Market - aggregate of people who as individuals or organizations have needs or services and who have the ability, willingness and authority to purchase such products Marketing – is all about finding out what guests wants and needs are, then providing them at a reasonable cost and profit. Sales- is an important part of marketing.
Difference between marketing and sales.
Marketing focuses on the guests
Sales it focuses on products
Environmental analysis - means studying the economic social, political and technological influences that could affect the hospitality business. Focuses on: 1. Economic impact - should not be underestimated.
2. Social analysis – demographic is a part of social analysis and this is the profile of society includes: Age, sex, household, income, family size, occupation, religion, race and nationality.
3. Political analysis – the political analysis will affect the hospitality in a number of ways like: employment registration, minimum wage, health care, taxes on the benefit package, tax deduction, and no smoking laws.
4. Technological analysis – to make work faster and easier.
5. Competitor analysis – analysing the strength and weakness of your competitor. Marketing process:
1. Market planning – it is the planning process that yields the decision on a business unit can best compete in the market. 2. Market assessment – to determine if there is a need for a product or service in the market encloses its potential. 3. Market demand –
4. Competitive analysis – assessment the strength and weakness of the company. 5. Positioning – to occupy a specific place or position to the target market. 6. Market goals or objectives – an objective must be planned for each goal. Any form of a business has its own goal. 7. Marketing Needs – is the combination of elements that you will use to market your product. The four P`s of marketing: 1. The place – location.
2. The product – the needs and...