Study on Principles of Marketing
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Added on 2019-12-03
Study on Principles of Marketing
Added on 2019-12-03
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MARKETINGPRINCIPLES
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 ...............................................................................................................................................11.2................................................................................................................................................22.1 ...............................................................................................................................................22.2 ...............................................................................................................................................42.3 ...............................................................................................................................................42.5 ...............................................................................................................................................52.4 ...............................................................................................................................................53.1................................................................................................................................................63.2 ...............................................................................................................................................63.3 ...............................................................................................................................................73.4................................................................................................................................................73.5 ...............................................................................................................................................8TASK 2............................................................................................................................................84.1 ...............................................................................................................................................84.2 ...............................................................................................................................................94.3 ...............................................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONMarketing principles is considered as an idea that forms on the basis of different productpromotional strategies by the business organization. Further, marketing principles is also defineda process of communicating value of products and services to the customers along with properquality and brand which will lead to selling product and with respect to it, organizations will geta competitive advantage over their competitors (Krafft and et.al., 2007). In this context, theorganization undertaken for the present study is Ritz-Carlton which is a leading hospitalitycorporation in the luxury hotel chain. The success of hotel can be identified as the cited firm isoperating almost 87 luxury hotels and resorts in 29 different countries and the mentionedhospitality is the ancillary of the Marriott International. In the context of marketing principles, this report will focus on evaluating differentelements of marketing process. Further, this report will also showcase the macro and microenvironmental factors which generally influence the marketing decisions of the mentionedorganization.TASK 11.1 There are various types of elements which Ritz-Carlton have to taken into considerationand some of them has been discussed as below:Goals and objectives: Mentioned company has to prepare their marketing objectives forgaining higher profits and revenue. Further, goals and objectives of company are quitedifferent from their competitors as hospitality is focusing on giving the best of theservices to their large customer base in order to develop healthy brand image in UK aswell as in other countries (Ferrell andHartline, 2012).Marketing Mix: Organizations essential element for their marketing strategy is themarketing mix and Ritz-Carlton need to set the product, price, place, promotion elementsby taking care of the individuals income level and also the demands that what they are inneed of.Situational analysis:Cited hospitality firm have to adopt important strategic tools forgiving tough competition to their major competitors and also to get competitiveadvantage over the rival firms. For fulfilling this, Ritz-Carlton can conduct SWOT,1
PESTLE, Porter Five Forces, Ansoff Matrix, etc. With the help of this, cited firm canjudge their efficiency and effectiveness. Marketing segmentation: Cited firm is producing effective services to their clients bygiving them healthy food with effective room services. Moreover, cited firm is optingdifferent segmentation in order to attract the business class travelers and leisure travelers.1.2Marketing orientation is a concept which is generally designed by the business venture tosatisfy the needs, desires and basic requirements of clients (Belohlavek, 2008). Moreover, Ritz-Carlton have to provide quality of service at reasonable price which will help them to developlarge customer base for the hospitality venture. Further, cited firm can focus on product orientedor market oriented approach in order to increase their revenue and productivity. Moreover, costand benefits of the cited firm has been explained below:Cost In order to attract customers towards the hospitality firm, Ritz-Carlton generally focuseson giving different discounts and seasonal offers. Further, in order to promote this, cited firmspends lot on advertisement in order to increase the sale of the services given to the clients.Further, cited hospitality has healthy trust of their customers from around the globe because andthis is the only reason why cited company spends a lot of money in the market research. Benefit By spending higher cost on both advertisements and on promotional activities, Ritz-Carlton gets different benefits as mentioned company is able to win the hearts of large customerbase (Leonidou, Katsikeas and Morgan, 2013). Moreover, once developed customer will be loyaltowards the organization and they will approach towards the hospitality services constantly. Inthis context, mentioned hospitality have to satisfy the needs of the clients in an effectual as wellas healthy manner. Further, by taking efficient feedback from the clients, company will be ableto make sudden changes as per their requirements and it will be considered as a pure benefit forthe cited business venture.2.1 Micro environmental factors those factors which are connected with Ritz-Carlton and cansignificantly impact the organization performance.2
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