Marketing in Hospitality: A Comprehensive Analysis of The Ledbury

This report delves into the marketing strategies employed by The Ledbury, a renowned hospitality establishment in the UK. It examines the concepts of marketing, the impact of the marketing environment, and the relevance of consumer markets in the hospitality industry. The report further analyzes the components of the marketing mix, pricing strategies, and the implementation of a marketing plan for a new product or service. It also evaluates the role of the promotional mix, including advertising campaigns, sales promotion, and public relations. Finally, the report highlights the importance of market research and its application in identifying customer needs and developing effective marketing strategies.

Marketing in Hospitality
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Contents
Introduction...........................................................................................................................................3
TASK A................................................................................................................................................4
1.1 Discuss concepts of marketing for a relevant service industry.....................................................4
1.2 Assess the impact of the marketing environment on the industry................................................5
1.3 Evaluate the relevance of consumer markets in the industry........................................................6
1.4 Discuss the rationale for developing different market segments..................................................7
2.1 Assess the importance of components of the marketing mix to the industry................................8
2.2 Analyse pricing strategies and policies in relation to the industry...............................................9
4.4 Evaluate the implementation of the marketing plan for an appropriate product or service........10
TASK B...............................................................................................................................................11
3.1 Evaluate the role of the promotional mix...................................................................................11
3.2 Plan an advertising campaign for a services industry operation.................................................12
3.3 Analyze the role that sales promotion and public relations play in promotional efforts.............13
4.3 Analyze the suitability of different media for marketing an appropriate product or service......14
Task C.................................................................................................................................................15
4.1. The relevance of market research to services industry operations............................................15
4.2. Undertake market research for an appropriate product or service.............................................16
Conclusion...........................................................................................................................................17
References...........................................................................................................................................18
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Introduction
Marketing is a vital component of an industry that helps in growing and attaining success in
the market. This help in assessing the needs of the customers so that production can be made
as per the needs of the customers. The Ledbury is established in UK and has been the highest
ranked restaurant in UK that attracts the youngsters. It provides the services like food, drinks,
accommodation and various other hospitality services to the people in UK. This report will
demonstrate the needs of the customers and concept of marketing that helps in providing
them gratification. The evaluation of marketing plan will be made under the report that will
help in innovating new products and services in the market. The importance of promotion
mix and advertisement campaign will be made so that it can make the customers get attracted
and buy the products and services. The market search plays an effective role in realising the
needs of the customers so that gratification could be provided to them. The valuation and
need of market research will be explained in the further report.
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TASK A
Introduction
Marketing is essential for the growth and development if the industry and make them avail
products and services. The factors of the environment are also taken into account that helps
in promoting the products in the market. The elements of the marketing mix play an
important role in the development of The Ledbury.
1.1 Discuss concepts of marketing for a relevant service industry.
The marketing concept needs to be adopted by Ledbury to identify the needs of the
customers. Hospitality industry identifies the wants and desires of the customers so that it can
make the policies to provide them gratification and make them attain the facilities and
services provided by the industry. Its concept of marketing makes the production department
for producing quality products and services that as per needs of the customers so that it can
make its stake in the market. Selling concept makes the effective sale of products in the
market. This makes the company design the products as per the choice of the customers so
that it can attract the customers and provide them with the qualitative services. This improves
the efficiency of employees regarding the production and selling of prod us in the market to
the customers and enhances the services that are provided to the customers. it evaluates the
segments of the market so that target market and its desires can be analysed that help in
providing value to the customers and adds focus of the customers to the company. This
makes the Hospitality industry to provide the good services to the people as per their needs,
desires, and requirements so that it can earn profits and stake in the market (Armstrong, et.
al., 2015).
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1.2 Assess the impact of the marketing environment on the industry.
The environment of the market needs to be assessed timely so that it can analyse the strengths
and capabilities of the Ledbury and employees to meet the chucks of the market. This help in
providing education and training to the employees so that it can make the products of those
products and services that are required by the customers and market. The environment
consists of both the micro and macro factors that affect the working and operations of the
Ledbury. These factors need to be kept in consideration for the smooth running of the
Ledbury. The internal factor of the Ledbury makes the improvement in the values,
opportunities, culture of the Ledbury so that it can have effective production of services and
products in the market. On the other hand, macro factors such as political, social,
technological, economic etc. affects the productivity of the Ledbury and its pricing policy as
well. The concentration should be made on the production of products with the adoption of
new technologies so that it can satisfy the society and fix the price as per the income level
and affordability of the customers. The environment of the market affects the decision-
making process of the Ledbury (Wirtz, 2012).
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1.3 Evaluate the relevance of consumer markets in the industry.
