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Business and fundamentals of marketing

University: Imperial College London

  • Unit No: 8
  • Level: High school
  • Pages: 9 / Words 2165
  • Paper Type: Assignment
  • Course Code: N/A
  • Downloads: 225
Question :

This sample will let you know about:

  • What is Business?
  • Discuss the Fundamentals of Marketing.
  • Explain Social Factor.
    Answer :
    Organization Selected : The Brook Hotel

    INTRODUCTION

    Marketing plan is a roadmap that is used by an organisation to track, organise as well as execute their marketing strategies considering given time period. Along with this, it is an operational document which companies use to develop leads & to reach the target market (Ambler, Witzel and Xi, 2016). The business idea that is taken into consideration is launching of the new hotel named as “ The Brook Hotel”. The Hotel will be offering personalised room modification option for their customers. The report covers PEST analysis that will help company to identify the affect of external factors on the business activities of Hotel. Along with this, there is a discussion about competitors and how company can gain competitive advantage at marketplace. Later, there is a suggestion for Hotel to target market in an effective manner.

    Overview of Business Idea

    The idea is going to be launched in London, United Kingdom. The offerings of this Hotel is totally personalized, where customer service department provide options at the time of booking of clients regarding change in colour of curtains, lights, beddings and many more. This options will attract customers as they get things according to their preference and choice. The idea is developed by The Brook Hotel by analysing market trends and needs of customer. The idea will be launched in the coming 12 months as company start implementing activities related to Hotel sector. In addition to this, Marketing plan is build by the management team of “ The Brook Hotel” in order to implement their strategies in an effective and timely manner.

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    PEST Analysis

    It is important for managers to evaluate the affect of external environment within the business activities as it helps in identifying probable opportunities and threats that is associated with the operations of company. It also assist an organisation to raise the level of their performance and productivity as well (Ayios, 2018). The Brook Hotel that is going to proved option to customers to change colour of beddings, curtains and lights and so on. All these offerings will be provided to the clients at the time of their check in. in addition to this, they ensure that needs of their clients is fulfilled in a proper manner. By the assistance of analysis of macro environment factors, the management team of The Brook Hotel would be able to satisfy requirements of people prevailing in London, United Kingdom. So it is essential for managers to consider uncontrollable factors that will be help in carrying out operations and activities in an effective manner. For this, PEST analysis is adopted that affect on the overall operations of Hotel. The PEST analysis is mentioned below in context to “ The Brook Hotel”:

    Political Factors: This factor defines the level of government interferences on the business activities of an organisation. It also include factors such as political stability, taxation policies, corruption level an d so on. It is essential for companies to consider politics of market so that they can align activities in a proper manner (Baines, 2017). The political stability of UK is good that develops an opportunity for The brook Hotel to remain in London market for longer time period. Whereas change in policies will affect negatively on the budget of Hotel as they have to make changes according to the policies of government.

    Economical Factor: This factor involves inflation rate, exchange rate, economic development, currency rate and so on. It is essential for an organisation to consider economic factors while they set up new business in market. In context to The Brook Hotel, there is increase in number of visitors in United Kingdom as it will affect positively on the sales and profit of company. On contrary, increase in VAT will influence negatively on the Hotel as they need to raise the price of Hotel due to which customer may not like to prefer booking on “ The Brook Hotel”.

    Social Factor: This factor involves beliefs, norms, lifestyle, values, attitude as well as behaviour of people prevailing in the nation. It is essential for all companies to determine the market trends and needs of customer so that their product and services is accepted in market by the people of nation. With reference to The Brook Hotel, the company will offer personalised options as it is a new trend in market and will be accepted by people of UK easily. This will affect on the Hotel in a positive manner. Change in lifestyle and beliefs of people in future will affect negatively on Hotel as they will need to change their offerings according to new trends that incur cost for the Hotel.

    Technological Factor: Nowadays, technology is changing day to day and directly influence on the overall operations as well as activities of an organisation. People like to purchase those product and service which is new and innovative within the market thus technology affect on the purchasing behaviour of customers (Baker and Hart, 2016). In relation to The Brook Hotel, UK is a nation where technological operations is used that help companies to gain higher growth within the market. The Hotel is going to use advanced technology and social media applications such as Instagram, YouTube in order to aware people of UK about their offerings as it will affect positively on the Hotel. Change in technologies will influence in a negative manner on The Brook Hotel as they have to adopt new technologies that incurs cost to Hotel due to which their profit level will be declined (Herbes and Friege, 2017).

