Marketing Techniques of Ritz-Carlton Essay
The organizations used various methods for the marketing of the products and needs much planning for the future production. This involves the various marketing techniques which helps the organizer to make the market strategy, the application of these techniques would be help full to promote different products in the market. These are those techniques which are under the access of every one to use for marketing. For the hotel marketing, marketing can be done with the help of various things, not the only one or two of the techniques to use for marketing.
(Lovelock 2006 141-63) The main and top marketing these days is the internet marketing tools these are those tools which are very help full in the planning strategy and marketing of the products various marketing techniques involves: • The use of media to inform the consumers about the various products by publishing the advertise in to the new papers and the use of television to display the adds of the company’s products. (Henderson 2005 27)
• Fair price shops to increase the demands from the public and meet these demands with the introduction of some of the new product to the market. • Use of sign boards and slide
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• Doing social marketing by meeting every one at home and describe the products by the formation of team, that conveys people about the company’s product. (Goetzl 2007 1-78) The use of internet is one of the most popular methods of adverting on the company’s websites as most of the people now have the access on internet. They can easily see the company’s information by mail or any other media of transmitting. There are various terms to be used in marketing when the person talks about the marketing techniques.
(Lovelock 2006 141-63) These involve: • Direct marketing. • Database marketing. • Strategic Marketing. • Relationship Marketing. • Target Marketing. (Torres 2007 294-318) The direct marketing technique is the use of advertising media for the marketing of product. Direct marketing is very common among the producers these days. It can be done from any thing the use of new papers the TV channels, the radio programs with the internet and many other channels for conveying people about the product.
There are various methods exist for the marketing of the products in which the viral marketing is that techniques which is to be used by many of the organizations for the marketing of products. Marketing is the methods by which the products are introduced in to the markets by using various Medias for the transmitting of information to the markets. This can be done with the help of ? good marketing system that is form with the strategic planning like market strategy for introducing the products tin to the markets.
Market management is the that things which includes all of the activities in marketing the decision process problem evaluation measurement of demand and supply the production of product and then its marketing, For marketing of any product there is need of good market communication system and that market communication system is the transmitting of messages to the market with the help of different medias there are so many activities used by the organizations for introducing the new products in to the market.
(Thomaselli 2007 4-46) 6. 6 Recommendations Marketing can take many different forms, but the basis of the process is to identify a target audience with a need, provide information about the product offering, price/promote appropriately, and distributing the product. How can you be sure each step is being performed in an optimal manner? This discussion approaches marketing effectiveness from the standpoint of a CEO who is interested in maximizing revenue, but is ignorant as to the most efficient method(s).
The objective of most businesses is to maximize profit margin and revenue generation. Hence, the marketing objective should mirror that and determine the optimum plan to deliver maximum return on investment (ROI). An effective marketing strategy requires extensive research to determine several factors prior to development (target, objective, etc), and constant monitoring during the actual sale of the product. The plan must be dynamic as the marketplace is fluid. There are several tools that can be utilized along several phases of the marketing plan.
Two of the most important tools include (1) the use of the four Ps (Product, Price, Promotion, and Place), which can assist in determining the best marketing mix that satisfy the needs of your target audience, and (2) a situational analysis (SWOT) can be used during the planning stage of any strategic marketing process to determine factors such as industry trends, evaluate competitors, assess strengths and weaknesses of the target organization, as well as research new opportunities. 6. 7 Primary Keys to Marketing Effectiveness
The product or service being offered will not fulfill the needs of all consumers, so it is imperative to determine the target market which will provide the largest potential return of investment (ROI). In determining the optimal target audience, the marketing program should be use the important elements of this key are positioning (who needs our product? what problem does it solve? why should they want it? ), and branding (what distinguishes the product? what makes it memorable? ). Once a target audience has been identified, market segmentation can be utilized to identify how larger groups will react to further marketing actions.
6. 8 Listen to the Experts An essential key for marketing success is that of listening to experts of their field. A “gut feeling” may be appropriate in some situations, but the research conducted by the marketing departments could determine the success or failure of a product. In most cases, their advice will not lead the organization astray. There are exceptions from products (New Coke) to organizations (Pets. com), where marketing efforts have flopped, but these are unusual anomalies. Similarly, following a “hunch” and pouring an endless stream of money into marketing efforts could be a costly mistake.
