In this essay the author would like to share briefly about what is marketing. What are the four P’s of marketing i.e. the marketing mix? Also discuss the need for marketing in general as well as in the hospitality sector.
In this essay the author would concentrate mostly upon the marketing approaches followed in the hospitality industry. Also the essay discusses in detail the marketing strategies adopted by the Marriott International globally and the marketing strategies followed by the J.W. Marriott Mumbai.
The essay critiques these strategies and the author offers his insight upon these and what other strategies may be followed to further enhance the hotels performance.
Chapter 1: Introduction
There are many ways to define what is marketing the better of these definitions are all customer oriented and are based on customer satisfaction.
Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
- Philip Kotler
What the author is trying to say is that marketing is the interaction of the seller with his buyer to make the buyer/consumer purchase the product or service the seller is trying to sell. Anything an entrepreneur does to sell his product or service to his potential customer can be termed as marketing or a part of it.
Often people confuse the term ‘marketing’ to mean the same as ‘advertisement or publicity’ thought to some extent this may be true but in reality advertisement and publicity are small aspect of marketing. Marketing today is not just advertising ones product or service it is the process of building ones brand.
Marketing is basically ones strategy for allocating their resources such as time and money in order to achieve ones objectives although no marketing strategy shall work for you as long as one identifies their potential customers and targets them. The consumers that need your product or service shall purchase them any way but what marketing does is it makes these potential customers aware of the products or services that you are providing. Hence marketing is vital for any and every establishment as it is the key element in improving sales and hence increasing profitability.
Often it may happen so that you are offering a better product or services but due to lack of appropriate marketing strategy your competition may steel away your potential customer. Thus this brings us to why is marketing so important for each organization.
Marketing is a large topic covering a range of aspects such as public relations, advertising, sales, and promotions. A few years back the common belief in organizations was that the employees in the marketing division were drawing large salaries for no work that they did, organizations believed that marketing was a process that was simple and could be done by anyone. This thought process may still be seen in some firms but today most organizations recognise the importance of marketing. In today’s competitive market were every organization offers a superior product, service or a combination of both it is only the marketing strategy the organization adopts that gives it the edge over their competition. In the given market scenario where consumers are educated and well aware one can not expect to sell an inferior product to their consumers they may succeed at first but that is where the organization shall start loosing their brand value and shall not be able to retain their customers hence in the long run it shall still be a loss. But taking an opposite situation where the establishment is offering a superior product or service at a competitive rate but employees little or no marketing strategies shall have even lower sale and hence lower profitability. So to succeed a mix of quality and its publicity is necessary so that the establishment’s potential consumers are aware of what the organization has to offer. With apt...
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