Marketing Strategies
Discuss About The Business Organization Companies Continue Researching?
Hyatt Corporation is one of the American companies that operate in the hospitality sector. The company has been in operation since 1957 and has since grown to the extent its business to other parts of the world. Its headquarters are located in Chicago, but the company is multinational and thus operates in most countries in the world. Currently, Hyatt Corporation has over seven hundred properties located in over fifty-six countries across the globe. Therefore, the company serves millions of clients from different parts of the world.
Hyatt deals in franchising hotels, the resorts and also the vocational properties. The subsidiaries of this organization have taken the role of operating, managing, franchising, licensing and provision of different kinds of services to hotels, resorts, and vocational property owners. The company is structured in a way that it offers services through its subsidiaries which have specialized in serving the company’s customers in their respective areas (Reid and Bojanic, 2009, pp. 139). These subsidiaries are Park Hyatt, Grant Hyatt, the Hyatt Andaz, Hyatt Regency, Hyatt Place, Hyatt House, Hyatt Residence Club, Hyatt Zilara, Hyatt Centric, Hyatt Mirayl and the Hyatt Ziya. All these Hyatt’s branches work together to make up the full Hyatt Corporation.
Throughout the history of business, marketing strategies remain to be a primary aspect for the success of organizations. Successful business enterprises have always embraced optimal marketing strategies for their victory. Appropriate marketing strategies usually involve an understanding of the organization’s behavior and then coming up with the right ways that apply to their attraction to the company. It entails coming up the characteristics of customers such as their likes and dislikes, the location, what attracts them, where they are found among many other factors. This acts as a guiding information on the best strategies that the company can embrace to increase its market share and also be able to sustain its customers (Goi, 2014, pp. 1-8).
Currently, companies are embracing Segmentation, Targeting, and Positioning (STP) as the best marketing strategies for their operation. When well implemented, these strategies have proofed effectiveness in marketing (Sandra, 2008, pp. 26.). Usually, Segmentation involves dividing the potential market into portions called segments. The division is conducted in consideration of the market characteristics such according to gender, the food they eat, the specific cultures of the market, their geographical location, mode of purchase, customers’ preferred goods or service, the purchase ability among many others. Therefore, these characteristics will help the organization to place their existing and potential customers to categories which can be easily understood and thus easier to address their needs (Wilkie, Johnson, and White, 2015, pp. 424).
Research Objectives
Regarding targeting, most organizations are employing this tactic as a way of handling the specific segments of the market. Segmentation helps the company’s management to easily understand and handle the given categories of customers (Volpato, and Stocchetti 2009, pp. 34). On the other hand, targeting helps the business leaders to do actual addressing of these market segments. It entails addressing the specific needs of the customers and also conducting appropriate activities that are likely to attract or retain customers to the organization. Positioning involves placing the company’s services or products at a higher level in the mind of the customers (Andrei, Ecaterina and Lonut, 2010). Usually, clients have the different perception of various product brands in the market. This affects the customer’s behavior towards the given brands. Positioning, as a marketing strategy helps the companies achieve better customer perceptions of their brands.
For successful deployment of the STP strategies, companies usually research the existing marketing methods to understand the weaknesses of the existing plans (Charles, 2012). This understanding helps the organization to come up with context-specific strategies within the STP that are applied to the organization for its success (Ashley and Tuten, 2015, pp. 15-27). This method is important and helps realize the best strategies that are profitable to the company.
The main aim of this research study is to help the Hyatt Corporation’s management be able to market its services most efficient and effective way possible. The study will come up with the optimal marketing strategies that are likely to realize the best for this corporation if they are embraced appropriately. The main objective of this research is achieved through achieving the other objectives of this study which begins with understanding the existing marketing strategies of Hyatt Corporation. Then, create new marketing strategies use or improve on the current strategies of the company. It also entails deciding on the specific strategies that company uses and then deciding whether to improve or replace them for better performance of the organization (Cameron, 2014, pp. 22-27).
The research problem of this study is to explore the optimal marketing strategies that Hyatt can embrace for its business in the hospitality industry. Sustaining a stream of customers in the hospitality industry is always challenging for every business organization. Profitable and sustainable growth requires careful planning and efficient operations of the organization. Services sector calls for quality services from the industry players to win a bigger market ratio. At the same time, the organization needs to plan for a careful, efficient and effective marketing to get customers this highly competitive business (Blocker and Flint, 2007, pp. 810-822). This research attempts to find out the optimal marketing strategies that Hyatt can use for its good, thus trying to solve the marketing strategy challenges that most companies face.
Research Problem
Appropriate marketing strategies help companies to increase profit due to increased number of clients. They also the company to increase its sustainability which is a critical aspect in helping the company increase their longevity in the industry. Increased profitability and viability of the business, in turn, makes the organization to gain a competitive advantage over other players in the industry. Thus, this research is critical in helping the organization solve problems of the right strategy to take in conducting business through exploring information on the best optimal strategies that organization should embrace (Bampo and Ewing, 2008, pp. 273-290).
