Analysis of Marketing Strategies in Hospitality Industry

The assignment requires an in-depth analysis of marketing strategies in the hospitality industry, focusing on pricing, product, promotion, and people. It involves reviewing relevant literature and conference proceedings to identify key concepts and themes related to marketing in the hospitality sector. The task also includes a literature review and a comparative approach between hospitality and business journals.

Marketing in Hospitality

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Marketing concepts..........................................................................................................1
1.2 Impact of marketing environment on The Ledbury restaurant.........................................2
1.3 Relevance of consumer markets in the industry...............................................................3
1.4 Discussion of rationale for developing market segments.................................................3
TASK 2............................................................................................................................................4
2.1 Importance of marketing mix within The Ledbury restaurant.........................................4
2.2 Analysis of pricing strategies and policies.......................................................................4
TASK 3............................................................................................................................................5
3.1 Role of promotional mix..................................................................................................5
3.2 Advertising campaign plan...............................................................................................6
3.3 Roles that plays by the sales promotion and public relations...........................................6
TASK 4............................................................................................................................................7
4.1 Relevance of market research to The Ledbury restaurant operations..............................7
4.2 Market research for products and service.........................................................................7
4.3 Suitability of various media for marketing.......................................................................8
4.4 Implementation of the marketing plan.............................................................................8
CONCLUSION................................................................................................................................8
REFERENCES.......................................................................................................................9

