Analysis of Marketing Strategies for Riverview Hotel

Desklib provides solved assignments and past papers to help students succeed.

Identify and evaluate marketing opportunities.
1

Table of Contents
TASK 1.......................................................................................................................................................4
1 Five examples of legislation and regulations that apply to the marketing industry in Australia.........4
2 Two relevant codes of practices for marketing industry and purpose of the code and its key
components..............................................................................................................................................4
3 Marketing opportunities: market penetration, market development, product development and
diversification..........................................................................................................................................5
4.Explain each of the phases of product life cycle...................................................................................5
5. Explain the purpose of the marketing mix and each of its component.................................................6
6. Explain why the marketing mix is important in bringing a product or service in the market...............6
7. Outline four key steps in the marketing process..................................................................................6
8. Describe four statistical methods and/or forecasting techniques that can be used to evaluate
marketing opportunities...........................................................................................................................7
9. Describe a method that can be used for forecasting market growth rate..............................................7
10. Define the term return on investment and explain how it is calculated..............................................7
TASK 2.......................................................................................................................................................8
Marketing Review Report.........................................................................................................................8
Email to marketing team........................................................................................................................10
TASK 3.............................................................................................................................................12
Marketing Opportunities....................................................................................................................12
Conclusion:..............................................................................................................................................13
References................................................................................................................................................14
2

Introduction.
In this assignment the identification and evaluation of various types of marketing opportunities
which every company adopt in their organization to carry out the business operations of The
Riverview hotel. The company focus properly on the marketing requirements of Riverview hotel
by conducting proper market research which helps in targeting customers, marketing budget,
branding and marketing strategy. The business main purpose is to implement the strategies which
are formed in order to achieve the organizational goals and objectives. There are various ways
which are taken into consideration towards the evaluation of marketing opportunities and at the
same time it provide fruitful results in the business which can help in competing with
competitors and increases the sustainability in the market. The company is concerned about
taking proper steps in the process of growth and development by taking necessary steps.
3

TASK 1
1 Five examples of legislation and regulations that apply to the marketing industry in
Australia.
There are five examples of legislation and regulations towards marketing industry in Australia
are;
Consumer rights and product needed:
The competition and consumer act 2010 set the consumers rights and duties such as returns,
refunds the products, warranties, marketing and advertising. In this legislation, marketers should
know the customer's rights and legal obligations.
Code of practices:
Code of methods is necessary and essential for the marketing industry. These are developed by
industry and organization to specifying how to behave in a group.
Trademarks, patents and intellectual property:
It is essential for protecting the ideas, product, and design and business identity.
Environment:
For marketers, it is necessary to the aware internal and external environment for business
(Cavenagh, et. al., 2018).
Privacy:
Privacy act 1988 helps to operate personal information and responsible for store, collect, use and
share the data.
2 Two relevant codes of practices for marketing industry and purpose of the code and its
key components.
Code of practices for the marketing industry are:
First is ADMA association for data-driven marketing and advertising
Second is ACMA which is Australian communication media authority
Purpose of these codes of practices is to promote the ethical culture within business and
consumers. It creates confidence between both parties. The code of practices aims to access the
information to offer products and services. It also helps to minimize the risks of business
breaching.
4

Key components of the code of practices are:
Consumers, marketers, direct marketing and individuals. All these components are
significant and necessary for the marketing industry and helpful for engaging with the
salespersons, agents and telemarketers.
3 Marketing opportunities: market penetration, market development, product
development and diversification
All these terms are usually used in the Ansoff matrix model, whereas market
penetration describes that it focuses on expanding the sales towards existing products.
Each quadrant relates to every quadrant. It is the lower left quadrant and safe zone.
Product development is the lower right quadrant, which is risky. The reason behind of
its risky is to companies launching the new products within the marketplace.
Market development is the upper left quadrant, whereas marketers put the existing
products into the new market. It is less risky as compared to product development.
Diversification is upper right quadrant, which is riskier as compared to all the four
options.
4.Explain each of the phases of product life cycle.
The product life cycle has four stages, and each has its own characteristics which show
different things towards business.
Introduction stage: It is the starting stage, and it is the most expensive stage for the
company in promoting and launching the product. In this stage, market size is small; sales are
low, the cost of the products is high.
Growth stage: In this stage, it raises the business sales and profits, whereas the company
begin the benefits from economics (Stark, 2015).
Maturity stage: In this stage, the product is established, and manufacturers do work to
maintaining the market share.
5

