Marketing in Hospitality Industry of UK

Added on - Dec 2020

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MARKETING IN HOSPITALITY
CONTENTSINTRODUCTION.......................................................................................................................................1PART – A (RESEARCH REPORT)............................................................................................................1TASK – 1....................................................................................................................................................11.1Core concept of marketing...........................................................................................................11.2Impact of marketing environment................................................................................................21.3Relevance of consumer market....................................................................................................21.4Rationale for developing different market segments....................................................................3TASK – 2(THOMAS COOK).....................................................................................................................32.1Importance of components of marketing mix..............................................................................32.2Analysis of pricing strategies and policies...................................................................................4TASK – 3....................................................................................................................................................53.1Role of promotional Mix.............................................................................................................53.3Analyzing the role of Sales promotion and public relation in promotional efforts.......................64.1Relevance of marketing research to service industry...................................................................6CONCLUSION...........................................................................................................................................7PAST – B (INDIVIDUAL PORTFOLIO)...................................................................................................8TASK – 4....................................................................................................................................................83.2Planning an advertising campaign...............................................................................................84.2Undertaking market research.......................................................................................................84.3Suitability of different media for marketing.................................................................................94.4Evaluation of implementation of marketing plan.......................................................................10REFERENCES..........................................................................................................................................11
INTRODUCTIONToday’s era is highly competitive wherein each and every business concern is puttingemphasis on their marketing. It is now playing a major role in the growth of the firm of differentindustry. Marketing is an important tool for establishing development of service firms like hotelsand restaurants. One of the most significant functions of hospitality marketing is to understandthe wants and needs of the customers for enhancing the share in the market (Kotler and Gary,2013). Pertaining to this, the main aim of the report is to offer understanding in relation with thevaried concepts of hospitality marketing like, market segments, concepts and value of marketingin service industry, marketing mix, promotional mix, marketing cycle, marketing plane and otherrelated aspects. The research report will emphasize mainly on offering market research forsuitable products and services alongside it will also demonstrate the suitability of various mediafor marketing.PART – A (RESEARCH REPORT)TASK – 11.1Core concept of marketingMarketing is nothing but a set protocol for developing relations, communicating as wellas delivering the value to the clients effectively. Marketing in the service or hotel industry isquite different, as they are related tangible objects such as bed, service, ambience and manymore. For the current section, marketing strategies and concepts of McDonald will be evaluated.The core concept of marketing for McDonald is being defined below:Product concept– This concept states that if the firm has developed quality products andprices are being set reasonably than very little marketing efforts are required. Forinstance, McDonalds is serving quality products at affordable prices (McDonald, 2018).Selling concept– As per the selling concept, the customers will not be attracted towardsthe products and services of the firm, if it is not promoted with aggression.Marketing concept– with this, the needs and wants of the clients should be determinedearlier and then products should be developed so that it can satisfy their requirements1
Societal concept– According to the societal concept, the needs and requirements of thecustomers should be satisfied in long run in order to achieve the objectives of the firmand at the same time for the welfare of the society as well.1.2Impact of marketing environmentThe marketing environment influences the growth as well as development of hospitalityindustry significantly. It encompasses both macro-micro environmental factors. Any alternationin these factors impacts the whole industry (Leadley and Patrick, 2004). Further, having propercoordination with the suppliers, attracting customers, evaluating competition, makingarrangement for finance are some of the micro factors that needs to be synchronized with thefirm in order to have smooth execution of business functions. On the other hand, there aremacro-environmental factors that impacts the McDonald’s operation and these are:PoliticalEvolution of public health policyInternational trade agreementsTax reforms in varied nationsEconomicSlow but stable growth of the UK economyEconomic recession reduces the profitability of the firmIncrease and decrease in the demand and supplySocialWidening of wealth gapIncreasing diversity in cultureChanging taste and preferences of the customers (Mooij, 2010)TechnologyIncreasing level of business automationSales volume is increasing through mobile devicesSocial media strategies help McDonald to strengthen its brand1.3Relevance of consumer marketSpeaking in relation with the consumer market, it refers to the market, where the productsand services being developed for them controls the market. The consumer market is categorizedinto four types i.e. food and beverage, retail, transportation and consumer products. Therelevance of consumer market in service industry can better be explained with the help ofcharacteristics of consumer markets and these are underneath:2
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