INTRODUCTION
Hospitality refers to the relationship between customers and service provider, where the
customers receive the services through hospitality staff. It is known as accommodation sharing,
home hospitality network and hospitality exchange. This is very important need in restaurant,
hotels and cafes. This report is based on The Ledbury restaurant which is located in London. It
has the best hotel chef who provides delicious food to their valuable customers. People usually
visit this place because of taste of the entire dishes. In this present report, concept of marketing,
impact of the marketing environment on the industry and beneficial market segment is covered.
Other than that, importance of marketing mix, pricing strategies and policies are discussed.
Along with this, role of the promotional mix, sales promotion and their efforts are elaborated in
the study.
TASK 1
1.1 Marketing concepts
It is the planning that restaurant implements to satisfy requirement of the customers. In
order to achieve satisfaction of the customers, they are using some concepts of the marketing
which is beneficial to the restaurant. Through marketing concept, they can increase their sales,
profitability and market value. Other than that, if they will use effective concept for marketing,
they can beat their competitor in the market. There are following concepts of marketing which is
important for The Ledbury restaurant:
 Production concept: - In the restaurant business, they should make an appropriate strategy
for price of the foods and their services. If they will provide effective price, then
customers will be attracted to the restaurant (Elshiewy and Boztug, 2017). First concept
of marketing is the production concept, so they should make some effective planning for
their products and prepare it delicious.
 Be in limelight: - There are different types of ways to be in limelight. Through Facebook,
Instagram and Twitter, they can expand their business in many locations. There are lots
of people who are using internet and when The Ledbury restaurant will be viral on social
site, it will be very beneficial for the company. Through it, people will be attracted to
food of the restaurant. They will want to visit again and start word-of-mouth marketing
(Domnica, 2013).
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 Selling concept: - Consumer will not buy enough of the products unless it undertakes a
large scale and promotion effort. However, they need to promote their products and
services in the large market. They can hire the employee who can sell their products and
services in the market (Stetsenko, 2013). Selling concept is very powerful in the
organisation and entire sales of the restaurant is dependent on the selling concept and
sales promoter.
 Build restaurant website: - In the global world, there are large number of people who are
using internet. In addition, internet has a power to explore anything and anywhere in the
world. The Ledbury restaurant should make their website, so people can easily order their
food online, see the menu card or the products and prices. Through website, restaurant
can increase their customers list, brand value and profitability of the company. It is very
useful marketing concept for the people who are using internet and order their food by
online services (Marketing mix, 2017).
 Differentiate restaurant: - There are numbers of restaurants in London but they all are not
providing effective services to their customers. Other than that, The Ledbury restaurant
can make very effective infrastructure in their restaurant premise, so people will be
attracted to the place and visit the restaurant. Differentiation is the very important tool for
increasing the customers.
1.2 Impact of marketing environment on The Ledbury restaurant
Marketing environment is very crucial player in deciding the success or failure of the
marketing strategies of the company. The Ledbury restaurant operates in a micro and macro
environment that keeps changing on constant rate. Marketing environment can be good or bad in
the restaurant industry, but they need to know their factors, that which one is good and bad for
their business. When organisation use some effective marketing concept, then it will impact on
the entire business. Its impact can be in terms of profitability of the business, customers
satisfaction, brand value and customers list (Asih and Asih, 2015.). The Ledbury restaurant is
able to gain their reward from the marketing concept, it is very useful effect of the marketing
environment on the company. Other than that, company's brand value will be increased plus
number of satisfied customers’ list will be increased. Through it, people can have online order
and restaurant employees will be able to provide the best online service to their customers. If
they will not provide them better services, then they will follow some effective activity to
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improve their services. Through marketing environment, their customers’ satisfaction list is
increasing day by day and it is most important benefit to the organisation.
1.3 Relevance of consumer markets in the industry
Main focus of The Ledbury restaurant is to satisfy their customers and fulfil their
requirements. It is very necessary for the hospitality marketer to identify the need and
requirement of their customers. The individuals who are buying the services or products of the
hospitality for their personal use is termed as end users of the service and this group is termed as
consumer market (Kono, 2015). There are large number of market for food industry, but they
should identify that types of locations, so they will be able to expand their business in another
location of London or England. It is the country where people are using some different food for
their taste. They want to eat some more delicious food and want to visit another restaurant. The
Ledbury restaurant can target the audience who are in college, universities and schools. Because
they are the people who are visiting the market on daily basis. In England, large number of
students are studying who came from the different countries. So, the company can approach
them for buying their services and products. Other than that, they can expand their business,
where no one is providing their online services. If The Ledbury restaurant will start the online
services, the customers will buy services and product of the company. This entire customer
market can be very beneficial for the organisation. They can approach them for buying their
services, so they will visit the restaurant again. If they will get the loyalty and trust of the
customers, then they will not visit another restaurant.
1.4 Discussion of rationale for developing market segments
When The Ledbury restaurant enters in market, their employees should make a segment
of market in order to target their customers or audience professionally. In the restaurant
enterprises, they must have analysis of market segment for targeting the audience. When they are
working for market segment, they should consider small market as their target customers,
however, it will be profitable for the company. They should have analysis of the whole market,
which is the place of high population. Market segment is very necessary factor of selling the
entire products and services. If they have not a good market segment, they cannot increase their
sales in the market. In order to make a market segment, they should start some activities in the
schools, colleges and universities. However, people will be attracted to the products and services
of The Ledbury restaurant. Other than that, they can expand their business in the locations of
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corporate offices. In that types of offices, there are large number of employees are working, and
it can be market segment of the company.
TASK 2
2.1 Importance of marketing mix within The Ledbury restaurant
Marketing plays the vital role in the organisation. There are different types of concepts for
marketing and organisation is using effective concept for their marketing strategies. It is critical
method in the development of marketing plan and strategies. If the company uses the method of
the marketing, then entire customer can use the effective services and products of the restaurant.
Product is one of the main component of the marketing mix, because it can increase their
customers or even decrease them. However, they should make their products full of quality. If
they will be able to make their products with excellent quality, then their customers will be
satisfied from the services of the restaurant (Perera and Perera, 2017). Another component of
marketing mix is promotion and price of the products. So, they should set the effective prices,
which people can afford. Though marketing mix, they can get the more profit and reward from
the business. They can satisfy their customers and it is very beneficial for the organisation. Other
than that, through promotion, they can promote their entire products and services in the whole
market. It is the reason behind the brand value of The Ledbury restaurant. With the help of this,
they can expand their business anywhere in the world. They can make their own restaurant
website, so people can see the whole factors of the company and order the products from the
restaurant (Marketing mix, 2017).
2.2 Analysis of pricing strategies and policies
Pricing strategies elements help to set the financial objectives to be achieved by The
Ledbury restaurant. In the food business, they should set their price according to customer and
their situation. In the England, there are lot of people who are not able to afford the sue of the
products and services of the high-class restaurant. However, they should set their prices
according to need of customers. Other than that, they can make some effective planning for
pricing strategies and policies (Leung and Bai, 2015). They should start some different activities
in their business, so people can be attracted to the company. They should sell their products
through effective cash back and offer, then customers can be attracted towards them and they
will buy the products and services of the company. Pricing policies are based on the demand and
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supply situation that make them increase or decrease prices. According to policies, they can
provide their products with gift voucher, Picture tickets, and extra benefits, so through it people
can be attracted to the restaurant. In the restaurant business, they should analysis about the
market price, then they should set their prices according to market. However, people can trust
upon The Ledbury restaurant. It can be the biggest reason of their loyalty and faith on the
company (Scott, 2013).
TASK 3
3.1 Role of promotional mix
It is very important tool of the organisation which involves undertaking of efforts to take
the goods from the business to consumer place. There are lots of planning used the given
restaurant in order to promote their business in large number of market. Each and every business
need promotion for expand their market in different locations. Promotion is the key to success
for The Ledbury restaurant. Promotional mix plays an important role in the restaurant business,
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Illustration 1: Pricing strategies
(Source: Pricing strategies, 2017)

