Marketing and Customer Retention : Assignment
Added on 2020-07-22
14 Pages4822 Words49 Views
Entrepreneurship
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MARKETING ANDCUSTOMERRETENTION
Table of ContentsINTRODUCTION...........................................................................................................................11. Concepts and principles of marketing in Alperton Intercontinental hotel.............................12. Theoretical framework of the marketing mix, including the extended marketing mix..........33. Relationship of marketing with customer satisfaction, loyalty and guest programmes..........6CONCLUSION..............................................................................................................................10REFERENCES .............................................................................................................................11
INTRODUCTIONCustomer retention can be simply defined as the activities and actions corporations andenterprises that are taken to minimise the number of consumer defections. The main motive ofthese users retention activities is to aid various organisations in retaining as many users aspossible frequently via providing or taking consumers loyalty as well as brand loyalty initiatives.It is very important to retrieve or remember that retention of customers begins or starts with thefirst contact a user has with a venture and continues throughout the overall life time of therelationship. There are various benefits of the customer retention (Hollebeek, 2011). While largenumber of corporations conventionally spend maximum amount of revenue on consumeracquisition because they think it as a instant and effectual way of enhancing money. On thecontrary, customer retention often is more faster and on average costs up to six times lesser incomparison to consumer acquisition. Marketing or selling to those users with whom companyalready have a relationship is frequently more effectual way of increasing revenue as ventures donot require to draw attention, educate and made new ones. The present report is based on themarketing and customer retention of Alperton Intercontinental hotel which is a five star propertywhich had built recently. In this project, various principles and ideas of marketing such asconcepts of production, marketing, selling, product, etc. are described. 1. Concepts and principles of marketing in Alperton Intercontinental hotelMarketing is very important factor in executing any type of businesses. Even though it isproved to be an essential element which shapes the success of any hotel unit, yet it is a processwhich is frequently taken for granted. Hospitality marketing is the phenomenon for receivingproducts and services out to the customers. There are certain philosophies of hospitalitymarketing management that are explained below:The Production Concept : This is one of the oldest concepts in business of hotelindustry. It states that users would prefer or favour those products that are widely presentand are less expensive in nature. Managers of Alperton Intercontinental hotel shouldfocus more on this concept in order to achieve high production efficiency, minimumcosting and distribution of goods in large number of users or in masses (Gray and Wert‐Gray, 2012). Here, they expect that customers are principally concerned or taking interestin product availableness and lower prices. These attitude or orientation would make sense1
in developing nations where the users are showing more interest or their curiosity inacquiring the product in relation to its qualities. Venture using this orientation are runninga high risk of concentrating too broadly on their own trading operations and are losingsight of the main or actual aims and objectives (Edward and Sahadev, 2011). Most times;this production concepts could lead to myopia of marketing. Management concentratehere on increasing as well as improving the production and supplying efficiency. The product Concept : This concept tells that customers would favour or prefer thosegoods that provides the best quality, performance and innovational characteristics.Managers of Alperton Intercontinental hotel who are focusing on this orientation shouldconcentrate more on creating best quality goods or services and upgrading them time totime. They presume that purchasers would look up to well made goods and can evaluateits features and performance. However, managers who are adopting this idea are sometimes seen or caught up in a love affair with their goods and as a result, they forget thereal needs and requirements of the market. Here management may commit the “better-mousetrap” fallacy as they consider that a better-mousetrap would lead consumers to beata way to its door. The Selling Concept : This is other famous concept of business. It states that , ifcustomers and businesses are left alone would normally do not purchase enough of theselling products of the venture. Therefore, the corporation have to adopt an aggressiveselling and publicity efforts. This orientation expects that users typically show or displaypurchasing inertia and have to coaxed into buying (Christopher, Payne and Ballantyne,2013). It also presumes that the company has a whole battery of effectual selling andpromotional instruments in order to stimulate more purchasing. Large number oforganisations adopt this selling concepts when they consist of overcapacity. The mainmotto of the organisation is to sell what they have manufactured instead of making whatare the demands of the market. The Marketing Concept : This is one of the business philosophy that challenges all theabove mentioned three concepts of marketing. The main or central dogma crystallised inthe year of 1950. It states that the main aim of acquiring organisational goals or theambitions of the selling venture is to being more efficacious in comparison to itscompetitors in the job of manufacturing, supplying and transferring or conveying2
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