Decline stage: Market starts to shrink, and it is coming due to market saturation. In this
stage, consumers switch to the other brand products.
5. Explain the purpose of the marketing mix and each of its component.
Marketing mix
A marketing mix is an approach which is implemented by the companies to promote their brand and
services. This approach provides some strategy to make the products and services popular there are
basically 4P's or components of the marketing mix.
 Product: The can be stated as the product or services which have been provided by the
company.
 Price: The price is the amount by which customers can buy the product.
 Place: The place can be stated as the medium or region which provides the product or services.
 Promotion: Promotion includes some strategies to make products and services popular.
6. Explain why the marketing mix is important in bringing a product or service in the
market.
The market mix significantly helps to make the product or service successful in the market. Each of the
components of marketing mix gives relevance to the innovation as if the company will know about the
current stage of the market then only they can make the determination of right product which is
necessary for the customers. The analysis of the price also helps to make analysis about the quality and
quantity as this is most necessary to attract the customers to make effective quality products
(Fasslabend, 2015). The place is also necessary as the availability of the product or services is essential
to make it popular to the real market.
7. Outline four key steps in the marketing process.
The marketing is an essential concept to grow the organization but this most necessary to use specific
four steps in a significant manner. These four steps are:
 This is foremost necessary to determine the aims and objectives before implementing the
marketing.
 The analysis over the current situation is foremost necessary as it gives the right direction to
implement the strategies.
 The further step needs to make the written plan which will help to take steps accurately.
6

 The last step is to critically execute the written plan in real market as the execution of the plan
in a proper manner is most necessary to attain the desired outcome.
8. Describe four statistical methods and/or forecasting techniques that can be used to
evaluate marketing opportunities.
The evaluation of marketing opportunities is most necessary as it gives the determination about the
current stage of the marketing plan and also gives the justification of the marketing approaches.
 While executing the marketing plan this is most necessary to make a critical analysis of the
customers and competition as it gives the idea about the needs of changes and improvements.
 The analysis of the market on a high scale is most necessary and it gives precise information
about the current stage of a specific firm or company.
 Explore contiguous approaches it will help to make innovative strategies.
 Needs to understand the business surroundings aspects.
9. Describe a method that can be used for forecasting market growth rate.
The straight line method can be used to make the determination about the growth rate as this is the
simplest and easier forecasting method. This method gives the assumption of future growth via the
analysis of past financial data which helps to make an idea about the different current and future
financial records. In the initial step, it includes the analysis of the sales rate of the specific organization
(Alves, et. al., 2016). Then the further calculation goes on past revenue rates and so on. This forecasting
method gives the analysis of the different market evaluation and gives to the strategies to improve
marketing.
10. Define the term return on investment and explain how it is calculated.
Return of investment is which helps to make the analysis about the efficiency of investment or number
of different investments. The major concept of ROI is to directly make the analysis of return on the
particular investment which relates to the investment cost. This helps to make the determination about
the investment and cost (Kerr and Patti, 2015). To make the analysis of the ROI benefits of investment
divides by the cost of investment.
The return on investment formula:
ROI = (Current Value of Investment - Cost of Investment) / Cost of Investment
7

TASK 2
Marketing Review Report.
The Riverview Hotel is well known five star brand in the hospitality industry and are one of the
best business hotels of the world. They offer 25- 35 exclusive rooms and provides high level of
service to guests and their main focus is on the business class and providing them all luxuries to
receive the maximum customer satisfaction. The market plan of the hotel tends to determine the
marketing strategies and analysis and emerging trends and fashion, markets and competitors
which affect the business are discussed below:
 Market: The Riverview Hotel is 5 star hotel which majorly deals in service class and
corporate clients and serves them accordingly and they cover both the markets domestic
as well as international too. The success rate of hotel is mainly by providing best services
and space for business conferences which in return provides customer loyalty which leads
to generation of maximum business.
 Market Analysis: The Company has potential customers in business sector only and
growth of the hotel is increased rapidly comparing to past years.
 Market Trends: Hospitality trends mainly focus on trends related to travel, changes in
local business and fluctuations in economy.
The people who are travelling in business class always require services which are best in
the hospitality industry and our hotel deals exclusively provide service for business
person. The main affect is caused by the changes which arises in local business are
catering through vendors and other set ups in this the hotel uses the method of cost
cutting (Kotler and Armstrong,2015).
 Growth: The growth in hospitality sector has been increasing day by day in comparison
to past years. In this travel sector has huge contribution too as for expansion of business
people visit cities or countries and company tend to achieve more consumer which
ultimately increases the business.
 Competition: There are numerous numbers of hotel which are into hospitality industry
serving the customers but what makes the us stand out of the crowd is our way of
providing services to corporate according to their requirements through this we do not
have any direct competition.
 Marketing Strategy: The strategy is to provide some designed set of services to client
which other person in hospitality are not offering and maintaining the effective
communication with guests and providing services which adds value to the money. The
main issues arises in the field of personnel well trained staff is necessary requirement in
hospitality industry.
 Target Market: The Riverview hotel only deals in the business sector people for them
target market are as follows:
1. Travel industry
8

