Marketing in Hospitality Assignment

Added on - 21 Apr 2020

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Marketing in Hospitality
Marketing in Hospitality2ContentsIntroduction......................................................................................................................................2Task 1...............................................................................................................................................2Marketing process and concept of marketing..............................................................................2Impact of marketing environment: Micro and macro factors......................................................3Relevance of consumer market....................................................................................................3Rationale for developing different market segments...................................................................4Task 2...............................................................................................................................................4Importance of components of the marketing mix........................................................................4Pricing strategies and policies.....................................................................................................5Task 3...............................................................................................................................................6Role of the promotional mix........................................................................................................6Advertising campaign..................................................................................................................6Role of sales promotion and public relations..............................................................................7Task 4...............................................................................................................................................8Relevance of marketing research.................................................................................................8Market research for service.........................................................................................................8A different media for marketing..................................................................................................9Evaluation of the implementation of the marketing plan............................................................9References......................................................................................................................................11
Marketing in Hospitality3IntroductionFour Season Hotels Limited well recognized as Four Seasons Hotels and Resorts is primarily aninternational organization and one of the most renowned hospitality organizations in thehospitality sector. The Canadian based global organisation has its headquarters in Toronto andoperates in more than hundred nations across the globe. There are around 34,000 employees whoserve the business operations of Four Seasons worldwide and help the organisation in achievingsuccess and growth. In last few years, there has been a sudden decline in the revenues and thegrowth of the organisation which became a matter of discussion for the company and the keyexecutives and to resolve the issue and acquire the market share once again there is hugeemphasis led upon the marketing activities (Fourseasons, 2017).The purpose of this report is tohave an-in-depth understanding of the marketing concepts and marketing mix in respect with thechosen organisation in the hospitality sector. The paper will highlight four different tasks whichwill present information regarding the marketing concepts, impact of marketing environment onthe organisation, relevance of consumer market, rationale for developing diverse marketsegments, importance of marketing mix and pricing strategies, role of promotional mix and itscomponents, relevance of market research, use of a different media for marketing and evaluatingof the implementation of the marketing plan.Task 1Marketing process and concept of marketingThe concept of marketing in the hospitality industry is an outcome of the business and theeconomic pressure because of which there is a need to have effective marketing measures tosatisfy the customers. The development of marketing in the hospitality sector is as same as everyother sector. The key reason behind marketing in the hospitality sector is due to the growth andincrease in the total number of guests who have a need of accommodation as well as increase inthe number of competitors in the hospitality industry. Moreover the hospitality sector isconsidered as a mature market where there is increased global competition and fetching theattention of the customers is becoming difficult. Thus, there is a large shift to marketing andvarious marketing strategies (Wirtz, 2012). As per the marketing process, there is effective
Marketing in Hospitality4research that is conducted in respect with the customers and competitors; secondly there isdevelopment of a marketing plan under which there are strategies and goal setting for themarketing plan. After this, there is implementation process where the marketing plan is executeand implemented and in the next stage there is analysis and testing of the implementation ofprocess to check if the plan is giving adequate outcomes or not and also analyse deviations totake appropriate actions for achieving success of marketing plan (Talabi, 2015).Impact of marketing environment: Micro and macro factorsThere are several micro and macro factors that lay down a huge influence and impact upon thehospitality sector. The macros factor which impacts the hospitality sector includes politicalfactors much as the tax rates, the foreign relation with other countries, risk of terrorism etc. Allthese political factors influence the number of tourists coming to the nation and visiting at thevarious hotels and thus the rate of number of consumers affects (Line and Runyan, 2012).Thesecond macro factor that impacts is the economic factors there is a huge influence because of theeconomic conditions and the purchasing power of the individuals as to afford the high expensesthere is a need that the income level of the individuals must be high. the next factor is thetechnological factor as in such a competitive business world, there is a need to offer updated andhighly satisfied service to the customers in respect with technological aspects to have improvedcustomer base (Bowie and Buttle, 2011).There are few micro factors too which affects thehospitality sector such as the internal competition in the hospitality sector. As there is increasedindustrial rivalry, there is high bargaining power of the customers and they easily switch to anyother brand and which results in declined customer base. Thus, there is a vital role, of macro andmicro factors in influencing the hospitality sector (Yang, Wong and Wang, 2012).Relevance of consumer marketThere is high importance of consumer market in the hospitality sector as the key objective of anyhospitality organisation is to keep the customers satisfied and contended. There is a vital role ofcustomer experience as a satisfied customer is an asset for the hospitality organisation as it willhelp in incaresing the number of future customers through word of mouth (Dominici and Guzzo,2010).Customer loyalty is another key aspect which is extremely significant in the growth of thehospitality organisation. The customers remain reliable to a particular hospitality organisation ifthey are satisfied with the services of that particular organisation and thus it helps in enhancing
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