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Marketing in Hospitality - Assignment (doc)

Added on - 23 Nov 2020

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Marketing in Hospitality
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................1AC1.1: Concepts of marketing for hospitality industry..............................................................1AC1.2: Impact of the marketing environment on the hospitality industry.................................2AC1.3 Relevance of consumer markets in the hospitality industry............................................3AC1.4 Rationale for developing different market segments.......................................................4TASK 2............................................................................................................................................4AC 2.1: Importance of the components of marketing mix of Thomas Cook..............................4AC 2.2: Pricing strategies and policies of the hospitality industry.............................................6TASK 3............................................................................................................................................6AC 3.1: The role of the promotional mix...................................................................................6AC 3.3 Analyze the role that sales promotion and public relations play in promotional efforts:.....................................................................................................................................................7AC4. 1: Relevance of market research to hospitality industry...................................................7TASK 4............................................................................................................................................8AC3.2 Plan an advertising campaign for a services industry operation.....................................8AC4.2 Market research for hospitality industry.........................................................................8AC4.3 Different media for marketing hospitality products and services..................................10AC4.4 Implementation of the marketing plan for hospitality industry.....................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONHospitality marketing is process of segmenting the industry such as hotels, restaurants,resorts and amusement parks and utilizing marketing techniques for promoting their products andservices. It is the effort for achieving increased revenue and market share along with boosting theprofitability. Customer loyalty is the key, marketing managers and executives dedicate time andresources for building awareness of brand by putting in efforts to target old guests and attractnew clients (Walker, 2016). This assignment discusses the concepts of marketing, impact ofmarketing environment on hospitality industry, segments of market, marketing mix etc. It alsostudies about the behaviour of consumer, technological tools for marketing activity and trends inthe sector. Main motive of this assignment is to understand the importance of promotionalactivities for marketing hospitality and role played by marketing cycle in a service industry.Task 1AC1.1:Concepts of marketing for hospitality industry.The Organizational process of understanding the customer's needs and demands and satisfyingthem by providing quality products and services is called marketing. It is a continuous activity ofanalyzing the market and forming strategies to achieve marketing objectives set by the company. Thisis a set of rules aimed at building customer relationships, communicating and delivering value to theclients at the same time benefiting the organization and its stakeholders. For the efficient use ofmarketing tools to attain profitability in business integration of customers is necessary. Integratedmarketing where efforts of all individuals in a firm are combined after analyzing the customer needswill enhance in revenue generation.The product concept- Producing quality products or services and setting reasonable price for theoutput will make the marketing effort less. According to this the customers prefers goods and serviceswhich are easily available and cheap in the market. It concentrates on low production costs withincreased efficiency and large production volume.The selling concept- It assumes that consumers are looking for competitive sales and promotionalactivities from companies (Kandampully and et.al 2010). Therefore firms should use large scalepromotional and selling efforts. This is usually applied on products which consumers generally don'tconsume.The marketing concept- This analyzes the needs of a firm's customers and make decisions forsatisfying their wants and demand better than the competition. It fully depends on client's requirement1
by recognizing their need and settling choices that fulfill those necessity in a superior manner which isimportant for continuous profitability.The societal concept-This emphasizes on providing customer value and aims at social responsibilitiesin the long run to achieve objectives of the organization and for welfare of society. It means thatcompanies should have a balance between consumer satisfaction, profits and society's long termbenefit or well being.AC1.2: Impact of the marketing environment on the hospitality industryThere is large impact on the existing business and new business by current rends such as streetfood, authenticity, fusion cooking and many others as well. It is very important to analysis the impactbefore starting any business (Leung, Bai and Stahura, 2015). Marketing environment in hospitalityindustry includes both micro and macro factors which have direct or indirect effect on operations ofthe business.Micro EnvironmentSuppliers- Maintaining good relations with supplier are necessary as it affects the profit andreputation of the organization. For profitable operational activities gaining good value on goods andservices while offering better worth to the customers with relevant solutions are necessary.Customers- They have a direct effect on the working of an industry as no business can operatesuccessfully without attracting targeted customer whether it is new or old. Understanding the idealcustomers and developing effective marketing strategies are necessary to build a strong base, generatesales and revenue.Employees- Availability of qualified, experienced and motivated workforce is vital for anorganization as they produce, sell or service the products and services that are produced in the firm.Competitors- The rivalry in the market where a business operates is another factor whichhave direct impact on the business of a company. Large number competitors in the hospitality industrycreates huge demand for the products or services rendered which is important for the business tosucceed in the long run by gaining competitive advantage.Macro environmentPolitical factors-When firms formulate and implement strategies it has to consider the rulesand regulations of the government which may have direct impact on their working or operations. Ithas to look the how much stable is the political environment, laws that regulate business,government's policies on the economy, ethics, culture and trade agreements.2
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