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Marketing In Hospitality Industry Assignment - Thomas Cook organisation

   

Added on  2020-10-22

13 Pages3616 Words307 Views
Marketing In HospitalityIndustry
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Table of ContentsINTRODUCTION...........................................................................................................................3PART A...........................................................................................................................................3TASK 1............................................................................................................................................31.1 Concept of marketing.......................................................................................................31.2 Influence of marketing environment on industry.............................................................41.3 Relevance of customer market in industry.......................................................................51.4 Rationale for developing market segments......................................................................5TASK 2............................................................................................................................................62.1 Significance of marketing mix components.....................................................................62.2 Analysis of pricing strategies & policies in relation to industry......................................6TASK 3............................................................................................................................................73.1 Role of promotional mix..................................................................................................73.3 Roles of public relation and sales promotion in promotional efforts...............................8TASK 4............................................................................................................................................94.1 Relevance of market research to service industry operations..........................................9PART B............................................................................................................................................93.2 Advertising campaign plan for service industry operation...............................................9Covered in poster....................................................................................................................94.2 Market research for appropriate product or service.........................................................94.3 Suitability of distinct media for marketing a product or service....................................104.4 Implementation of market plan......................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONMarketing refers to an essential tool that ensures success of service industry. It is crucialfor administrators to perform market research and examine it to formulate tactical marketingstrategy for company. In hospitality industry, its basic function is to understand needs andrequirements of customers, knowing market segments and developing best marketing tool toenhance shares in market by reaching more consumers (What Is Hospitality Marketing?, 2018).In the present assignment, chosen organisation is Thomas Cook which is an integrated financialservice company related to travel and tourism. It is the largest travel group of world and secondlargest in UK. This report covers marketing concept, impact of business environment onindustry, reverence of customer markets and rationale for developing market segments. It alsoincludes significance of marketing mix components and analysis of pricing policies andstrategies. Apart from this, role of promotional mix and relevance of market research tooperations of service industry are defined. At last, an individual portfolio is prepared in which anadvertising campaign plan is developed and implemented for product or service. PART ATASK 11.1 Concept of marketingMarketing refers to the management process by which products, service or processes aremove from concept to consumer. It includes the activities that are associated with purchasing andselling of goods and services (Bharwani and Jauhari, 2013). In order to enhance sales and createawareness regarding services among people of society, marketing department of Thomas CookTravel plays crucial role. Marketing concept is defined as the strategy that company execute tosatisfy needs of customers, maximize sales, increase profits and win the market by beatingcompetition. There are some concepts of marketing which are defined below: Production concept:According to this concept, consumers prefers those products that are inexpensive andwidely available in market. It is an operations oriented concept in which management of ThomasCook Travel emphasize on enhancing production & distribution efficiency. Product concept:
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As per this concept, those products are favour by customers that offers the performance,quality or innovative feature. Under this, marketing strategies of Thomas Cook Travel areemphasize on making constant product improvements (Bowie and Buttle, 2011). Selling concept: This concept depicts that customers will purchase products or service only if these areaggressively promote and sell by company. In this, management of Thomas Cook Travelemphasize on creating sales transactions instead of building profitable, long term customerrelationship. Marketing concept: This concept emphasize on needs and requirements of target market and deliver bettervalue than competitors. Here, management of Thomas Cook Travel takes “customer first”approach. Consumer attention and value are the main routes to attain high profits and sales. 1.2 Influence of marketing environment on industryBusiness keeps running in the public arena, this is powerful to make changes in exercisesof business. There must be utilization of systems which are powerful to make changes in partsand duties of specialists (Chan and Guillet, 2011). In business surroundings, there are essentiallytwo types of environment exist which are as follows: Micro Environment: In this, there is utilization of strategies which are imperative for running businessfundamentally as they are interior parts of business. Various variables that are included in macroenvironment are defined below: Employees: These are the individuals who are working within firm to accomplish its predetermined targets. They need to emphasize on requirements of customers and offer themservices accordingly. Suppliers: In hospitality industry, suppliers can influence profitability of company asthey have the power to decide whether to increase prices. Their actions affect operations ofThomas Cook Travel so, it is required by managers to maintain good relationship with suppliers. Macro Environment: These are uncontrollable factors for administration of organization. Effect from suchfactors can be negative or positive (Hyun, 2010). Some variables that are included in macroenvironment are defined below:
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