2. IT.
3. Automobile industry.
 Opportunities: In regards with market we will achieve growth as there is no direct
competitors we have chance to dominate the market. The guest will remain loyal to the
hotel because of the offered services (Virginia Phelan, and Haney, 2013).
9

Email to marketing team.
To:
Cc:
Bcc:
Subject: Marketing review report.
Hi Team,
I hope you are doing fine. I have analyzed the market conditions related to the development and
growth, prevailing competitors and identified few opportunities which can help in the business
purpose.
I have attached the report in the email for your reference so that you can get a clear picture of the
market. Further, if there any changes are required if any area of work and related to expansion
we can meet or discuss all the things in a proper manner.
Kindly, let us know the timings, date and venue for the meeting.
Thanking you.
Regards,
XYZ.
(Marketing manager.)
10

To:
Cc:
Bcc:
Subject: Opportunities for hotel.
Hi Team,
Greetings for the day.
I have researched and analyzed the market conditions found some opportunities which can be
beneficial for us in competing with competitors and at the same time we can achieve the success
in business. We can target customers mainly from the field of It sector, travel and tourism sector
by collaborating with main aviation services which offer business class travels we have chances
of getting more business and we have benefit here we do not have any direct competition in the
market which increases our chance to capture the market.
Kindly, put emphasis on this proposal and let us know how we can proceed further in the
meeting. We will look forward for your reply.
Thanking you,
Regards,
XYZ
(Marketing manager)
11

TASK 3
Marketing Opportunities.
Marketing opportunities tells us about the changes need to be implemented in the course of
action which results in maximum growth and development of business and there are key
performance indicators which are required to keep to check the over all goals and objectives are
properly fulfilled and benefiting us towards the attainment of marketing goals. The Riverview
hotel has few market opportunities in order to generate more and more business and achieve the
organisational goals and objectives which are explained below:
 Collaboration: The best way to expand the business and in this both the parties which
are involved attain profit for from one another and at the same time their purpose also get
fulfilled. The hospitality industry mostly depends on the visitors which is directly linked
to the transportation collaboration with them and offering some discounts will lead to
more and more generation of business and even teaming up with local people also has
great advantage, firstly in the cost cutting as local vendor are cheap in comparison to
other catering and decoration service people and in return they also pay us some amount
which is a win-win situation for both of us (Kerin and Hartley, 2015).
 Competition: There is no direct competitor prevailing in the market because we provide
services which are exclusive no other person in hospitality industry is offering that kind
of services. We exclusively deal with people who are from the business background and
other corporate houses and provide them every service which is beneficial in their stay
whether its in the field of technical or any other thing related to their profession. The
hotel has ample space to which are used to business conferences and exbhitions which is
the main reason we have attain maximum customer loyalty from past years which leads
to maximum profit and business.
 Target Consumers: Target consumers are from the field of every business such as IT,
automobile, Entrepreneurs etc. our main focus are these people as they travel a lot for the
business conferences, meetings and expansion of their business which arises requirement
of stay and at the same time they need things which are necessary for their business
purpose (Berry and Linoff,2014).
 Market dominance: Market dominance is high as no direct involvement of competitors
in the market which makes us the chances of maintaining the monopoly in the market and
have maximum market share which in return results in huge success and development of
the company.
There are few legal matters are also involved with the marketing opportunities such as
misleading claims, distribution or allocation of data and hinderers in privacy which impact
the business opportunities and market value of company which ultimately affect the sales and
less customer loyalty towards the organization.
12