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(Doc) Marketing Fundamentals

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Added on  2021-04-17

(Doc) Marketing Fundamentals

   Added on 2021-04-17

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Running head: MARKETING FUNDAMENTALSMarketing FundamentalsName of the StudentName of the UniversityAuthor’s Note
(Doc) Marketing Fundamentals_1
1MARKETING FUNDAMENTALSTable of ContentsAnswer to Question I.......................................................................................................................2Answer to Question II......................................................................................................................2Answer to Question III....................................................................................................................3Answer to Question IV....................................................................................................................4Response 1 on Micro Environmental Factor...............................................................................4Response 2 on Macro Environmental Factor...............................................................................5References........................................................................................................................................6
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2MARKETING FUNDAMENTALSAnswer to Question IThe concept of marketing refers to the organizational function and a particular set ofprocesses in order to create, communicate and deliver value to the customers and for themanagement of relationship with the customers so that the whole organization and stakeholderscan become beneficial (Kotler, 2012). It needs to be mentioned that certain processes areinvolved in marketing and all of them have importance in the new hotel business. There are sixprocesses involved in marketing. The first process is the analysis of the marketing opportunitiesof the new business. In this process, it is required to be determined whether the new business canattract customers, new products can be introduced, enough products can be sold to achievegrowth or not. The next process is to make research and to set target market so that the servicesand products of the new hotel can be sold to a particular group of people (Kotler, 2015). The nextprocess involves in the designing of marketing strategies. The main objective behind thedevelopment of marketing strategies is to promote and sell products to the target market. Thenext process is the planning of marketing programs that are certain activities for achieving themarketing objectives. The next process is the implementation of the developed marketing planfor the new hotel. The last process involves in the evaluation of the marketing plan in order tofind any loopholes so that the performance of the company can be enhanced (Armstrong et al.2014). Answer to Question IIThe presence of six explicit marketing environmental factors can be seem having impacton the operation of the new hotel. One of these factors is Economic factor. Under this, manyfactors like change in taxation, inflation rate, economic growth, interest rates and exchange rates
(Doc) Marketing Fundamentals_3

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