Impact of Marketing in Hospitality
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Added on 2020-12-09
Impact of Marketing in Hospitality
Added on 2020-12-09
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Marketing in Hospitality
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Concepts of marketing......................................................................................................11.2 Impact of marketing environment on industry.................................................................11.3 Relevance of consumer markets in industry.....................................................................21.4 Rationale for developing different market segments........................................................3TASK 2............................................................................................................................................42.1 Importance of the components of marketing mix.............................................................42.2 Analysing pricing strategies and policies.........................................................................5TASK 3............................................................................................................................................53.1 Role of the promotional mix.............................................................................................53.3 Role of sales promotions and public relations in promotional efforts..............................64.1 Relevance of market research...........................................................................................7TASK 4............................................................................................................................................73.2 Advertising campaign.......................................................................................................74.2 Undertaking market research..........................................................................................104.3 Suitability of different media..........................................................................................114.4 Implementation of the marketing plan...........................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONMarketing is essential for every business in order to increase the production andprofitability through effective strategies and plans. The report will cover concepts of marketing,impact of marketing environment, relevance of consumer markets and rationale for developingdifferent market segments. In addition to this, importance of the components of marketing mixand pricing strategies as well as policies will be discussed. Role of the promotional mix, salespromotions, public relations and market research in promotional efforts will be explained here.Finally, report will demonstrate advertising campaign, suitability of different media andimplementation of the marketing plan for Thomas Cook.TASK 11.1 Concepts of marketingThe marketing concept is the philosophy that firms should analyze the needs of theircustomers and then make decisions to satisfy those needsThe product concept: The product should be of good quality offered by Thomas Cook with a setof reasonable prices that help to put a little marketing effort. This will help customers to choosetheir services according to their affordability. The selling concept: Selling concept is directly connected with promotional activities whichdefines that a customer can easily buy a product or service if it is promoted well by a company.The marketing concept: Marketing concept describes that a customer’s requirements should beaddressed by firm in order to provide satisfaction effectively (Maggon and Chaudhry, 2015).The societal concept: This concept focuses on satisfying requirements of customers in order toaccomplish objectives and goals of business which is also in favour of welfare of societieseffectively.1.2 Impact of marketing environment on industryIt can be said that marketing environment has a great impact on Thomas Cook in terms ofmacro and micro environmental factors which affect the operations as well as other internal andexternal activities. In addition to this, marketing environment is an important player whichdecides the failure and success of a marketing plan of a business. Thomas Cook operates in amacro and micro environment that keeps changing consistently and effectively. This can createan opportunity or threat for business and holders. 1
PESTLE ANALYSISAn effective coordination with customers,suppliers, finance management andcompetitors which are micro environmentalfactors will help to execute smooth businessoperations.Apart from this, macro environmental factorssuch as political, economic, social,technological, legal and environmental alsohave a positive and negative impact onbusiness and its operations effectively. Estimating size, age, structure and occupationof population will help to detect the pricecompetitors as well as current trends.The focus will be on economic factors such asdisposal income, interest rates, consumptionpatterns and GDP is crucial that it will affectthe operational activities (Walsh, Chang andTse, 2015).Political factors should be considered such astax policies, patents and government stabilityaccording to the legal requirements of firm.In addition to this, technological factors likenew product, technique or software upgradesshould be checked in a timely manner.Social factors like family size, populationanalysis, people awareness and lifestyle mustbe focused to develop an effective marketingstrategy efficiently.Thus, all the factors should be managed andcontrolled by firm to run business smoothly.1.3 Relevance of consumer markets in industryConsmuer behaviour:The aim of Thomas Cook is to anticipate, meet and satisfy requirements ofconsumers in the market and therefore, it is crucial to determine target customers according totheir buying nature. For an example, the marketing team of Thomas Cook can review the casestudy of other competitors in order to determine issues that they have faced during establishingan effective marketing chain (Abbey, 2014).Advantage: The main advantage is the investment and commitment provided by firm which isthe main strength that helps to keep existing customers as well as to attract new ones effectively.Disadvantage: In addition to this, there are different factors that act as a disadvantage for firm2
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