Marketing Mix Oof Xyz Hotel Samples for Students †MyAssignmenthelp.co

Question: Discuss about the Marketing Mix Oof Xyz Hotel. Answer: Introduction Marketing Mix plays an important role in determining the various tools that a company can use to convey its brand to the consumers (Jobber Ellis-Chadwick, 2012). This report is based on the marketing mix of Xyz hotels. Xyz hotel is a premium hotel located in various counties in the world. Marketing concepts such as Positioning, Pricing, IMC and the communication strategy have been elaborated upon. Discussion Positioning Strategy of the Hotel Positioning can be defined as the perception of the particular brand in the minds of the consumer. Positioning also helps the customers to distinguish between the various other products available from their competitors. In order to position a particular brand in the market the company tries to emphasize on the unique features of their brand and form a suitable image whether luxurious, premium or high end).This positioning is done with the help of a market mix. The marketing manager should make sure that the company has a good positioning in the market. Once the brand has established and achieved a strong position then it is difficult to change the image. There are various kinds of positioning strategy as discussed above ranging from Product characteristics, price quality approach, and cultural symbol approach to competitor approach and product class approach (Czinkota Ronkainen, 2013). The chosen strategy for the hotel Xyz has been high quality high price strategy. High-Price-High Quality Strategy Some companies price their products or services higher than their competition to create a perceived value. This strategy works well with the elite group of consumers who tend to get attracted to the premium services offered. They are concerned with the quality of services being provided even if they have to pay a higher price. The high price and high quality helps to have an impact on the positioning of the hotels as a high-end brand and premium hotel. The hotel is using the pricing as an effective took to position their hotel differently from other group of hotels present in the market and leave its mark. Pricing strategy A pricing strategy can be defined as a method whereby a company chooses the appropriate pricing system to sell its products (Hollensen, 2015). There can be various motives behind setting up a particular price. The price can be set in order to maximize profitability or to gain the market. The firm`s decision about the pricing helps the consumers to determine whether they want to attend a hotel or not. There is a certain group of consumers who are extremely selective regarding the hotels they visit. The high-end hotels generally tend to follow a Premium pricing technique where the price of services is generally kept high and thus creating favorable perceptions among the buyers based on the price. This often tends to create the impression that with better price comes better quality. However, the hotel XYZ uses a competitive pricing strategy to set its rates based on how much the competitors are charging. This method is generally applied in cases where the hotels engage in similar services since services can differ from hotel to hotel, while the attributes remain the same (Huang Sarigll, 2014). This concept is used by the Xyz hotel because it is not the only one operating in the hotel industry. Hence, it is an important technique to determine the strategies of the other hotels as well. Their rates and amenities, refund policies and other relevant terms should be determined and considered when pricing for self. Calculation: For calculating, the prices based on competitor pricing strategy a hotel needs have a detailed insights and data At first the services offered by the own company and the competitors need to be compared. The comparison should be kept relevant. Their charges as per the room size should be examined. The fact whether they charge for telephones and wifi, should be analyzed. If yes, then how much does, they charge. Their adjustment techniques for various lengths of stay should be understood. Their booking charges as per own versus third party should also be examined (Al-Debi Mustafa, 2014). Advertising expenditure Development of IMC program Integrated Marketing Communications refers to the use of different kinds of marketing tools, which help a firm in accomplishing their desired objectives in a manner that all the tools convey the same message. Tools, which are used by the hotels, are advertisements on tourist websites, internet promotions, public relations magazine flyers and others. Monitoring and analyzing the IMC program It is extremely important to analyze the efficiency of the marketing strategy because marketing strategies involve huge costs and these costs will all go into waste if they are not effective. An alternate strategy should be considered in cases where the present strategy cannot be applied. To measure the efficiencies of the advertisements the hotel can consider the given methods: Consumer surveys- Online and offline surveys should be conducted every two months to measure the percentage increase in the consumer awareness level and visit level (Armstrong et al., 2015). Recall test- The customers can also be asked whether they recall seeing a particular advertisement related to the hotel. Online communication techniques should be monitored by analyzing the volume of visitors on the company website and the number of likes and shares a post receives. The increase in the number of visitors after the magazine flyers are given out should also be measured. Implementation of communication strategies Advertisements take place both online and offline. Generally, two appeals are followed by the hotels to attract customers. These appeals are the rational and the emotional appeal. The rational appeal just tends to emphasize on the on the known data. On the other hand, emotional appeal uses the power of different emotions like joy, nostalgia and pleasure. For Xyz hotel, the emotional appeal should be applied. People should feel connected to the hotel on a higher level (Mintz Currim, 2013). Family could visit the hotel, relax, and pamper themselves. For the promotional campaign, a renowned personality like a well-known actor could be asked to participate. Important elements of a promotional campaign need to be considered before letting it out to the customers: Medium: For Xyz hotel, internet television and magazine should be used for advertising. Media vehicle: For Xyz, advertisements can be given in monthly luxurious magazines like Cosmopolitan, Vogue and Travel magazines. Reach and Frequency: The advertisement of this hotel should be given once a month on magazines and thrice a week on television (Mullins, Walker Boyd Jr, 2012) Social networking sites like Face book and Twitter could be used to promote the hotel. Conclusion Therefore, from the discussion it can be said that marketing plays a key role in determining the value of a hotel and plays a significant role in attracting customers for the hotel. References Al-Debi, H., Mustafa, A. (2014). The Impact Of Services Marketing Mix 7P's In Competitive Advantage To Five Stars Hotel-Case Study Amman, Jordan. 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