Marketing Assignment Sample on Marketing management theory and practice

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Marketingmanagement theoryand practice
TABLE OF CONTENTSINTRODUCTION..........................................................................................................................1PART 1...........................................................................................................................................1Analysing and evaluating the key dynamics and trends within external environment..........1PART 2...........................................................................................................................................5Importance of current market concepts, theory and marketing activity for creating value forthe customers..........................................................................................................................5PART 3...........................................................................................................................................8Increase the competitiveness/market share for tourist attraction..........................................8RECOMMENDATION................................................................................................................12CONCLUSION............................................................................................................................12REFERENCES.............................................................................................................................13
INTRODUCTIONThe sector of tourism is growing with rapid speed because of incorporation of severalchanges. In tourism marketing management handles and prepares the knowledge and informationfor market using particular areas or destinations by firms in the travelling sectors. Present reportis based on Visit Britain in Britain which provides various kind of tourism services (Mariani, andet.al., 2014).The destination or tourist attraction selected for the report is Tower of London andmarketplaces aspect has been demonstrated. It is historic mansion which is royal place ofmajesty's.The entire report has been presented into three parts wherein the first one representsthe latest trend and other changes that takes place in tourism sector. Furthermore, impact ofchanges in external environment has also been explained. Apart from this, second part of reportdeals with the current selling concepts and its role in promoting the tourism services. Lastly,third part of the report covers key opportunities to increase market share and the competitiveposition of the firm using marketing management process. Moreover, Segmentation, Targetingand Positioning (STP) strategy and other related commercialism strategies are also evaluated inthe light of selected tourist attraction.PART 1Analysing and evaluating the key dynamics and trends within external environmentToday tourism industry is widely growing by the tourists and their attractions. UK is themost influence country in Europe. It is encircled by the Irish, North and Atlantic Sea. These alsoincludes some English channels (Mok, Sparks, and Kadampully, 2013). So these seas are alsoattracting the travellers. UK is the member of European Union which is one of the twenty-sevenstates memberships. By the nominal of GDP growth of United Kingdom have big economy inparity of purchasing power. So the tourism industry is majorly impacting on the growth of itseconomy.The tower of London is royal place and it is placed in central London in river Thames atnorth bank. It is also known as Tower of hill. This destination was used as prison in 1952 and itis only for royals so services are only given to them. In twelve and thirteenth century, destinationwas expanding in various phases by the Richard and Henry III kings. In 2015, around 2785249visitors was there and data is calculated by VisitBritain. This is made up from various forts. At1
the lowest floor, was home for the prisoners. Furthermore, exhibition tells whole information andstory related to living of prisoners.In 2001 UK was on first position in the world for commercial enterprises orindustrializes. These also have many companies for tourism according to place wise and theirsize. These firms analyse the trends in order to customer requirements and their interest. Theseorganisations also offer packages and schemes for attracting the visitors. So this kind of offerswill impact on the business growth. In 2011 around twenty-nine million visitors was in UK and ittakes the best place of tourism attraction behind such countries like China, Italy, France, Spain,USA and Turkey (Gössling, Scott, and Hall, 2015). Furthermore, it is the seventh world’s largestattraction for tourists. The VisitBritain calculates the visitors staying time and their informationin 2011. Tourists were there around fifteen million and passing their time with spendingtheirmoney around 9.4 billion pounds which shows that fifty-two percent was the foreign tourists.Sothese criteria also include for Tower of London.The VisitBritain calculating for the next decade in the industry of tourism for that isexpected for UK that it will be grow to 188 billion pounds in 2020 and the jobs related to in thissector will maximize with 264000 to around three million.Some trends that affect the travel industriesincluding Tower of London in UK are:independent tourists, maximizing inbound travellers, effects of different country's currencies(Vitouladiti, 2014). These trends are majorly impacting on the external environment in the sectorof travel and tourism.Independent tourists: In this, many travellers like to go on their journeys ofTower ofLondon individually without getting any directions from the tour operators.Study forsector of tourism in 2012,Increasingvisitors like to book their destinations over internetbut for Tower of London they must go at that place and book their tickets..Travellers usethe cell phone for booking their journeys so that these apps savingtheirtimes and alsoenjoying the places according to their suitable time (Huang, and Rundle-Thiele, 2014).Furthermore, they use directions and get the guide-ns from phone. So these independentvisitors also impacting on the enterprises in the industry of tourism.Maximizing inbound travellers: Some event, functions, royal weddings can attract thevisitors over that particular place or area (Gayle, and Goodrich, 2014). Like OlympicGames and jubilee of Queen in UK was increasing the visitors in travel and tourism2
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