MARKETING STRATEGY IN THE HOTEL INDUSTRY
Need help with a related project topic or New topic? Send Us Your Topic
DOWNLOAD THE COMPLETE PROJECT MATERIAL
MARKETING STRATEGY IN THE HOTEL INDUSTRY
Chapter one
1.1 Introduction
The hotel industry is largely a service industry that provides travellers and visitors with a wide range of amenities, including lodging, food, and beverage, as well as entertainment, sports, and other leisure facilities.
The Hotel Industry consists of three industries:
· Companies that construct, develop, and own hotel properties.
· Companies that manage hotels.
· Franchising firms that construct hotel networks but do not own or manage hotels.
From the customer’s perspective, a hotel is stated to be a commercial establishment.
Hospitality provides facilities and services for sale individually or in numerous combinations.
The hotel’s services and facilities for sale comprise the hotel’s location, customer-use facilities, services provided through available facilities, the hotel’s image, and the prices of products and services for sale.
The primary goal of marketing in the hotel industry is to enhance sales income by identifying and addressing customers’ needs and wants, which may include personal, social, and societal desires.
For effective marketing in the hotel business, specific marketing methods must be
produced with relevant and complete information from within and outside the organisation, which should be verified on a regular basis and updated as needed.
Marketing objectives must also be established, and they must be clear and quantifiable in order to demonstrate the time range over which they are to be achieved. They should be reachable, realistic, and serve as the foundation for corporate planning and decision-making.
These objectives should be based on the demands and desires of its prospective and potential clients. The marketing techniques to be followed are:
· Confirming corporate objectives.
· Writing marketing objectives
· Selecting strategic business units.
· Develop a strategic marketing mix.
· Implementing, controlling, and organising marketing strategies.
1.2 Objectives of the Study
This project work is addressed to:
• Help hotels meet possible client needs.
· Maximise hotel business targets and objectives.
· Assist hotels in increasing revenue from sales by identifying and addressing client needs.
• Implement successful marketing strategies in hotels.
1.3 Definition of Terms
Marketing strategy is described as how a company positions itself in the marketplace.It is how customers perceive the firm.
According to Philip Kotler, a well-known American marketing expert, marketing is a social process in which individuals and groups achieve what they need and want by creating and exchanging products and value with others.
The British Institute of Marketing defines marketing as the management process of discovering, predicting, and economically addressing client needs.
Marketing may also be defined as a collection of techniques that help a firm achieve its goals.
According to the Proprietor’s Act of 1956, a hotel is defined as an establishment that provides food, drink, and, if necessary, sleeping accommodation to any traveller who presents himself, appears willing and able to pay a reasonable sum for the services and facilities provided, and is in a fit state to be received.
1.4 Marketing Concept and Orientation.
MARKETING CONCEPT
Marketing is more than a collection of skills and tactics used to achieve mutual satisfaction.It is a way of conducting business.
Marketing can bring three sorts of satisfaction, which include:
· Personal fulfilment.
· Social satisfaction.
· Social satisfaction
Personal happiness is the gratification that comes from consuming or owning a goods.
Social contentment is achieved when the consumer’s immediate circle of acquaintances approves of the purchase. For example, suppose a child informs his mom that he enjoyed his meal at a restaurant.
Societal contentment happens when the entire society approves of the product’s purchase and use.
Marketing Concept is comprised of three interconnected propositions, which are:
· Prioritise the consumer or customer when making decisions.
· Company decisions should lead to profitable sales.
· Recognise, organise, and integrate customer needs and wants to assure satisfaction.
Marketing orientation
The word “marketing orientation” refers to the business practices of companies that have accepted the marketing concept. Other orientations conducted by businesses include:
· Production orientation.
· Sales orientation.
Production orientation: These companies approach business by focusing on producing high-quality items that have shown to be successful. Improvements are made to production procedures and systems,
while market changes and trends receive little attention. This becomes a major issue later on because consumer wants are dynamic and thus not addressed.
Sales-oriented enterprises produce items or services with a strong emphasis on selling and promoting them. Profits are generated through sales volume, although this can only provide short-term results. If the product fails to fulfil customer expectations or is of low quality, customers will not return.
Companies that have adopted the marketing approach identify client demands and offer products and services to meet them. Products are provided to consumers in the appropriate place, through the right channels, and at the right price, with profits generated by customer happiness.
Need help with a related project topic or New topic? Send Us Your Topic