Concepts of Marketing in a Relevant Services Industry
Marketing plays a very significant role in helping an organization to succeed in the target market. Marketing also plays the most significant role in initiating growth for the company in hospitality industry. The current business environment has become highly competitive resulting to which it has become important for the organizations to make use of adequate marketing strategies to excel in their respective target markets. Especially talking about the hospitality industry, it should be noted that the companies present in this industry feel the extreme need for promotion and marketing of the products and services offered by them. As with the help of marketing only people get to know about the products and services rendered by the company which helps them to attract customers as well (Wedel, and Kamakura, 2012).
Further, the below mentioned report provides a detailed analysis of a hotel company present in the hospitality industry of UK. The report also explains the concepts of marketing, market segment, marketing mix, marketing cycle, promotional mix etc. aspects. The hotel analyzed in the below mentioned paper is ‘Motherland Hotel.’
Discuss concepts of marketing for a relevant services industry
The hotel or service industry is highly inclined towards the activities of marketing in assembling up the needs and requirements of people with the services of the companies. Marketing can be assumed as the set of protocol for initiating and influencing relationship with the customers and enhance it as well. The process of marketing adequately delivers value, communicate and benefit to customers and other stakeholders of the organization. In this section, the hotel Motherland is being reviewed for the marketing analysis. The process of marketing of hotel present in hospitality industry transacts with tangible objects like food, bed, ambience, services etc. Further, in order to effectively make use of the marketing tool, the organization should evaluate the profitability and the needs of the customers and integrate them together as well (Kandampully, Zhang, and Bilgihan, 2015). The focus of the process of marketing in the Motherland Hotel is basically on the demand and requirements of the customers present in the market. After the fulfilling the customer requirements, next focus of the company is on increasing the revenue of the organization. Thus, integrated marketing is a combined work of all the employees in the organization.
Hotel Motherland is placed in the hospitality industry that effectively makes use of the above mentioned strategies of marketing to entertain the customers in their organization. The company has this aim to generate the revenue by prioritizing the interest of guests as their foremost requirement (Bowie, et. al., 2016).
Impact of Marketing Environment on the Industry
Assess the impact of the marketing environment on the industry
Marketing environment plays a vital role in determining the success and failure of the marketing plan prepared and implemented by the organization. The hotel Motherland operates in both micro and macro environments that constantly changes according to the given market conditions. This type of environmental change either helps the business to grow or acts as a barrier for them. Resulting to which, it is significant for the managerial team of hotel Motherland to closely analyze the marketing environment of the industry and then decide marketing strategies accordingly (Leung, Bai, and Stahura 2015).
It is important for the company to analyze and evaluate the demographic features like size, population, occupation, gender ratio etc. of the people present in the industry. These aspects help the company to decide the pricing strategy of the company as well. Further, apart from the demographic factors, the economic factors also help the hotel in detecting the demand of their products and services present in the target market. The current interest rate, GDP, disposable incomes etc. are some of the aspects that helps the business to main information about the marketing environment. The technological factors like, software development, new product development helps the organization to focus and develop effective managerial strategies using the marketing environment present with the industry (Šeri?, Gil-Saura, and Ruiz-Molina 2014).
Evaluate the relevance of consumer markets in the industry
The purpose of marketing for Motherland Hotel is to envision, fulfill and address the problems faced by the clients and along with these lines it is basic for approachable advertisers to recognize their objective clients and their nature of purchasing as well. The people that purchase accommodation benefit for their personal use are called as end clients of the process and this group of people is named as consumer market. There is presence of different variables that impacts the buying behavior of end customers, also it should be noted that commonly hotels fails in perceiving such elements and how these components can impact the purchasing choices of the purchaser advertise (Kim, Vogt, and Knutson 2015).
The marketing group at the Motherland Hotel audits the relative research of Starbucks café that is confronted with the issue in building up a chain in China, as the people of Chinese did not welcome the organization so easily. The general population believed that such prevalence of the organization is an indication of expansion strategies in the country that will bring adoption of Western culture in the nation. These circumstances emerge because of the absence of understanding by the organization of the Chinese customs. On the off chance that hotels keep a superior comprehension of current and future requirements of their purchasers these circumstances can be effortlessly maintained a strategic distance from. Along these lines, for the advertising group in Motherland; understanding purchaser market will help in making compelling promotions for getting ready to provide benefit to the industry (Ali, Amin, and Cobanoglu 2016).
