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Marketing management theory and practice

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Sample on Marketing management theory and practice

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Introduction

The sector of tourism is growing with rapid speed because of incorporation of several changes. In tourism marketing management handles and prepares the knowledge and information for market using particular areas or destinations by firms in the travelling sectors. Present report is based on Visit Britain in Britain which provides various kind of tourism services (Mariani, and et.al., 2014). The destination or tourist attraction selected for the report is Tower of London and marketplaces aspect has been demonstrated. It is historic mansion which is royal place of majesty's. The entire report has been presented into three parts wherein the first one represents the latest trend and other changes that takes place in tourism sector. Furthermore, impact of changes in external environment has also been explained. Apart from this, second part of report deals with the current selling concepts and its role in promoting the tourism services. Lastly, third part of the report covers key opportunities to increase market share and the competitive position of the firm using marketing management process. Moreover, Segmentation, Targeting and Positioning (STP) strategy and other related commercialism strategies are also evaluated in the light of selected tourist attraction.

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PART 1

Analysing and evaluating the key dynamics and trends within external environment

Today tourism industry is widely growing by the tourists and their attractions. UK is the most influence country in Europe. It is encircled by the Irish, North and Atlantic Sea. These also includes some English channels (Mok, Sparks, and Kadampully, 2013). So these seas are also attracting the travellers. UK is the member of European Union which is one of the twenty-seven states memberships. By the nominal of GDP growth of United Kingdom have big economy in parity of purchasing power. So the tourism industry is majorly impacting on the growth of its economy.

The tower of London is royal place and it is placed in central London in river Thames at north bank. It is also known as Tower of hill. This destination was used as prison in 1952 and it is only for royals so services are only given to them. In twelve and thirteenth century, destination was expanding in various phases by the Richard and Henry III kings. In 2015, around 2785249 visitors was there and data is calculated by VisitBritain. This is made up from various forts. At the lowest floor, was home for the prisoners. Furthermore, exhibition tells whole information and story related to living of prisoners.

In 2001 UK was on first position in the world for commercial enterprises or industrializes. These also have many companies for tourism according to place wise and their size. These firms analyse the trends in order to customer requirements and their interest. These organisations also offer packages and schemes for attracting the visitors. So this kind of offers will impact on the business growth. In 2011 around twenty-nine million visitors was in UK and it takes the best place of tourism attraction behind such countries like China, Italy, France, Spain, USA and Turkey (Gössling, Scott, and Hall, 2015). Furthermore, it is the seventh world’s largest attraction for tourists. The VisitBritain calculates the visitors staying time and their information in 2011. Tourists were there around fifteen million and passing their time with spending their money around 9.4 billion pounds which shows that fifty-two percent was the foreign tourists. So these criteria also include for Tower of London.

The VisitBritain calculating for the next decade in the industry of tourism for that is expected for UK that it will be grow to 188 billion pounds in 2020 and the jobs related to in this sector will maximize with 264000 to around three million.

Some trends that affect the travel industries including Tower of London in UK are: independent tourists, maximizing inbound travellers, effects of different country's currencies (Vitouladiti, 2014). These trends are majorly impacting on the external environment in the sector of travel and tourism.

  • Independent tourists: In this, many travellers like to go on their journeys of Tower of London individually without getting any directions from the tour operators. Study for sector of tourism in 2012, Increasing visitors like to book their destinations over internet but for Tower of London they must go at that place and book their tickets. .Travellers use the cell phone for booking their journeys so that these apps saving their times and also enjoying the places according to their suitable time (Huang, and Rundle-Thiele, 2014). Furthermore, they use directions and get the guide-ns from phone. So these independent visitors also impacting on the enterprises in the industry of tourism.
  • Maximizing inbound travellers: Some event, functions, royal weddings can attract the visitors over that particular place or area (Gayle, and Goodrich, 2014). Like Olympic Gamesand jubilee of Queen in UK was increasing the visitors in travel and tourism sector. Tower of London is very famous and royal place so the number of peoples in attraction is always increasing from outsiders.
  • Effects of different country's currencies: In various countries the different currencies are affecting on the enterprises because some are less and more than compared to its country’s currency value.

