marketing-management-singapore-hotel-case-study

KCBID:143171INTRODUCTIONTheCharteredInstituteofMarketing(CIM)statesthat“Marketingisamanagementprocessthatinvolvesdiscoveringandpredictingcustomerswantsandfutureneeds,andprovidingthesameinaprofitablemanner”.BOYD,2004.PrinciplesOfMarketing.2nded.London:PrenticeHall.StatesthatMarketingmanagementisaprocessofplanning,organizing,implementingcontrollingthemarketingpoliciesandfacilitatingtheexchangesbetweencorporationanditsconsumersinanefficientmanner.Itisthedepartmentinvolvedinresearchanddevelopment,advertising,promotionsandsales,formingcollaborations,maintaincustomerrelationsandmarketresearch.DefinedbyBorden(1964)“Marketingmixisamethodthroughwhichmarketerscandesignstrategiesinvolvinghowmuchtoconcentrateonfactorsaffectingthebusiness.Anofferprovidedtoacustomercanbevariedusingthemarketingmixelements,themarketerisgivenaflexibilitytofocusmoreorpaylessimportanceonspecificmixelementbasedonthestrategicplanbeingimplementedforexampleifaproductorservicehasuniquenessinthemarketthenhighpricemaybeusedforthatproduct.Price:Priceisthecostorexchangefixedforaproductorserviceandhasakeyroleininfluencingbuyingdecisionsofcustomersifthepriceofaproductorserviceissettoohighthencustomerschoosetooptasimilarproductwithsamefeaturesbutlowerinpricerelativetootherfirmsontheotherhandifpriceisdeterminedlowthencustomersmightconsideritoflowquality.IfahighpriceissetforaproductitsignalsthatopeningaroomforacompetitortoovertakethemarketshareProduct:Productsarethegoodsandservicesofferedbyanorganizationtotheircustomersit’saboutwhatproductsaretobemade,howtomakeandwhentomake.FirmsmustpayKCBID:143172enoughattentioninprovidingproductswithgoodquality,service,moreoptionsandaftersalessupporttobesuccessful.Itshouldbedesignedrelativetolatesttrendsandconsumersrequirements.Place:Itisaprocessofdistributingthegoodsorservicesfromproducerstoconsumers,itmayinvolveseveralintermediarieslikewholesalers,agentsandretailers.Anorganizationhastopaymuchimportanceindistributingitsservicesthroughappropriatedistributionchannelandtoseetheservicesaredeliveredinrighttimeatrightplace.Promotion:Thismixelementcreatesanawarenessoftheproduct,itsfeaturesinthemarketintendedforconsumers,itcanbeeffectivelyachievedbyadvertisingandmessagingthroughappropriatemedium.Thesekindofactivitieshelpfirm’sinpromotingtheirnewproductsdirectlytointendedcustomers.Task1Heretheenvironmentreferstoanythingthatsurroundsanorganizationandimpingeonitandthemarketingenvironmentiseverythingthatsurroundsanorganizationandcaneffectitsmarketingfunction.Internalenvironment:ThefactorsandelementsthatinfluencetheinternalenvironmentofanorganizationareonlyinternaltotheorganizationthegeneralelementsofinternalenvironmentcanbecategorizedintoMen,Money,Machinery,MaterialsandMarketswhicharealsoreferredas‘FiveM’s,sometimestheprocessofmanagingtheinternalenvironmentalchangesisknownasinternalmarketing.Cultureisanimportantelementoforganization’sinternalenvironmentitreferstovaluessharedbythemembersoforganizationandhastokeepupwithchangesintheexternalenvironmentotherwisemayleadtocompetitivedisadvantage.(ForexampletheRovercarcompany)hadsuccessfullychangeditsKCBID:143173production–orientedculturetoaculturemorefocusingoncustomers.Bysegmentingtheorganization’sworkforceintoperipheralandcorecomponentsandprovidingthecoreworkerswithgreaterjobsecurityanddistinctcareeropportunities,inturntheycanundertakedifferentrolesduringtheircareerinthecompany.Howevertheperipheralemployeeswithlessjobsecuritycreatea‘numericalflexibility‘intheorganization.Microenvironment:Themicro-environmentcomprisesofthoseelementsthathaveadirecteffectonorganization’sstrategiesandcanincludeindividualsorotherorganizationswhichcanindirectlyordirectlyimpingetheorganizationactivities.Customers:Thebasisofsurvivalforanyorganizationisidentifyingneedsandwantsofcustomersandprovidingtheminanefficientwaytomakeprofits.Foranorganizationtobesuccessfulhastobeconcernedwithchangingneedsofconsumers,collectinformationusingappropriateinformationgatheringsystem,analyzeandactaccordinglyandtorealizethemfirmshastopracticecertainmechanismssuchasloyaltycards,firmsneedtobuildandretaincustomerrelationshipsthroughfrequentshopperincentives,emaillistsandnewsletters.Suppliers:Theyprovidegoodsandservicestoorganizationswhichturnthemintovalueaddedproductsforconsumerssuppliersplayakeyroleinorganization’smarketingsuccess.Itoftenhappenswhentheorganizationissellingmorenumberofproductsandisshortageofproductionresources.Sometimesitbecomescriticalforfirmstoobtainsuppliesforbestpriceinordertocoverprofitandcostforproductssetwithlowpriceoperatinginahighlycompetitivemarketwhereminimumdifferentiationdemands.Anunreliablesuppliermaycollapsethefirmsmarketingefforts.KCBID:143174Intermediaries:Theyformanimportantlinkbetweenafirmanditscustomers,helpingettingproductsandservicestofinalcustomerswhichamajorissueforfirms.Large–scalefirmsfinditcomplicatetodirectlydealwithfinalcustomerasaresulttheyhavetorelyonintermediariestotransfertheirservicestofinalconsumer,intermediariescanbedistributors,agents,wholesalersandretailers.Athoroughanalysisofthe