Relevance of Consumer Markets in the Industry
Discuss the rationale for developing different market segments
Before expanding the scope of business into any of the service industry, it is important for the organization to target the right type of audience for their business and increase its sales as well. Market segmentation refers to the process of segregating the target market into small clusters and segments that includes customers that have similar choices and preferences. By evaluating the need of the small group segmented from the market, the hotel should frame the products and services in ways that is matches to the taste and preferences of the customers targeted by the company in the external market. This type of segmentation helps the hotel in identifying the proper group that helps the prospective people to buy the products and service offered by the company. Thus, it should be noted that the hotel should align the marketing strategies in such a way that the right type of customer meets with the right type of service rendered by the company (Leung, Xue, and Bai 2015).
The process of segmentation is implemented on the basis of the demographics, behavior, psychographic or geographic differentiation. Thus, the hotel Motherland should segment the customers accordingly so that it becomes easily for them to analyze the actual requirements of the customers and provide them services accordingly (Radojevic, Stanisic, and Stanic 2015).
Assess the importance of components of the marketing mix to the industry
The process of marketing mix is one of the most important activities for an organization that helps them to get information about the product, price, place and promotional aspects of the company. These are the four major aspects of the marketing mix strategy initiated by an organization. All the components of marketing mix holds great important in the success of a business. The product and services present in the hotel industry are highly fragile, consumable and united in nature as well. Resulting to which, it is important for the hotel to focus on the products and services so as to meet the demand of the customers present in the market (Joung, et. al., 2015).
Further, it should be noted that different components of the marketing mix strategies helps the hotel to gain information about the marketing strategies that the hotel should make use of. The products strategy explains the type of product used by the company. The price aspects talks about the price quoted for the products and services offered by the hotel and way the in which this prices is best for the services. Further, the place aspect explains the geographical location where the organization is providing its services and the supply chain activities as well. Lastly, the promotion aspect talks about the promotional strategies organized by the company. All these strategies work in such a way to boost up the sales revenue of the company and provide them optimum profits as well (Nieves, and Diaz-Meneses 2016).
Rationale for Developing Different Market Segments
Analyse pricing strategies and policies in relation to the industry
The pricing theory of an organization majorly includes the demand, cost and competition present in the industry. The pricing element assists the organization in framing adequate financial objectives for them to achieve in the target market. The pricing strategy also helps the company in building large base for the hotel in the hospitality industry. This strategy ultimately fulfills the goal of the organization to increase the customer based for the company in the target market. The pricing strategy helps the Motherland hotel to provide a competent price to the customers on the basis of demand and competitive pricing strategies as well (Jones, Hillier, and Comfort 2016).
The pricing strategy in the hospitality industry is very important to operate in an adequate manner as this aspect help the hotel to create identification in the market and gain competitive advantage over others as well. The hotel Motherland makes use of price skimming technique to attract the customers present in the market. Under this strategy, the organization initially set up high price for high quality services and then gradually goes on decreasing the price to retain the customers as well. Thus, with the help of this strategy, the hotel can easily attract the customers and retain them for long term as well (Sun, et. al., 2017).
Evaluate the role of the promotional mix
The process of promotional mix holds an extraordinary significance in the development along with improvement hospitality industry of the UK. The promotional mix strategy helps the hotel business association to aware the potential clients with respect to the products and services offered by them in the target market. It additionally helps in boosting the brand component of the association. Apart from brand management the components of offers advancements additionally prompted enhancing the level of offers. For example, the promotional strategy presents a wide assortment of services with uniqueness and so on improves the offers of the sales. May hotels present in UK use advanced technology to promote themselves; by using the idea of internet advertising through different advertisement crusades with the assistance of electronic stages (Dzhandzhugazova, et. al., 2016).
There are different components which must be considered while confining promotional approach. For the most part, the monetary allowance dispensed for promotional exercises winds up higher and it severely affects the capability of the organization to upgrade the overall revenues. In this way, promotional strategy must be confined in such a way thus, to the point that it can easily upgrade the brand value and deals with sales of the products and services of the organization along in sensible budget plan as well (Neirotti, Raguseo, and Paolucci 2016).
Importance of Components of the Marketing Mix to the Industry
Plan an advertising campaign for a services industry operation
Below mentioned are the details about the advertising campaign of the Motherland Hotel present in UK:
The advertising campaign is better focused approaches that is required by the organizations for effective marketing of their business as this campaign focus on the requirement of the organization and plan and implement activities accordingly (Kim, and Law 2015).
- Under this campaign the hotel should focus on areas like, technology, local area coverage, transportation market capture etc. Transportation is the industry that goes hand in hand with the hospitality industry so the company should tie with different companies that provide transportation services at low rates.