The external environment influences the businesses that are shown as above from the data of UK's growth and economy. The uncontrollable forces are open from the external surroundings. These forces cannot be controlled by the firms or persons (Dolnicar, and Ring, 2014). So, the firms internal environment can be managed according to things which are affecting the tourism sector. Some external forces which is uncontrollable contains: cultural and social forces, government rules and policies, updates in technology, demographic factors, natural forces, and competition.

  • Cultural and social forces : These areforces presenting affects according travellers at Tower of London which includes cultural and social. Such as, people's lifestyle, behaviours, friendships, believes etc. (Page, 2014). So these are in some patterns that follow by the enterprises to know the latest trends and increase the profitability.
  • Government rules and policies: This are some laws and legal formalities that must be followed by the businesses and also for Tower of London. So these laws affecting on the firms in operations and functions in the industry of tourism (Mistilis, Buhalis, and Gretzel, 2014). Some laws on a particular services or products might hinder for the markets in these sectors.
  • Updates in technology: The technology is rapidly changing according to the time. Like before few years the typewriter was used and then the enhancement of phones, computers such devices take place on that machines. Today in travelling the peopleuse their mobile phones to know the information and get the knowledge of several things. It simply meaning is that they can get the data about the travelling (Morrison, 2013). Like they use their phones to know the best tourist places and destinations in London. So these things helps the travellers for Tower of London's all details, fetch from the net and also give awareness but also give no profit in tourist sectors.
  • Demographic factors: This factors mention the survey of gender, size of family, age, people marital status etc. So this cannot be controlled in external environment because the demography is uncontrollable. Travellers at Tower of London, some demographic sources are also affecting.The enterprises take the accurate calculation of it then it will help the firms to forecast future trend and their services (Kotler, and et.al., 2014). Using the ratio and data of demographic factors from the past and present, can increase the profitability of firms by referring this information for the future and its trend.
  • Natural forces: This mention the physical of natural environmental things that help or decrease the profitability of firms in order natural forces. Furthermore, these forces can hinder or fosterfor Tower of London that lacks or may be in available natural sources.
  • Competition: This factor mentionsthat same services or products are supplied by the other firms that are based on market capitalization and their size. So the enterprises always have to monitor and analyse the functions and operations and then they should utilize the objectives and strategies within their controllable objects (Mariani, and et.al., 2014). The PCMA, Expedia and Visitbritain London UK are like some competitors of VisitBritain. So the firm must have to determine the market and its competition. Competition for Tower of London is sponsored by London and this also consisting France and Paris.

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SWOT analysis : According to these study, understanding by the services of firm for Tower of London will help to know the weaknesses, strengths, threats and opportunities for businesses. Sometimes the organization strength depending on the area of central London and also other locations of foreigners which is visited by the clients. According to this historic place image, the services around this location offered is costly for travellers. Updates in fashions or trends can maximize the interest and also leisure activities. Like walking, surfing or golf. The improvements in technology also maximize the opportunities for its Tower of London. Some promotional activities like campaigns also increasing the targets for firms. Like climate or whether also impacting tours of travellers for Tower of London. These economic effects cannot be controlled by tour operators.

PART 2

Importance of current market concepts, theory and marketing activity for creating value for the customers

The marketing is the way where the enterprises promoting their products and services via advertising to get the public relations and make profit. Tower of London is already famous because it is historic place of London. This also can refer technique or science,Llike using its image that gives more provable evidence and also helping for attracting the public. The tour operators generate attraction to create more value of this location with making their profits. So for these, companies mostly following firstly analyse the market and marketplace then its all related information for tower of London(Mason, 2015). So these market theories will help to firm to take effective decisions for marketing their product and services. Commerce is helping the firms to increase their profitability and services also make awareness in peoples mind.

Put right thing on right place is called marketing. It simply means is that correct price at right area and at that time must set the product and services. These can be done by the marketing mix. This is a technique to set the right services on exact location. The VisitBritain doing this same thing for maximizing their services to the clients (Walker, 2016). These helps to understand and realize the requirements of customers and make a better plan for offering services which is more successful and beneficial provided by firms in visiting the place of Tower of London. This can be presented in some elements which are like selling services, price ratio, position, tourists place which helps in maximizing travellers for Tower of London. Furthermore, commercial channels and viral marketing also aware the peoples for visit this place..

