Getabed: Comprehensive Marketing Audit Report, Analysis and Strategy

This report provides a comprehensive marketing audit of Getabed, a startup in the hospitality sector. It begins with an introduction to marketing audits and their importance, followed by an evaluation of Getabed's business environment using BCG matrix, SWOT, and PESTLE analyses. The report then identifies Getabed's target market, focusing on young travelers aged 20-40 in London, and discusses market segmentation strategies. Furthermore, it explores suitable marketing communication mixes to reach the target market, including execution plans and budget considerations. The analysis highlights Getabed's strengths, such as providing safe and clean accommodations, while also addressing weaknesses like a lack of social media presence. Opportunities include expanding to international travelers, while threats include high competition in the UK hospitality industry and government instability. The report concludes with a summary of key findings and recommendations for Getabed's marketing strategy. The report is contributed by a student to be published on the website Desklib. Desklib is a platform which provides all the necessary AI based study tools for students.

ASSESSMENT
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Contents
INTRODUCTION...........................................................................................................................1
EVALUATION AND CRITICAL ANALYSIS..............................................................................1
Audit business environment by using BCG, SWOT and PESTLE analysis..........................1
What are the business’ target market......................................................................................4
What segment(s) of the market it serve?................................................................................5
What marketing communications’ mix are most suitable to reach out to the target market
segment?.................................................................................................................................6
How does the business intend to execute the marketing communication mix?.....................7
Does the business has enough budget to do it?......................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9
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INTRODUCTION
Marketing audit refers to systematic, evaluation, comprehensive and interpretation of business
marketing environment. It plays a necessary role in designing market plan for marketing in
specific market that aids in developing market plan. Generally, marketing audit is conducted
through third person not any member of firm. Under this, Getabed is start up business and that
deals in hospitality sector (Schaltegger, Burritt and Petersen, 2017). It provides the better
accommodation services to travellers in limited budget. Internal and external both environment
are necessary for business. Internal environment includes employees, technologies etc. which
helps in conducting the business activities in significant manner. On the other hand, external
environment develop negative impact on business and it consists political, technological, social,
environmental etc. It is complex for company to control these factors. In given report will be
discuss about audit of business environment through using PESTLE and SWOT analysis. There
will be discussion regarding marketing communication mix, which helps in reach put target
market segment.
EVALUATION AND CRITICAL ANALYSIS
Audit business environment by using BCG, SWOT and PESTLE analysis
Business environment is sum total of the internal and external factors which influence business.
It includes factors, which affect ability of company to develop as well as maintain the successful
customer relationship. An environmental audit is review of processes and operations to identify
compliance with the environmental regulations. A necessary environmental management tool
affect certain activities on environment against set standards. It can be costly but failure to carry
out these kinds of audit, which have expensive. Environmental auditing is helpful in minimizing
adverse effect of activities on business environment (Camilleri, 2018). Getabed is a start- up
hotel and it is able to provide better services to people in United Kingdom. As it conduct an
environmental audit in order to know about the effectiveness of business. For audit the business
environment, Getabed uses the different methods such as BCG, PESTLE and SWOT which are
given below:
BCG Matrix
It is a kind of framework that developed through Boston Consulting Group for examine
strategic business position of business brand portfolio and also its potential. It is mainly designed
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to help with the long term strategic planning that aids Getabed to include growth opportunities
through reviewing portfolio of services. This matrix has four categories which are given below:
Stars- It states that start products are the market leaders which generate more ROI as
comparison to other goods. In this, market share and market growth both are high. For the long
term success, there is a need to Getabed to investing continuously on its its products and services
for gaining long term advantages. If the starts maintain their market share over long period of
time then they will become cash cow.
Cash cows- In this, market share is high but market is developing slowly. The cash cow
products do not need more investment in order to maintain high market share. It is necessary for
Getabed to develop cash cow for produce reliable income source (Charter, 2017).
Question mark- In this, growth rate is high but he market share is low. As Getabed is
new start up business and it introduced the new services and products that have small market
share as comparison to competitors but in quick developing market. It is complex for hotel to
estimate any kind of future development.
Dogs- Under this, business units in slow- development with small relative markets share
are gardened as dogs. In this brand have the low market share and low growth rate. It states that
the sales is low and there is a reduction in profitability of business. In this case, there is a need to
company to adopt divestment strategy when goods can be retain itself for no longer.
SWOT ANALYSIS
It refers to strategic planning technique that is mainly used to assess an individual or
company to determine strengths, weaknesses, opportunities and threats which are concerned with
project planning and business competition. It will help Getabed hotel in internal environment al
audit. It can support the better strategic planning based on examination of capabilities of
company and external environment. With the help of this, management can know that business is
performing up to the expectations or not. SWOT Analysis of Getabed mention below:
Strengths
Gatebed hotel provides the safe Abode away
from home. It provides the clean, safe and
decent rooms to guests (Carins, Rundle-Thiele,
and Fidock, 2016).