- Further, in case of local area coverage, the company should create a strong grip on the local market so as to gain competitive advantage in the domestic segment. Also, the hotel should make use of technology driven services so as to as to attract the customers in the organization and work effectively as well (Slåtten, and Mehmetoglu 2015).
- Lastly, the organization should also make use of the social media platform to attract the customer. Along with print media, the company should make use of social media and initiate physical communication as well.
Analyse the role that sales promotion and public relations play in promotional efforts
An organization should effectively utilize distinctive strategies in their promotional mix strategies plainly depicts their communication goals. New and efficient organizations in the market effectively utilize promotional mix to make individuals aware about the quality of products and services and their presence in the target market. After foundation of association in the marketplace, quite a bit of promotional activities of the company focus attracting the customers in order to attain the advantages and incentive intended towards the audience. Sales promotion activity is initiated after the creation of reliable relationship by the hotel with their objective clients. Promotional mix activity keeps up the emphasis on long lasting communication activity while sales promotion can be characterized as a specific process that is initiated when the Motherland hotel is trying to create benefit for them (Tsai, Dev, and Chintagunta 2015).
This is regular in hotel industry where the opposition is developing step by step or in ventures where they are continually meaning to draw their objective clients. Now and again exploitation of promotional strategies can control benefit that the association can attain by becoming lenient with their costs. Advertising activity is built up from the movements that are performed by hotel or other hospitality industry that are initiated with a purpose to create a long lasting relationship of the customers with the employees and the services of the hotel (Pavlou, and Stewart 2015). The sole motivation behind building up great advertising is to have a smooth association with the partners of the association. It is not quite the same as offering and ordinarily an immediate deal isn’t related with open connection exercises, however it forces a long haul affect. Accommodations for the most part keep a nearby connection with small correspondents and welcome them regularly so as to present another item or campaign and these critics can introduce the new dispatch in a compelling way (Goryushkina, et. al., 2016).
The relevance of market research to services industry operations
Pricing Strategies and Policies in Relation to the Industry
A proper planned and implemented market research successfully helps the business process to attain information about the market capabilities and about the competitors as well. An effective market research is a great source of innovation for the hotel as it helps them to remain in competence all the time. With the help of market research only, an organization gets to know about the target audience or the marketing mix strategies of the company. Along with this market research in this industry also focuses on forecasting the demand for the products and services offered and how initiate the budget and pricing strategy for the customers as well (Lu, and Kandampully, 2016).
Undertake market research for an appropriate product or service
The market research can be initiated out to evaluate the reviews and opinion of the customers for the services provided by the company Marriott hotel. The organization is placed in different parts of the world but talking about the branch in UK it should be noted that the primary research techniques were adopted by the company to understand the rationale of the customers for the products and services offered by the hotel in the hospitality industry of UK. Whereas secondary research was initiated by the company to find out the graphs that explained the expected growth of the company in following years and past records as well (Kim, Song, and Lee, 2016).
Analyse the suitability of different media for marketing an appropriate product or service
Different practices of media are used by the companies present in the hospitality industry of UK so as to success achieve the marketing mix strategies. These types of media that are usually seen that are print media, TV etc. These sources vary on the basis of products and services offered to the customers in the market. The research is based on the type of information that is required by the organization from the market. For example, if the Motherland hotel wants a global appeal for the services offered by them, then the organization should have internet based audience and they should attract the customer from a common platform. Print media is limited to a region but social media helps in contacting prospectively people present in different parts of the world (Armstrong, et. al., 2015).
It is critical for the business process to evaluate and make use of the advertising research as it encourages the viable basic leadership in the management. The marketing plan of the Motherland hotel can give the reasonable data with respect to the new combination options in the menus presented to the new as well as existing clients of UK and prospective people present in other parts of the world. The statistical surveying directed by the Motherland hotel essentially accomplished the objectives and targets that they set for them in the beginning of the financial year. By the outcomes and understanding of criticism gathered from the respondents proposed that a new set of combination of menu should be adopted by the organization so as to attract the clients and retain them for long run as well (Huang, and Sarigöllü 2014).
Implementation of a Marketing Plan for Relevant Products or Services
Conclusion
Thus, in the limelight of above mentioned events, it should be noted marketing is a crucial process of the business that helps them to grow repeatedly. It is important for the hotel staff of the organization for form marketing strategies for the better functioning of the business. The report successfully fulfills the requirements of the task.
References
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