Marketing Mix:

Marketing is analysing group of information which help to attract peoples for Tower of London. These data also helps companies to change their already existing products, services and update their prices via selecting the channel for distribution and make an image of firm in place of market for destination. In these, the enterprises collect information of their competitors for this available destination. Like customer demographics, number of products or services which are sale and statistics of firm (Getz, and et.al., 2014). Like VisitBritain collecting its competitors information so their name are PCMA, Expedia and Visitbritain London UK.

Position:

Tower of London place in market, important to maintain its image for attracting travellers and providing its services. These theory helps in to increase the sells and maintain the level of firm. By the commerce and maintaining the position of firms the customers or clients believes that they get the best services and products from the firms (Zeng, and Gerritsen, 2014). For to know the requirements of customers the market is the way to get these kinds of details according to its location. So the VisitBritain is applying these things and get the information of visitors from the marketplace.

Price:

The value of products and services around Tower of London affecting its attraction on travellers. For example VisitBritain price of services is below as compared to PCMA then these will attract more customers for taking their services. So the minimizing and maximizing the price of services and products can give the profits and loss for the businesses (Du Cros, and McKercher, 2015). The clients always believe that same services and quality is offering by another firm with low prices then they will definitely select that firm. Peoples always expected to pay low price on services and products for its quality. If the cost of services is low as compared to other than that thing will take more place in peoples mind for buying that thing.

Marketing channel:

The commercial channel is the way where the firm is transferring their products and services to the market and then customers will get that from marketplace. For example one firm is selling their high branded shoes at discount shop so clients will prefer to go and take other products (McCamley, and Gilmore, 2016). So this thing present that the firm is not more different with their competitors and selling their products with high prices which is not suitable for clients.

Viral marketing:

According to some surveys is examining that many enterprises connecting with social networking sites for promoting their products and services (Prebežac, and et.al., 2016). The firms use like emails, twitter, Facebook and other things or accounts for communicating and providing the details of services and products of it's their business. The enterprises will get responses on their sites if the people want their services and products so company here without any advertising launching their things.

Product and services:

The services which offers by the VisitBritain must be meet with the client requirements and their needs. For these, the firms must understand the product life cycle for making the planning to promote their services and products to the peoples (Wachowiak, 2016). The enterprise must examine the market, marketplace and services which is offered by its competitors so this details will help to make decisions in the process of marketing. These will give benefits by analysing the details of market in the industry of tourism.

Promotion :

Publicity is important for selling the services and products for the companies. These contain the advertisements, promotion for sales, schemes and offers also relations with public. This plays an important role in the development of services and products. The value and the people will be marked in the marketing by the firms (Volo, and Maurer, 2014). Promotion is launching the services and products to the end user in commerce so that they will be use that thing. The VisitBritain also following the social network sites for promoting their schemes, discounts and packages for marketing.

Place:

The location is depends on the clients requirements because the firm will provide their services according to selected place (Beritelli, Bieger, and Laesser, 2014). Like VisitBritain is providing the schemes and packages on according to customer needs and their chosen areas. This strategy helps to measure that which services and products will be suitable on which places and also tell that how it will be retrieved by the peoples and fulfil their needs.

People:

It plays a major role in tourism industry. Treating tourists by the local people is important to know for the travel industry. This includes sells staff, guides, travel agents, etc. Railways, buses and airlines etc tourism enterprises also consisting in these marketing of people.

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Process:

The process of operational for VisitBritain some steps are as above in the attraction of Tower of London :

  • Supplying travelling details depending on the location. These details also fetched from the ads in newspapers, websites, booklet etc.
  • Preparation for planning trip, sometimes it is based on customer requirements which customizes.
  • Pricing and planning trips, the premium package if cannot afford by the client then the same package with low cost changing the deluxe to 5 star hotel offering by the firms.
  • Providers’ services with liaison, the networks, contracts and contacts with other firms.
  • Online booking reservation system helps in both air and rail travelling.
  • Currency provision and insurance, provides visa and exchanging foreign currencies to the customers.

Physical evidence:

Before going for holiday, the detailed information in booklets provided to the clients. So this will help the customers to know the all details regarding to tour.