 The staff of this hotel is well
Weaknesses
 The main weakness of this hotel is that
it has lack of the social media access. It
does not use social media to connect
with the people.
 It does not adopt the advanced
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knowledge and able to provide better
experience to consumers.
 It offers travellers with opportunities to
personalize and customize their
experience through adding things
which they require.
technology to make any innovation in
its business.
Opportunities
 It has an opportunity to enhance
international and domestic travellers.
 It can access to the internet quickly to
connect with the people and also
enhance business operations.
Threats
 In hospitality industry of United
Kingdom, there is high competition.
 The instability of the government is
also a main concern.
PESTLE Analysis
It is a kind of framework that mainly use to analyse as well as monitor macro-
environmental factors which may have impact on performance of business. This tool is mainly
useful in beginning new business or to enter in to global market (Wu, W.K., Chen, H.C. and
Huang, 2015). It explains macro- environmental factors which mainly used in environmental
scanning components of the strategic management. It consists different factors such as political,
economical, social, legal, and technological and environment. It is complex for the managers of
Getabed to control all these factors in effective manner. Through using environmental audit,
hotel can determine the issues related with the external environment of Getabed.
Political factor- It is related to degree of an intervention in an economy. It consists
political stability, policies, overseas market, tax policy, environmental laws etc. These all factors
develop impact on the company and in what manner they conduct business operations. As
Getabed is start up business and government instability develop negative impact on its
operations.
Economic factor- The factors included in this is rate of exchange, interest rate, fiscal
policy, taxation rates etc (Blythe and Martin, 2019). These are important for an organization to
follow in order to conduct business without any hindrance. In context to Getabed which is newly
established business must work accordingly in order to change these factors in a positive way.
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Social factor- The factors are connected with social beliefs, norms, cultural differences
which exit in a society or community. Every organization whether old or new should take care of
social factor while carrying business activities. In case of Getabed, the deals and packages should
be made as per the demands also, the food that is being served by it should not include any such
ingredient which against society’s beliefs (Kumar, 2015).
Technological factor- The usage various technologies comes under this category. This
factor has the most significant effect on the business as technology keeps changing rapidly. An
organization has to keep up the pace with such modification. Getabed has been built in the
present era, which is highly competitive, therefore, it is imperative for it to use latest technology
so it can survive in the market for a long term by becoming a leader.
Environmental factor- The factors which involve nature and surroundings of a society
in which people live are environmental factor. The increasing level of pollution and growing
industrialisation have contributed significantly to destroy the nature affecting the health of
individuals. Therefore, Getabed should use technologies that are environmental friendly also
reduces the level of harmful substance.
Legal factor- Every country has their own legal system and laws which are applicable to
business and individual operating and living respectively, in the society. These are meant to
govern their rights so that business can be conducted lawfully. Hence, Getabed should ensure
that all applicable laws are complied with in order to avoid any legal obligations.
What are the business’ target market
Target market means a group or set of potential customers to whom a company proposes to sell
its products or services. Every business existing or new business has their fixed target market for
making sales. A detailed analysis is conducted before choosing it to make profit and become
successful (McDonald and Wilson, 2016). In case of Getabed, it is important to understand the
customers who are willing to pay for its services. It has chosen people who are within the age
group of 20-40 as its main customer as they often find hotels which provides good services at
low prices. Since, it is a newly established hotel which needs recognition and more customers
has not focused on people who are aged as they are less active and more protective about their
stay. Getabed has not incorporated at large scale therefore, the geographical limit of London has
been fixed. It will provide its services within London to people falling under age group as
mentioned above. There are number of reasons for this target market such as young individuals
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do not often have huge income and they look for budget friendly hotels. These people are very
enthusiastic and many of young individuals come to London looking for job or for higher
education, which triggers the problem of stay in cheap prices. In addition to this, they are active
on social media hence, Getabed can use social media platforms to raise the awareness about the
hotel and the services being offered by it. The main focus is on single person who look for hotels
to stay for short period of time, however, if a family wish to book its services and rooms for one
or more week then it can accept that as well (Gilliga and Lowe, 2018).
It has conducted a target market and positioning analysis for ascertaining the people who
will be its target customers and market. It considered the common interest among the customers
and how long can it survive in such market as every other hotel at this scale is focusing on
providing their services to this age group. Hence, after studying various matters and applying
several analysis it chosen the market segment given above. In addition to this, it has limited
funds for making further investment as of now, therefore chose to operate in London only as
Getabed will a suitable choice for every that person who cannot afford expensive hotels while
staying in this city.
What segment(s) of the market it serve?