Consumers market relates to the consumers or buyers who purchase the products and services
for their consumption instead of reselling it in the market. The behaviour and attitude for
purchasing the products are different as per their habits. The tastes and preferences of the
consumers of the services are different that depends on their income level as well. This makes
the difference in the production of products and services of the Ledbury in the market to
provide satisfaction to the customers. The main goal of the hospitality industry is to provide
gratification to the customers by making them be availed with those products and services
that are designed for them. It helps the industry to retain them in the company and motivate
them for their repetitive purchase. This is made to ensure that customers would be provided
with qualitative services that will help in earning profits with the achievement of desired
goals and objectives. The services will be provided to the customers as per their tastes,
preferences, behavior, age, and interest etc. so that it can have a high frequency of customers
that will help in meeting the competitive advantage (Tan & Nasurdin, 2013).
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1.4 Discuss the rationale for developing different market segments
The industry needs to identify the number of segments that are present in the market so that it
can develop the strategies to classify those segments and select the target market. This will
help in assessing the number of people in the same group carrying similar wants and desires
in the market. This helps in producing those products and services that fulfil the requirements
of the customers and makes them satisfied. The market consists of different segments and
group of people who carry different demands that affect their purchasing power and make
them avail the products and services.
This helps the industry to produce its services according to the preferences of the customers
so that it can make them repeat their purchase and lead to provide high revenue to the
customers. The hospitality industry develops strategies according to the different market
segments so that it can satisfy them with its products and services. It gives its major to the
tourists and arrivals those who purchase the hospitality services the most. They are the main
source of income for the hospitality industry and make them have a stake in the market and
improves their marketing conditions. Each segment needs to be provided with services as per
their prerequisites so they will content and lead to echo their purchase (Tomczak, et. al.,
2017).
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2.1 Assess the importance of components of the marketing mix to the industry.
The marketing mix is the strategy that has been adopted to assess the needs of the customers
and make the Ledbury have healthy public relations with the customers. This is made to be
adopted in the hospitality industry so that it can satisfy the customers by developing the
relations with them and it also helps in generating the opinions and feedback from the
customers. This help in the innovation of new products and services that are required or
demanded by the consumers. The elements of marketing mix act as the mediator for the
success and growth of the Ledbury. This help in analysing the affordability of the customers
so that it can fix the price as per the needs of the customers that help in meeting the market
competition and provides satisfaction to the customers. It also helps the industry to provide
required quality in products and places it should avail its services so that it can grab
maximum customers (McDaniel, et. al., 2012).
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2.2 Analyse pricing strategies and policies in relation to the industry.
Pricing strategies need to be kept in mind so that it can fix the price of producers and services
so that it can make the customers to purchase the products and lead to earn high value and
money. The price of the products is fixed according to the quality of the products and
services. The price of the products is based on adopting the strategies such as product line
pricing, psychological pricing, promotional pricing. The promotional pricing leads to add cost
to the products and services that make the products costlier. The promotion is required to
promote and advertise the products and services in the market. The price of the products is set
accordingly to the needs of the customers and the affordability of the customers. This help in
making the customers satisfied by making the amount of the products and services at low so
it can attract the customers and lead to earn profits (Mooradian, et. al., 2012).
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4.4 Evaluate the implementation of the marketing plan for an appropriate product or
service
The marketing plan has been made to introduce new products and services in the industry for
attracting the customers and earn profits. The marketing plan needs to be made after
considering the conditions of the market. The market plan has been made to produce new
cuisines in the Ledbury so that it can attract the customers especially the tourists. Its main
objective is to make the customers deliver satisfaction to the customers and earn high
revenue. The target market is selected under this so that it can develop strategies and make
them avail the products and services. The budget plan is formulated under this so that it can
make the cost-effective plan for the production of products and services. The human
resources are made aware of the products and services that are made for the customers to
make them satisfied. This help in attaining high benefits and revenue by earning profits and
implementing an effective marketing plan.
Conclusion
The above report gives its consideration on the different concepts of marketing that have been
adopted for the distribution and selling of products and services in the market. It also explains
the environment of the market so that its factors can be taken into consideration so that it can
achieve success and provide the qualitative services to the customers.
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TASK B
3.1 Evaluate the role of the promotional mix.
Promotional mix is the main element of the marketing mix that helps in advertising and
promoting the products and services in the market. The promotional mix includes the
promotional variables that help in promoting the products and services that help in attaining a
high number of customers and generating revenue in the Ledbury. Promotional mix help in
making fair trade show of products and services that help in grabbing the profits in the
Ledbury. The promotional mix will help in making the customers know about the
specification of products and services that make the customers avail the products and
services. This also helps in grabbing the opportunity to expand the business and attract the
tourists by providing the quality products and services. This helps in achieving the objective
of the industry and provides hospitality services to the customers. The trade show will help
in making the customers to earn the facilities and services at low cost as the prices of the
products and services are made at a low price to attract the customers. The promotional mix
will help in making the industry to earn profits and meet the competition in the market.
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3.2 Plan an advertising campaign for a services industry operation
Advertisement of products and services can be made online with the use of social media so
that it can make the customers ware about the products and services that are made for them.