This research study will be conducted to the existing marketing strategies of Hyatt Corporation and also the possible strategies that the company can employ for improved production. The study will cover the existing customers of the organization and seek to get information from them. Besides, the survey will also reach out to the potential clients of this organization to get further information that is useful in the study. The study will reach out at least to some customer in each country that Hyatt Corporation operates so that to come up with information that is appropriate and applicable to all the countries that the organization operates. Also, the research will also reach to at least a customer to each of the subsidiaries of this organization. Consideration of these factors in the survey is likely to produce information that is not biased in whatsoever manner thus increasing the reliability of the research (Creswell, 2013).
The study will formulate and use appropriate research tools to collect data for the study. The areas of questioning are related to the objectives of the survey and mainly with the target of coming up with optimal marketing strategies of Hyatt Corporation. These areas include the current state and marketing strategies of Hyatt Corporation, the Customer’s satisfaction level, the effectiveness of the existing STP strategies (Bloomberg & Volpe, 2012). Besides, the questions will also target for a brief introduction of the new or improved marketing strategies, the appropriateness of the new or improved strategies and the projected improvement level when adopted among other areas (Diamond, 2008, pp. 463-465).
After collecting data, the outcome will be analyzed to come up with information that can be directly applied to the Hyatt’s marketing activities. The information final study results will be presented using different ways such as charts, drawings, graphs among others. Also, some qualitative information will be provided in the form of descriptions that the management can read and comprehend certain aspects in the operation of the organization (Bogdan and Biklen, 2007). Therefore, data analysis will be important to help the Hyatt’s management understand the existing system, areas of improvement, suggested strategies for adoption and how they can be applied appropriately in the organization.
Study Design
The project will have a team leader who will be in charge of coordination of all the activities of the project. Under the team leader, there will be supervisors who will be reporting directly to the team leader. Supervisors will have responsibility for overseeing a team of interviewers who on the other hand tasked with the responsibility of getting the information on the ground through various methods such as interviewing, observation among many others.
Every research study always has certain assumptions. There are various conventions that this research will take into consideration. The research assumes that the customers who will be interviewed will represent the entire population under the study (Booth, Papaioannou & Sutton, 2012). Also, the research will assume that the customer’s opinions will not subject to influence due to the surrounding environment or other factors but will be a true reflection of their views and opinions. These among other assumptions will be in place to help carry out the study successfully.
The success of this research project requires a range of services for its success. These services include developing the questionnaire that is in line with the objectives, generation of the sample quota within the target area, developing the survey program, management of the project, data processing, and its analysis among many others. These are essential services that are required for the success of the project and will be undertaken carefully.
Conducting this research requires money. The approximate cost will be $50,000. This amount covers the travel expenses for the persons involved in the survey to move from one place to the other, the tools and stationery that is required, the allowance for the individual involved among others. However, the miscellaneous expense will be accounted at the end of the month. The expenses include the unplanned overnight deliveries among others.
The timing of the project will start immediately after the approval of the questionnaire. The research project will take about six weeks broken down as follows. Surveying, programming and controlling the quality will take four days, data collection will take three weeks, tabulations will be for three days, and final report preparation will be done in two weeks. After that, the project will be ready for the release of result.
References
Andrei, P., Ecaterina, B. and Lonut, T. (2010). “Does Positioning Have a Place in the Minds of our Students?”. Annuals of the University of Oradea, Economic Science Series.
Ashley, C., and Tuten, T. (2015). Creative Strategies in Social Media Marketing: An Exploratory Study of Branded Social Content and Consumer Engagement. Psychology & Marketing, pp. 15-27.
Bampo M. and Ewing T. (2008). “The effect of the social structure of digital networks on viral marketing performance.” Information Systems Research. pp. 273-290
Blocker, C., and Flint, D., (2007). “Customer Segments as Moving Targets: Integrating Customer Value Dynamism into Segment Instability Logic,” Industrial Market Management, pp. 810-822.
Bloomberg, L. & Volpe, M. (2012). Completing your qualitative dissertation: A road map from beginning to end. Thousand Oaks, CA: Sage.
Bogdan, C. and Biklen, K. (2007). Qualitative research for education: An introduction to theories and methods. Boston, MA: Pearson.
Booth, A., Papaioannou, D., & Sutton, A. (2012). Systematic approaches to a successful literature review. Los Angeles, CA: Sage.
Cameron, B. (2014). Using responsive evaluation in Strategic Management. Strategic Leadership Review, pp. 22-27.
Charles, L. (2012). Essentials of Marketing (7e Ed.). Mason, OH: South-Western Cengage Learning.
Creswell, W. (2013). Qualitative inquiry and research design: Choosing among five approaches (3rd Ed.). Los Angeles.
Diamond, W. (2008). Review of conducting online surveys. Development in Practice, pp. 463-465.
Goi, C., (2Marketing Strategies014). A Review of Marketing Mix: 4Ps or More?. International Journal of Marketing Studies, pp. 1-8.
Reid D. and Bojanic C. (2009). Hospitality Marketing Management (5 Ed.). John Wiley and Sons. pp. 139.
Sandra B. (2008). International Brand Management of Chinese Companies: Case Studies on the Chinese Household Appliances and Consumer Electronics Industry Entering US and Western European Markets. pp. 26
Volpato, G. and Stocchetti, A., (2009). “Old and new approaches to marketing: The quest of their epistemological roots,” MPRA Paper No. 30841, pp. 34
Wilkie, D., Johnson, L. and White, L. (2015). “Overcoming late entry: the importance of entry position, inferences and market leadership.” Journal of Marketing Management. pp. 424
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