PART 3

Increase the competitiveness/market share for tourist attraction

The VisitBritish can maximize the market share by the innovating new ideas, feat competitors, best hiring practices, and maintaining the relations with public for attracting Towerr of London(Neuhofer, Buhalis, and Ladkin, 2014). The market share of the firm is the percentage providing their services to the customers. Using these techniques, if the firm annual sell is 2 million and then the total sales for the current year is 200 million then the enterprises market share will be 2%. Using this percentage technique, the firm can get exact selling services and market share.

Competitive advantage will give higher market share for the firm. All firms want to maximize their market shares via fulfil the client needs and getting successful of its business. Sometimes in the safety and in annual planning, the enterprises fall shortly by large ratio. When the firm is calculating the financial year at the end and evaluating the success but sometimes the expectation not meet the budget that the company is assuming (Gregori, Daniele, and Altinay, 2014). If the assumptions are met but the growth percentage of market share is not match compared to other firms. The successful plan if implemented in the process of planning then the growth as well as the shares of market will be maximize.

The firm do not make any mistake for the growth of business. So the enterprise should wait until the structure of its enterprise is matched and provide the proof that it is workable for the future will maximizing the scale (Medlik, ed., 2016). Development strategy will help the firms the measure its progress. These will set the price, techniques, targets and systematic timetable. So the enterprise must restructure their plan in order their plan of action.

The successful enterprise will retrieve its growth in price as compared to other competitors in marketplace. Here are some steps that will help the organizations to maximize their market share and also make more clients. The Ansoff's matrix suggests market growth which helps to attempt and develop the services according to marketplace.

Market Penetration and its development: Maintaining the shares and current services of the firms can be retrieved by the combining the competitive objectives of pricing, promotion of sells, advertisement and resources. Developing the market can be analysing by comparing and also creating new services for the clients. Using new distribution channels, creating services, various cost policies.

Building market share:

The firms are firstly analysing deeply their levels and also include their services that helps to maximize the share for market in the attraction of Tower of London. The company must study their functional and operational services according on its business levels.The demand of customers and market research is essential for increasing the market share plans (Morrison, 2013). For measuring process the firm can work on the development strategy so it will be increase the procedure for planning. The firm can use advertisement and blogs for attracting the clients also offering the discounts, schemes and packages. These will also help to maximizing the market percentage for shares.

The organization must analyse the majority and levels of its business. For these, the firm must know their services to the clients and related all details. Like VisitBritain doing their duties and exploring more services according to the location and time (Sigala, 2014). So the businesses must make their economical size in order to market place that will give the proper way for making market shares. The organisation can not attract the customers via making promises and using their talent. For maximizing the market share must meet some things which are like the growing or stabilized firm's primary market, the unique or homogeneous services to the client and compare business services to other competitors and also get the details for resources.

  • Segmentation of market: Sometimes the many businesses neglect the small mistakes and trying to targeting on large markets (4 Amazing Rules to Increase Market Share of a Product (Easy), 2017). So this thing can also decrease the shares. For example small time like 2-3 days journeys and their bookings are also varies in the profit of business so they never avoid these and also focus on short time trips. According to these things the VisitBritain is keep their concentration on small as well as long time journey of peoples.
  • Maintenance of market share : Many firms trying to making their position in market through taking risks using some offers or discounted things without gaining any profit. So these is good in starting for promoting the businesses but not working always because without creating any benefit for company will not run in the marketplace (Gössling, Scott, and Hall, 2015). So the companies also focus on their management and maintenance. The maintaining the market share for firms is challenging as maximizing it.
  • Service innovation: If the available services of firms are not satisfied by the customers so the businesses must innovate the new ideas. So prepare for medium, short and long term strategies for tourists. These consist the analysation of financial and some resources which are essential for updating these strategies.
  • Fortification of market : The deeply detailing the data for short term marketing like first four years will help to implement its strategy (Vitouladiti, 2014). These must be includes the activities, estimates for cost and targets on the basis of one year.
  • Strategy for confrontation: Analysation of current market position that consists the cost, quality and competition in the market (Huang, and Rundle-Thiele, 2014). Also do not neglect the new comers in the businesses. Sometimes the confrontation working well, but it also enables the risks.
  • Reduction in market share: The risk and profits is analysing by many firms using their current market shares. Using the big shares put into the market may lead them at the top or may be at the lowest level in market place. So these may also consist marginal clients for their businesses. The businesses must carefully select the process for increasing themarket shares (Gayle, and Goodrich, 2014). The selecting procedure for de marketing can reduce the shares of firms. These also can reduce the demands of clients.
  • Deduce the risk: The risk of arise in businesses via including the market shares because it is dangerous. Deducing the risk rather than strategies will also decrease their shares. Optimizing the risks in market shares is highly same in encompassing to deduct the risk for success.
  • Connections with public : The relations with public is important. Many firms give advertisements in televisions and newspapers so these may lead to be helpful to aware the peoples but also spending amounts and time for all these (Dolnicar, and Ring, 2014). Businesses trying to create more benefit in short time in travel and tourism sector. So they make some advertisements which Sometimes going in controversial issues. So these kind or eco-pornography of advertisements sometimes banned because of their irrelevancy.