Market segmenting can be defined as a process of differentiating a single market of potential
customers into different categories based on different features which may be interests, needs or
locations. It helps a business in focusing the most revenue generating segment and fulfil their
demands to a satisfactory level. Getabed has bifurcated the target market into many types such as
London being the limits of locations in which it will carry out its operations. People coming to
this city may book the services of Getabed in cheap prices. The main reason behind this is that
previous records of travel and tourism shows that huge number of people came to London for
different reasons such as job, business trip, travel etc. Also, it has many memorable experiences
to offer from historical monuments to countryside view. Furthermore, there is a high demand of
hotels set up in a small and medium category as the prices of other hotels which are large in scale
are high (Grech,, Hebden, Roy and Allman‐Farinelli, 2017).
Getabed has analysed that most of the people look for bundled services in a hotel so that
they can save the expenses on separate booking. Also, they do not want membership card
subscription for availing the bundled service just for once or twice. Hence, Getabed’s focus is
also on those customers who do not want to become a member of a hotel but at the same time
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enjoy the bundled services. This segmentations has been done on the basis of interests of target
customers.
Furthermore, it has set the young people falling under the age group of 20-40 as its preferred
customers. The interior of hotel and other service are made according to their needs. The
individuals of this category have lesser complaints about the services of a hotel as compared to
any other category such as family or people above 40. Also, these people spend most of their
time online which is a huge advantage for Getabed (Pogrebova, Konnikov and Yuldasheva,
2017).
What marketing communications’ mix are most suitable to reach out to the target market
segment?
Marketing communication mix refers to as a combination of five different tools used by a
business to connect with its customers and other stakeholders. It is also called promotion mix as
it helps in promoting the business and raise the awareness about its presence in the target market.
This should be effective enough to multiply the revenue generation. The five key elements of a
marketing mix are advertising, public relations, sales promotion, personal selling and direct
marketing. These have their own advantages and disadvantages which should be considered
before choosing the one. Getabed is a hotel whose service is cheap and affordable, therefore, it
does not have huge funds to invest on different tools. Hence, the most suitable marketing
communication mix are advertising and sales promotion. Advertising refers to paid promotion of
products or services. This method can be used by Getabed for advertising about its opening and
services in the newspapers, radio and online. The online mode is effective way to promote the
services as more than half of the media use social media such as social networking sites. These
are cheap and useful way to reach and communicate with huge number of prospective customers.
Also, Getabed can have its own official website which can be referred by tourist for obtaining
required information about the hotel and its services (Feng and Wang, 2016).
The other tool of marketing communication mix is sales promotion, in which Getabed can
give discounts or offers in the form of packages to attract large group of customers. However,
these are for short period of time but very alluring. Customers look for these kinds of deals if
they wish to stay for more than 5 days because they have to spend less to get number of services.
This will help Getabed grow rapidly by setting the terms and conditions favourable to majority
of its customers. Both these tools if used properly and effectively can give desired results to
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Getabed, however, it may have to invest higher than its budget but if these traits become a
success then it can recover its expenses through the income so generated.
How does the business intend to execute the marketing communication mix?
Getabed has recently established the business for which it will be using two of the
marketing communication mix which are advertising and sales promotion. These will be
executed through integrated marketing communication (IMC). It is beneficial for the companies
who wish to apply more than one method for communicating with large number of customers. In
IMC, the tools are aligned with goals or objectives of the company which are will be used in
marketing about it (Jianu, Ţurlea, and Guşatu,, 2016). This helps the organization in being
particular about its target and make plans accordingly to have a conversation with most of its
customers. Furthermore, Getabed can also target a particular group of people through this. It is a
useful and effective way as many types of tools or methods are into it. It is very simple to use
which ensures that all the messages are reached to target market by forming links between them.
Also, when all the methods are used integrated they work in a more effective way which help in
gaining the wished outcomes. The synced form of advertising and sales promotion are useful for
entities which are newly established and have been targeting prospective customers.
Does the business has enough budget to do it?
Getabed is an all new hotel which has objective to provide its services at low prices. For
this purpose, it need budget through which all the required amount will be paid for getting these
services. The available financial resources have already been used in other activities which are
prime. However, it has an amount of ₤4,500 left with it by which it has to contract various
agencies for the advertisement of the opening of hotel. However, if it falls short of the funds,
then, more contribution by partners will be done. However, if this money is used efficiently and
smartly then Getabed can avail many services for promoting the offers among the people of
London.
CONCLUSION
From the above report, it has been concluded that market is place where a business need to
survive and become successful. They should have their targets fixed before starting a business.
This will make them become a leader. The report has very well defined three most used analyses
which are BCG, SWOT and PESTEL for understanding the business environment. These help a
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newly established business to have knowledge about what more could be done to have grip of
market. Furthermore, the market shares which it wants to target which has been further divided
into different segments to make the focus better. In addition to this, various tools of marketing
communication mix have been described which in this report along with IMC which is used for
effective implementation. Along with this, the budget which is required for this purpose is also
discussed.
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REFERENCES
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