With successful Strategic marketing often comes a successful business venture. This is because it is not only selling, but involves the design of the product, how it reaches the customer, how it is priced, and the image that the product holds in the minds of customers. Understanding the perception that consumers have about the product is an essential part of marketing, and success is often based
Introduction In today’s hospitality competition reached critical levels, as more and more successful organizations appear, each offering a more unique and innovative service for its customers. Therefore hospitality companies are on a constant struggle and focus on improving the existing service, or even developing new services that could better appeal to their targeted customers. One of the prosperous companies that controls a large share of exquisite properties is MGM Resorts International. In any resort or company, managers should be aware of their strengths; weaknesses, threats and opportunities in order to became better each year. Analyzing all this areas, will help the management team have a better idea how people see their places,
The threat of new entrants is medium-low as there are high capital requirements needed to buy and build a hotel in Thailand and permits and licenses are required for building a new hotel if over 80 rooms (Thai Embassy, 2015). Well-trained senior management labors for hotels are relatively expensive (BOI, 2015) but the cost of switching for customers can be low. The buyer power could be considered very high as there is a large supply of boutique luxury hotels in Thailand and there is very good availability of full information on price and product. If there is a psychological attachment to a brand or the buyer has high loyalty status/points then the high switching cost could lower the buyer power. The threat of substitution is relatively high, especially from the Luxury Villa Market, which grew by over US$7 billion globally from 2015 -16 (Forbes, 2015).
3.1 Market Entry Strategy Company should choose a suitable market entry strategy before they decide to enter into India. It is crucial for company to evaluate costs, benefits, and risks through analyzing merits and demerits of modes of entry. In appendix, table 1 compares five modes of entry in advantages and disadvantages. From the table, foreign direct investment (FDI), one of the five, is the most reasonable business mode for MNCs which can reduce financial risks and create business promotion (Griffin and Pustay, 2013). Graph 3 shows that there was a dramatic growth in cases to a peak of $43.4 billion in 2008 before it witnessed a quickly fall to $27.43 billion in 2010, and then increases sharply from 2010 to 2011.
Since, a large number of jobs needs to be filled, the hotel will make best possible efforts to reach to a large group and persuade potential employees that the hotel brand is equal to their aspirations. The recruitment strategy will be the one that will the hotel to take a definite and consistent brand to the marketplace, and thus, instead of selling just vacancies, opportunities will be promoted during recruitment by including encouraging messages. In addition, sourcing channels will also be selected after considering their pros and cons in accordance with the multiple talent needs of the Ruben Hotel (Kleiman,
Globally the tourism industry is distinguished by high capital requirements and strong brand identity. Barriers for hotel market are medium or high because it depends on the size of financial resources, service quality, and chain of hotels worldwide with a strong brand image. The Marine Hotel is positioned as a luxury hotel with a high proportion of fixed costs to total costs. In hospitality area one of the most important goals is to have economies of scale because it makes things more efficient by increasing the operational size. It considers the resources used for construction, pre-operational expenses, and the cost of equipment.
The first two chapters describe about the connection between sales and marketing departments in IBIS Singapore on Bencoolen, their operational objectives, marketing targets, marketing communications, their way of communication to customers. The third chapter explains about the partners of IBIS and their agreements. The fourth chapter explains about the development of new products and services and their pricing strategy. The last chapter explains organization’s business plan and allocation of their operational
Similarly, it is also essential to assess the feasibility of the constructed business strategy to determine whether it can be implemented to new product concept development successfully or not. It depicts that for Marks and Spencer the proposed business strategies in reference to new product development must be scaled. This process is started while idea generation and financial planning as well as continue to the process of implementation. Here there are number of aspects that are necessary to take in consideration such as company should make sure can the developed business strategy be funded, organisation have the capability to meet the required level of performance in terms of products quality, store services and other. At the same time, it is also essential for Marks and Spencer to determine the marketing and management capabilities needed to maintain the achieved market and competitive position.
1.4 PLANNING PHASE The planning phase of the strategic marketing process consists of a market research and a situation analysis, goals setting and a development of a marketing plan. These features will be discussed in the next chapters. 1.4.1 Situation Analysis A major factor in the success or failure of a marketing strategy at any level is whether it fits in the market environment and if the offering meets the requirements of potential customers. That is the reason why the marketing manager must first monitor and analyze the opportunities and threats caused by factors outside the company and secondly analyze the company itself – its strengths and weaknesses. An honest and detailed evaluation of external and internal factors is the key
2.0 Environmental Analysis In order to better evaluate the business environment in which this business is involved, a Porter’s Five Forces analysis is conducted. This analysis would be able to give a clear view of the competitiveness and profitability of the hotel industry. 2.1 Threats of New Entrants- Barriers to Entry For an industry, the threat of new entrants is mostly determined by barriers to entry. The barriers of entry could be made of financial and non-financial factors as well as the competition already present in the industry. The hotel industry in characterised as an industry with high capital costs which would include the costs of construction, furnishing and equipment, pre-operational expenses and finance.The two most important