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    Competitor Analysis

    In order to analyse competition and to gain competitive advantage at marketplace, The Brook Hotel uses porter's generic strategy. This theory was developed by Michael Porter in the year 1985 with an aim to analyse the competition level an organisation have in market. Along with this, it analyse whether companies profitability is below or above the industry average. This strategies assist an organisation to gain competitive advantage at marketplace and to fight with their rivals in an effective manner. Moreover, it involves four strategies that is cost leadership, differentiation, cost focus and differentiation focus as well (Brannback and Carsrud, 2015). This strategies are mentioned below with relation to The Brook Hotel:

    Cost Leadership: Herein, the aim is to gain leading position in the industry by offering products and services at lower rates. By the assistance of this strategy, an organisation enhance their sales and profitability level which in turn assist them to compete with their rivals in a proper manner. In relation to The Brook Hotel, they should give services at lower rates considering quality as it will help them to increase their sales and profitability level. With this, it will also assist them to gain competitive advantage at marketplace and to increases their reputation in market.

    Differentiation: Herein, organisation seeks to be different in industry so that they can attract large number of people in market. In relation to The Brook Hotel, it will offer personalised service that is clients have the option to change the colour of bedding, lights and curtains. It is unique service in the hotel industry and will attract people in a positive manner. Thus, organisation will have the opportunity to gain competitive advantage at marketplace.

    Cost Focus: At this, the companies target niche market and provide them product and service at lowest prices (Cadotte, 2016). In context to Brook Hotel, it will emphasise on targeting customers by giving them services at lower rates.

    Differentiation Focus: Herein, the aim is to target niche market by providing them unique and different services. In relation to Brook Hotel, it develops unique idea that is customisation option for customers which will assist them to compete with rivals in market and increase their sales and profitability level.

    From the above discussion, it is determined that Brook Hotel should adopt differentiation strategy as it will help them to attract people and gain leading position in market. This will also help them to gain competitive advantage in market and enhance their sales as well as market share.

    STP Approach:

    This approach is adopted by companies in order to identify market segments, target right market and to develop positioning of product and service at marketplace. The STP approach of Brook Hotel is mentioned below:

    Segmentation: Herein, companies segment the overall market on the basis of demographics, geographic, psycho graphic and many more (Chaffey and Ellis-Chadwick, 2019). In relation to The Brook Hotel, the mangers of Hotel emphasise on demographic market segmentation in order to increase its sales and profit in future.

    Targeting: Herein, companies target the most attractive segment by their products and services. In relation to The Brook Hotel, it will decide to target middle and high class level of population. Along with this, the Hotel targets the people who belongs from the age group of 20 to 30 as this people are more like to travel and stay in Hotels.

    Positioning: It is developing a positive mindset of customers towards the goods and services of an organisation. With reference to The Brook Hotel, they will make position in market by offering customise service option to clients. It will help organisation to gain competitive advantage at marketplace and to enhance their sales and profitability level in a best manner.Worried for Business Assignment Writing Help? Get our experts Help Now!

    Budget

    PARTICULARS

    1st Year

    2nd Year

    3rd Year

    Initial investment

    4000

    8500

    10000

    Borrowings

    5500

    4500

    6000

    Retained Earning

    3500

    6000

    9000

    TOTAL

    9400

    19000

    25000

    MARKETING OUTLAY

     

     

     

    Promotional expenses

    5000

    6000

    7500

    Publicity

    4000

    7500

    9500

    Distribution expenditure

    2500

    5500

    5000

    TOTAL

    11500

    19000

    22000

    Monitoring & Control

    It is important for an organisation to evaluate and monitor the performance of employees with the set standards so that they can make improvements and attain organisational objectives within time frame. It will important for managers of Brook Hotel to analyse performance of their staff members with the expected performance as it will help them to give quality service to their clients (Greene and et. al.,2018). It will also assist them to build high reputation in market that directly affect on its sales as well as profitability level.

    CONCLUSION

    From the above study, it has been analysed that checking the feasibility of business idea is important before implementing it into the market. Along with this, it is also essential for a company to identify market trends and needs of customers prevailing in that particular marketplace. PEST framework is adopted by companies to analyse the affect of Uncontrollable factors on the business activities of an organisation. Moreover, porter's generic strategy assist an entity to determine the level of competition and to gain competitive advantage at marketplace. In addition to this, competition is increases in Hotel sector so it is important for an organisation to develop effective marketing and promotional strategy so that they can attract large number of audiences and increase their sales as well as profitability level.

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