Marketing in Hospitality Assignment (Doc)
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Added on 2020-12-18
Marketing in Hospitality Assignment (Doc)
Added on 2020-12-18
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Marketing in Hospitality
Table of ContentsIntroduction................................................................................................................................3Task 1.........................................................................................................................................3AC1.1: Define marketing and discuss any 4 concepts............................................................3AC1.2: Assess the impact of the marketing environment on the industry.............................4AC1.3 Evaluate the relevance of consumer markets in the industry................................................5AC1.4 Discuss the rationale for developing different market segments.....................................5Task 2.........................................................................................................................................6AC 2.1: Assess the importance of the components of marketing mix to the industry...........6AC 2.2: Analyse pricing strategies and policies in relation to the industry......................................7AC 3.1: Evaluate the role of the promotional mix.................................................................7AC 3.3 Analyse the role that sales promotion and public relations play in promotional efforts:....................................................................................................................................8AC4. 1: Discuss the relevance of market research to services industry operations..............9Conclusion..................................................................................................................................9Task Four..................................................................................................................................103.2.........................................................................................................................................10Undertake market research for an appropriate product or service............................................104.3 Analyse the suitability of different media for marketing an appropriate product or service.11
Introduction The tools and techniques related to marketing play a key role in building the brand, creatingnew consumer base and also maintaining the brand loyalty. This is all the more essential inhospitality firms as the need is to serve the consumers in a direct manner (Kotler andArmstrong, 2016). The present study has thus paid focus on varied marketing aspects involvedin hospitality sector of UK. Task 1AC1.1: Define marketing and discuss any 4 concepts. American Marketing Association defines marketing as the set of institutions and activitiesmeant for producing, communicating as well as exchanging the offerings so that value can becreated for consumers and society at large. There is an existence of four concepts inmarketing that are as follows; Marketing concept states that the main purpose of any firm is to assess consumer needs andthen adapt itself so that the needs can be met in an effective manner than the competitors (Leeand Vachon, 2016). For example, chain restaurant usually try to alter their menu so as to meetthe needs of different nations such as done by M.C. Donald’s in India so as to suit therequirement of vegetarian consumers. Then is the societal marketing concept which holds that marketing tactics should be such thatthey are able to deliver value to consumers and maintain well-being of society. For example,Starbucks in the present times is focusing on ensuring that its cups are fully sustainable so asto meet the needs of a safe and healthy environment (Starbucks invests $10m to create trulysustainable cups, 2018). Selling concept is the one which holds that consumers may not buy enough of company’sproducts if there has not been an aggressive promotional strategy. For example, this strategycan be adopted by hotels during lean season so as to attract the guests to make a stay. Heavydiscounts can thus be provided to them.
AC1.2: Assess the impact of the marketing environment on the industryFactors Positive impactNegative impactPoliticalOverall stable political environment whichhelps in smooth running of UK hospitalitysector. UK has good relations with Brazil whichhas favoured the overall operations onaccount of coffee beans import. Brexit issue has led to a decreasein purchasing power ofconsumers. EconomicThere has been an increased growth oflabour market followed by consumerspending. This has led to continuousflourishment of UK hospitality industry. Unemployment is rising withinUK that has led to decrease inwage structure (Geppert,Matten, and Williams, 2016)SocialTrend of vegetarian consumption on a risehence it gives opportunity to hospitalityfirms for producing products. There is a very abrupt change inthe taste and references ofconsumers hence it is difficult tofind as to what exactly willmotivate them and what shouldbe the offerings of a company. TechnologicalLondon is a technologically advancednation which has favoured the growth ofthe industry. Technology has increased thechances of privacy issues hence itmay led to legal penalties if the
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