Social media are used at the highest frequency by the customers in the market so this acts the
best source for marketing the products in the market and attract the customers. The
specification of the products and services can be made on social media so that customers get
influenced and lead to avail the products and services. Hospitality services need to makes it
services promote globally so that it can attain customers from outside especially the tourists.
This also enables in achieving the target goals of the industry by earning high profits and
income. The employees should be trained for the use of different sources of media so that it
can enhance the productivity and have effective communication with the customers. This also
helps in generating their feedback so that they can put their efforts of the development and
innovation of new products and services and provide satisfaction to the production. Operation
of the industry will be made in a cost-effective way for the promotion and advertisement of
its products and services in the market.
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3.3 Analyze the role that sales promotion and public relations play in promotional
efforts.
Sales promotion plays an effective role in promoting and attracting the customers so that it
can make them purchase the products and services. The sales promotion helps in making the
sale of those products and services that are demanded by the customers for earning high
revenue in the business. Public relations maintained by the industry help in mouth promotion
of the industry that helps in increasing the number of customers and improving the sales
margin. This also helps in having high productivity that helps in meeting the customer needs
to earn high profits that help in promoting and advertising its products with the use of latest
technologies.
The public relations can be maintained with the effective communication that needs to be
made in the organization so that it can analyze the opinion of the customers regarding the
services and help them to provide them gratification. This increases the publicity of the
organization and makes the improvement in the promotion of the products and services of the
organization. The sales promotion technique such as discounts, offers, home delivery etc.
attracts the customers and increases the sales of the organization that lead to promote its
services in the market. This makes the industry to maintain their goodwill in the market and
earns their stake by meeting the competitive advantage (Bartlett, 2017).
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4.3 Analyze the suitability of different media for marketing an appropriate product or
service
Promotion is the technique or strategy that is adopted by the Ledbury to make the people
know about the products and services that are sold by the Ledbury in the market. Its main aim
is to earn high profits with a maximum number of customers. The promotion can be made
with the use of numerous sources so that it can earn high profits and increase the number of
customer in the Ledbury. The different sources such as social media, Emails, Instagram etc.
has been used by the industry so that it can earn high profits and promote its products and
services in the market.
The promotion of products such as drinks, food, alcohol, hospitality services etc. can be
promoted through the various sources of media so that it can help in earning high profits.
These methods also help in promoting its products online so that specification of its products
can be made to the customers. This helps in attracting the customers and earns profits in the
Ledbury. Social media are the most suitable source of media that can be used by the
hospitality industry for the promotion of its products and services in the market (McCabe and
Gonzalez-Flores, 2017).
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Task C
4.1. The relevance of market research to services industry operations.
Market research helps in raising the needs of the market so that effective production of goods
and services can be made in the market. This will improve the services and its quality to meet
the needs of the market. The opportunities in the market are assessed so that service industry
can grab the opportunity and lead to promote the product and services through the trade
show. This also helps in meeting the requirements of the customers by analysing and finding
out their opinions regarding the service. The suggestion is also made through the customer so
that it can make the improvement in the products and services that help in earning the trust of
the employees and make the customers repeat their purchase (Babin and Zikmund, 2015).
The market research also helps in finding out the strategies that have been adopted by the
rival The Ledbury for promoting their products in the market and attract the customers. This
makes the service industry to fix its price and leads to makes the strategies and policies that
help in meeting the competition and earning high revenue. The trade show made by the
industry helped in assessing the design of market and taste of the customers by
communication and promotion that made the industry to have effective promotion and
advertisement of products and services in the market (Blythe, 2012).
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4.2. Undertake market research for an appropriate product or service
During the market research, it was analysed the people at facing the problem regarding the
accommodation and transportation facility and services they are provided with. This made the
hospitality industry to improve the accommodation facilities for the customers so that it can
satisfy the customers in the market. These prices for the rooms, guest house, and the rented
room should be kept low so that customers can afford the services and earn satisfaction. This
made the serviced industry to analyse the requirement of the customers in the market and the
reason for their dissatisfaction that needs to be removed by providing the people with quality
services. The cost of transportation should also be reduced and make them provided to the
customers on time so that they can move from one place to another and enjoy the services.
This helped in grabbing the opportunity of maintaining a healthy relationship with the public
and promote its services. The customers need to be provided with pre-booking for
accommodation and transport so that they would not suffer and avail the services. This help
in promoting the services through trade show and earn high profits (Rossi, et. al., 2012).
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Conclusion
The above report gives its major focus on the concept of marketing that plays a vital role in
growth of the Ledbury. The elements of marketing concept have been explained in the above
report that helps in meeting the desired goals of the Ledbury. The need for the marketing plan
and its evaluation has also been made for the promotion of products and services. The
promotional mix techniques have been used by every The Ledbury to promote the products
and satisfy the customers. The market research helps in grabbing the opportunities and earns
high profits by satisfying the needs and wants of the customers.
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References
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