is very essential(Hanauer and et.al., 2012). There are several benefits which can be gained through effectiveadvertisements on social media.Brand Recognition attracts huge base of customers. Apart from that, it allows the firm toestablish a direct interaction with customers. This consent engagement helps to create a pictureof effective credibility and develops eagerness’s in individuals to have interest in activities ofthis hotel (What is research?. 2018). Also, company takes interest in listening to buyers. Whenthey become familiar with the brand, they can be more likely to suggest other individuals foravailing services. Therefore, they sometimes promote as a word of mouth. Development of brandloyalty is also facilitated for any hotel in hospitality sector because it is important to create loyalcustomers (Sharp, 2012).New potential customers can be beneficial but when conversion rate is very high, the firmmight face several financial problems. Therefore, it also helps to decrease the conversion rate oftheir loyal customers through effective promoting on several social media platforms to create astrong customer influencer. Apart from that, there is better ranking in Search EngineOptimisation that provides easy access on internet sources. Cost related to marketing get reducedas conventional factors require a lot of investment which can be bad for financial factors of firm.Therefore, financial performance of a hotel is dependent upon number of services delivered.Promotion can become budget friendly. Aspects which can be easily adopted by the hotel forattracting potential customers from market (Alberts and Altmann, 2012). The outcome ofadopting this strategy is very fruitful. Therefore, social media techniques grab huge amount ofbuyers that lead to increase sales aspect of organisations.1
This report includes all those factors which occurred due to adoption of Social Mediatechniques as an effective strategy. It is used for enhancing marketing activities of brand acrossthe world that is important to improve financial status of firm. Apart from this, when cost ofinventory is less and sales of service is more than it leads to increase the amount of revenue thatHilton hotel earns. This is very advantageous as it helps to expand business and provides scopefor further investments which can be beneficial (Bach and et.al., 2013).INDUSTRY BACKGROUNDHospitality sector is considered to be one of the major industries that support travel and tourismof any nation. It provides services such as event planning, lodging, theme parks, dining, cruiseline etc. It is considered to be a multibillion pounds’ industry which completely depends upondisposable income of customers and availability of leisure time. This industry focuses onsatisfaction of customers as well as meeting their needs. Majority of the business under thissector deals with tourist. When the disposable incomes of customers decrease due to recession orany other factor in the economy than this industry is more likely to suffer.Hospitality sector majorly based on theme and focus on creating an ambience which canlead to affect psychology of the customers. Business that serves a particular theme are mostlyappreciated by visitors. This sector is dependent completely on innovation that leads to sets up anew level of engagement with customers on the bases of creativity. Under this are majorlydependent on three aspects such as effective management, staff and quality of services(Grotevant, McRoy, Wrobel and Ayers‐Lopez, 2013).Hilton hotel is considered to be a global brand in hotels and resorts and have properties inaround 85 countries. It targets segment like business as well as leisure travellers. Their chainmajorly chooses locations nearby convention centres, or airports or to such destinations whichare popular for vacations across the world. They participate in Hilton Honours which areconsidered to be the loyalty programs for all those visitors who avail their services. Through this,they provide them certain points according to which they can have certain amount of discountsor free services. This strategy is proved to be very successful for business to retain customers.Social media marketing is vital for Hilton Hotel as it entails numerous benefits such ascost-effectiveness, time-saving and quick response of customers that can be gathered in the bestpossible manner. This means that discounts or offers on certain packages may be provided to2
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