Marketing Mix and Analysis- Essay Assignment.
Marketers generally design a strategic marketing plan after intensive market research and analysis of the competitors. This approach [A1] allows the business to examine the market dynamics and patterns, to study [A2] the needs of customers, and to measure the current and future volume of sales[A3] . A beneficial marketing plan contains the strategies the business intends to use, such as social media platforms and website. Marketing Mix and Analysis- Essay Assignment.These approaches should fit within the budget of the institution, which is, in this case, the hotel. Such a budget-oriented strategy requires analyzing the current financial situation and the strategic allocation of available funds. The hotel’s goals and objectives would help in measuring the present position and selecting policies that work for and against them.
The principal role of the marketing plan is to allow the business to formulate required solutions for existing problems in the company and, at the same time, create awareness of a product and service to the intended customers. This plan is crucial for designing a proper procedure for the fair compensation and motivation of staff and setting the marketing policies and procedures to meet the company’s mission. The marketing objectives of a budget hotel as explained by Baker (59) include the need to cut costs, provide quality, and make profits. Marketing Mix and Analysis- Essay Assignment.Additionally, the level of hospitality should be of high quality, focusing on meeting customer expectation without overstretching their budget. The budget hotel needs to position itself in such a manner that it differentiates itself from other competitors. A plan that tactfully utilizes the 7Ps of marketing in a budget hotel can achieve its overall marketing objectives.
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Product
A budget hotel should focus on the products it brings to the market for consumers. It should be of high quality, satisfy needs, and meet expectations. Additionally, the products for the market should comprise varieties, such as providing recreational facilities like Wi-Fi in hotel rooms. It should also be diverse and always evolving. Remarkable variety and high quality give the hotel the ability to position [A4] itself well in the market. The product should contain a unique aspect that would be relevant to the industry, such as using fresh and in-season fruits and vegetables in food preparations. The hotel should as well create a platform in which clients get the access and assess the products and services as a way of establishing [A5] consistency and efficiency, including setting up a suggestion box.Marketing Mix and Analysis- Essay Assignment.
Price
In the budget hotel industry, the market leaders usually set the prices (Middleton and Clarke 433). Fierce competition keeps the rates within a narrow band with relatively little-to-no room to maneuver except for specific promotional events. Retaining market leadership and achieving profit targets rely heavily on the last five percent of annual occupancy levels, and this depends on satisfying customers and keeping their loyalty over as many repeat purchases as possible (Middleton and Clarke 433). This strategy gives the hotel a competitive advantage as it can realize more profits. Moreover, as suggested by Heizer et al. (89), there is also a need to focus on the demand and supply to avoid losses and unnecessary expenses. For example, during low seasons, it could create a habit of cooking food on orders to prevent leftovers. The prices should be friendly to consumers and should match the quality provided. Marketing Mix and Analysis- Essay Assignment.Quality determines the amount consumers will be ready to pay.
Place
The budget hotel should situate itself in a strategic location. For example, a fast food restaurant should be in a place where the traffic is more while a coffee shop should position itself near offices and working areas. It must also situate itself in an easy-to-access location. Adequate car parking space is vital. Land and planning permission must be available at the right price. A hotel should make sure it uses the area to create more rooms to maximize revenue. A strategic location allows the hotel to sell its products and services effectively, which would result in its penetration into the market.
Promotion
The tactics used in the promotion of any business leads to an increase in its marketability. For example, using advertisements allows a hotel to create friendly relationships with consumers by establishing a channel for trust, responsibility, and accountability. Further strategic means are necessary for allowing the budget hotel to position itself as well as selling the products and services it intends to offer. Promotional modes should change gradually as a means of assessing progress and sales (Challagalla et al. 8). Marketing Mix and Analysis- Essay Assignment.Such campaigns may include aspects as discounts and offers on items like alcoholic drinks. A budget hotel should utilize different media such as posters and word-of-mouth marketing to reach more consumers.
People
The hotel industry requires the staff that is customer-friendly and artistic, as demonstrated by Ramphal and Nicolaides (1[A6] ). Friendliness leads to the establishment and retention of long-lasting and beneficial relationships with customers. Consequently, the hotel increases its self-image and quality of products and services offered through the presence of the reliable staff. The support of the workforce and other personnel, who are at the forefront of operations, results in growth and progress of budget hotels due to an accountable and reliable system. Creativity and critical thinking are vital in the budget hotel industry, especially during the presentation and interaction with customer-related criticism. Management needs to assess and monitor how the employees deal with clients such as through randomly questioning customers about their experience.
Process
The hotel should develop policies that are in line with customer expectations. The provision of products in time is advisable in the industry, as it reduces wasted time and improves the hotel’s reviews concerning efficiency (Ramphal and Nicolaides [A7] 4). Moreover, the budget hotel should deliver its branding and growth strategy through “product quality, customer satisfaction, and value for money,” which must be better than that of rivals (Middleton and Clarke 433). In particular, the delivery requires a full, wholehearted commitment by all workers.[A8] Marketing Mix and Analysis- Essay Assignment.
Physical Evidence
Creating an environment that allows the budget hotel to acquire new clients while maintaining its previous customers is essential. A good setting builds confidence and positions a hotel as a favorite place to visit. Positive reviews by previous customers create trust and reliability. Not everyone has similar views and opinions concerning a company, which produces the need to outdo competitors.
Conclusion
Effectively positioning a product in the market is a vital strategy for the growth and market penetration of the business. In the hotel industry, for example, the budget hotel should pay particular attention to creating positive relationships with consumers as a way of maintaining old clients while acquiring new ones. The thoughts and views of clients regarding a hotel are indispensable in the marketing process. Therefore, the 7Ps of marketing can help a budget hotel to achieve its overall objectives.
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Works Cited
Baker, Michael. The Strategic Marketing Plan Audit. Cambridge Strategy Publications, 2008. ISBN 1-902433-99-8
Challagalla, Goutam, Brian R. Murtha and Bernard Jaworski. “Marketing Doctrine: A Principles-based Approach to Guiding Marketing Decision Making in Firms.” Journal of Marketing, vol. 78, no. 4, 2014, pp. 4-20.Marketing Mix and Analysis- Essay Assignment.
Heizer, Jay, Barry Render and Chuck Munson. Principles of Operations Management: Sustainability and Supply Chain Management. Prentice Hall: New York, 2016.
Middleton, Victor and Jackie R. Clarke. Marketing in Travel and Tourism. Routledge, 2012.
Ramphal, Roy and Angelo Nicolaides. “Service and Quality and Quality Service: Satisfying Customers in the Hospitality Industry.” African Journal of Hospitality, Tourism and Leisure, vol. 3, no. 2, 2014, pp. 1-19.
[A1]Avoid redundant phrases: “intensive research and analysis”
Avoid tautologies, [A2]and use synonyms to enrich your paper vocabulary.
[A3]Awkward sentence structure.
[A4]Avoid split infinitives.
[A5]Avoid lexical repetitions.
[A6]Avoid using outdated sources.
[A7]FAKE. It was about how to write a marketing plan.
[A8]A two-sentence paragraph is not acceptable in academic writing.Marketing Mix and Analysis- Essay Assignment.