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Product development and diversification :

The strategy for developing products growth is the research, innovation and development. Furthermore, client requirements must be show in details and build the market.

  • Improve services: This strategy will definitely maximize the market shares. Increasing performance of firms objects and its services helps the firms to emerge and in the growth of market (So, and et.al., 2016). Like PCMA, Expedia and Visitbritain London UK are applying this thing on their businesses. The panning and ideas for businesses is risky for large investment so the enterprises must deeply analyse the demands of market carefully.
  • Service distribution: The services is distributed according to the trips and journeys and bookings of tourists. The arrangements of services and procedure of firm to the travellers is depends on the structure and system on that particular places (Mariani, and et.al., 2014). It also consists some commissions of that locations services and their products that they provide to the tourists. So the analysis is important in all areas and their regulations must know by the tourist industries.
  • Innovation which is promotional: Making and evaluating the promotional and marketing programmes in UK also increasing the attraction of peoples (Mok, Sparks, and Kadampully, 2013). Like some events, royal weddings and Olympic games helps to promote the services using in these for new ideas. Like PCMA and VisitBritain are tending to emphasising more innovative and creative promotion but in reality there are competing the segments of business.

Recommendation

This study is recommended that for gaining the success and opportunities some elements are useful in travel and tourism sectors. These objects are as follows: build an image for firm, using travel and trade can maximize the distribution, wider offering products and services by the businesses and create easier process to visit the places, performance of visa procedure, the organisation increases the capability of aviation for particular emerging markets for promoting air paths in travelling.

Conclusion

This report is emphasised on norms that tourism is widely growing industry because of several updates arisen accordant to time. For managing the marketing in sector of tourists, these can be done and handle by the preparing the knowledge and details of marketplace which depends on the Tower of London. This study is presented in three sections wherein initial part displaying the latest trends, other updates and it is impacting on external environment that takes place in travelling industry. Using from these, the second is presenting the deals with marketing concepts and its role for promoting the tourism sector. The end apart from these covering the opportunities keys for maximizing market shares and the competitive position of the business using marketing management procedure also segments, targets and other related its strategies which are also evaluated for the selected tourist attraction.

References

  • Beritelli, P., Bieger, T. and Laesser, C., 2014. The new frontiers of destination management: Applying variable geometry as a function-based approach. Journal of Travel Research. 53(4). pp.403-417.
  • Dolnicar, S. and Ring, A., 2014. Tourism marketing research: Past, present and future. Annals of Tourism Research. 47. pp.31-47.
  • Du Cros, H. and McKercher, B., 2015. Cultural tourism (Vol. 2). New York, NY: Routledge.
  • Gayle, D.J. and Goodrich, J.N., 2014. Tourism Marketing and Management in the Caribbean (RLE Marketing). Routledge.
  • Getz, and et.al., 2014. Foodies and food tourism. Oxford: Goodfellow Publishers.
  • Gössling, S., Scott, D. and Hall, C.M., 2015. Inter-market variability in CO 2 emission-intensities in tourism: Implications for destination marketing and carbon management. Tourism Management. 46. pp.203-212.
  • Gregori, N., Daniele, R. and Altinay, L., 2014. Affiliate Marketing in Tourism: Determinants of Consumer Trust. Journal of Travel Research. 53(2). pp.196-210.
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