6. 9 Provide Customer Value The ability to gain new (and keep existing) customers should be the epicenter of any marketing program. Some strategies to increase consumer perception and public awareness of products include the competitive advantages and pricing, better quality of product, availability and distribution (convenience), and customer service (pre- and post-sale). Providing customer value will build a source of revenue through better customer relationships. Built initially on value provided to existing customers, maintaining positive consumer perception is important to long-term relationships.
Similar to the other keys discussed in this section, using marketing tools will assist in determining the audience to target for marketing efforts. For example, the 80/20 rule, which theorizes that most products/services rely heavily on one core group? Keeping loyal customers will provide a continuous revenue stream that is easily maintained; it is far easier to keep current customers than it is to win the business of new ones. (Lovelock 2006 141-63) It is also the main activity in market today with the increase in industrialization and much progress in other businesses.
There is an increase in the demands of the customers every consumers needs change and the business organizations also needs changes in it. Today the hotel marketing is also done with the help huge advertising and many different methods are use for the hotel advertising too. But this is the common practice to use the logo of the company and advertise it. Every where like on sign boards with the help of media that is news papers TV and many other communication networks however the techniques in marketing which is more common today is the viral marketing techniques.
Advertising with the help of such marketing techniques is to advertise with in the short period of time. The name of company or organization its supports are much for attracting most of the customers. there are many companies and those big hotels used their names which are much for the attraction of customers towards them the whole system of providing names to the organizations products called branding it is the another activity in marketing of the products. Once the product introduce in to the market then it will be the work of organizer to promote that product in market.
He uses various methods to promote that product in to the markets it is the most important factor in marketing mix strategy. (Kastenholz 2007 388-408) This strategy of marketing the products by the help of market promotion is also the common technique but this involves some times those methods which are known to the people and some times they are not known to them such as if one of the organization use the advertising for introducing the products in to the market. Then it will be spread over the larger area and the news would not be the hidden news that some of the new product is coming to the markets.
However, if they not show of the things done in to the markets with out known to public like sponsor ship direct mail and merchandise direct shipment sales promotion methods adoption. These are some of the things which are not known to public if one does not want to inform others. Most important activity in marketing is the public relations this is called the direct marketing, for example, if one of the organizations wants to set up the new hotel at some place, they introduce many features of the hotel to attract the customers.
But if one or two of the features which they provide in information are lacking and are not included in the hotel activities customers, ultimately after the first round not move towards the hotel, this required the good public relations. If one or two or any of the thing lacking then the organizer must pay attention to the public complaints and do not want to impose his or her own views on public listening to every one good or bad is the key to success.
Once the organization adopt this activity then would be successful in future however no response showing and providing no importance to the customers made the organizations positions weak in the markets. (Goetzl 2007 1-78) 7. 0 Challenges The commonly used method for marketing is the online marketing. It can be done with the help of internet and other media to transform some of the useful information about the product to public. This method of transmitting information is the part of the marketing activities on routine basis with the increase in technology.
There is the trend of peoples moving towards the internets because they are less costly for them so the companies today use internet as the best media for transmitting the information to the customers. They use email system that is the provision of free emails to many of the customers and wait for their contact with the company. Thus the whole marketing activities are based on the product improvement its provision at the correct place and right time and to meet demands of the public.
these activities are based on the team working and they cannot be used by the organizations alone they work with different members on the single process and then wait for the better results, marketing is that thing which before the introduction of the product starts in organization by planning decision making developing ideas and many other methods which are the part of the organizations before the product introduction in to the markets. However these marketing activities only are successful to the organizations if they provide the good communication system and the good customer’s services, which increase the customers of the organizations.
(Lovelock 2006 141-63) Marketing works within ? lively international environment. In every decade call upon marketing managers to think freshly about their marketing objectives and practices. Companies are wrestling with changing customer values and orientations; economic stagnation; environmental decline; increased global competition; and ? host of other economic, political and social problems. Today, the use of internet has become the norm for large companies to market their products and services. The ever increasing use of internet spells endless opportunities for the marketing people.
Marketers are betting that cyberspace will be the business model of the future. Marketers do ? growing portion of sales and promotion online. The internet has quickly become an obvious extension of direct-to-customer business model. Internet marketing is the ultimate network and ? fabulous way to interact with customers. Companies use its web sites for cost effective and fast customer relationship building. As more people find their way onto the internet, the cyberspace population is becoming more mainstream and diverse. Online marketing provides three major benefits to potential buyers. (Lovelock 2006 141-63)