and their responsibilities are expanding the business in different areas, increase the sale of
products, and receiving the more profitability (Leung and Buhalis, 2013). If they will not use the
promotional activities in the enterprise, they will not be able expand their business in another
location. Promotion activities are very useful in the organisation. They can promote their
products and service through advertising, newspaper, magazine, and television. There are large
number of people who are watching television, newspaper, so it is the very important tool of
promotion for the company. If these activities will be used by the organisation, they will be able
to earn more profit from the business. Other than that, they will able tom expand their business in
many locations of England.
3.2 Advertising campaign plan
The Ledbury restaurant need to make a strategy for advertising. There are numbers of
advertising tools available in the market. If the company want to expand and explore their
business in large number of area, then they should make a plan for advertising. In that plan, they
can use television advertising, newspaper and magazine advertising plus social media marketing.
There are lots of people who are using internet, watching television, and reading newspaper. So,
it is very easy process for advertising of the products. Through these types of advertising, they
will be able to expand their business in different locations. Along with this, they can earn more
profits and reward from the business. They will get the many valuable customers who will use
their products and services on regular basis (Yoo and Bai, 2013). It is the very beneficial process
for The Ledbury restaurant. Other than that, it is a part of marketing and through it, business
represent their goods and services in the market.
3.3 Roles that plays by the sales promotion and public relations
There are different types of promotional activities which is done by The Ledbury
restaurant. In order to achieve the target and goals, they are promoting their business in the
market through some effective methods. In the company, they use numbers of promotional mix
for promoting their business in large number of areas (Nunkoo and Ramkissoon, 2013.). There
are lot of products in the company and when they launch some new products in the market, they
should use promotional mix to make people aware about their presence. After establishment of
the restaurant, they use promotional mix for increasing their sales and profit in the business.
Other than that, sales promotion is providing the entire information and value of the products to
their customers. They are playing their roles in the market and achieving the target and goals of
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The Ledbury restaurant. When they provide information and knowledge about the goods, their
customers can be attracted to products and services. They maintain the relation between
customers and company. Further, they get the loyalty and faith of customers and sale their
products and services to them Public relation is most important factor of the organisation. The
Ledbury restaurant should start the activities for maintaining their customers relations. If they
will be able in maintaining the relations with customers, they will not buy the products from
another companies. It is the very important factor for the business and they will get lifelong
customers from the market.
TASK 4
4.1 Relevance of market research to The Ledbury restaurant operations
When The Ledbury restaurant enters in the market, they should have appropriate analysis
of the market research. It is the key role in understanding the service offering and bringing
changes in the existing ones. In the enterprise, they should accomplish the research of market,
then provide their products and services in the market (Šerić and Ruiz-Molina, 2014). When they
will provide their services in the market, they should have proper sales skills for the expanding
their business. Other than that, they should analysis about their competitor, that which products
they are selling in the market (Al-Khateeb and Al-Hazmi, 2017). Further, they can evaluate
about the products and services and will be able to effective services in the market. There are
numbers of competitors in the market, so they should have knowledge and information about
them. It is very critical part of the company, because their competitor is also proving same
services and products to their customers. In order to beat their competitor, they should sale their
products in very professional way in the market. If they will follow these types of activities, then
they can beat their competitors in the market (Kandampully and Bilgihan, 2015).
4.2 Market research for products and service
In the market, their competitors are also providing the same products, so they should
make aware their customers that their products are very useful for them. The Ledbury restaurant
should make some strategies for their products and services. Their goods should be useful for the
people, so they can trust on the company's products. Faith and loyalty is very important for the
organisation. When they will get it, they can beat the competitors in the market. If they will
launch the new products and services in the market, they should set their prices according to
customers and market. So, people can easily get that products with effective services of the
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company (Hsiao and Ma, 2017). If they want to research for their products and services, they
should be make sure that their services are valuable or not for their customers. If they are not
satisfying with their services, then they should start activities for improvement. Other than that,
they can get the feedback of their customers, so they will be able to improve their services and
products in the business. Customers’ satisfaction is very important part of the restaurant
business, so they should make a plan for satisfying their customers.
4.3 Suitability of various media for marketing
There are number of method for media marketing for the business. They can get the
outstanding results from media marketing efforts. This is usually in form of television, radio,
posters, news channels, newspapers, hoarding board and magazine. This is the very important
media marketing in the business. Through it, they can explore their business in large number of
areas. Other than that, they can use social media marketing for their business, because there are
numbers of people who are using internet in this world. They are using different types of social
media sites for their entertainment, so company can take biggest advantage from it (Ozturen and
Kilic, 2017).
4.4 Implementation of the marketing plan
They are using marketing mix and promotional mix for explore and expand their business
in different areas (Qi, 2015). So, they should follow the entire rules and regulation of marketing
mix. Implementation is very necessary in the marketing plan because without it, they cannot sell
their products in the market. When they will implement their marketing plan, they will be able to
expand their business in the different markets. Other than that, they can increase their profit in
the business.
CONCLUSION
In the report, it has been recognised about concept of marketing plan and impact of the
marketing environment on The Ledbury restaurant. Along with this, it is concluded that company
should have analysis about the market segment and role of the sales promotion and public
relations. Other than that, in the given report, it is also concluded about the role of promotional
mix and importance of marketing mix. Moreover, it also describes about market research and use
of different media as marketing plan.
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REFERENCES
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