Investigate the planning principles and range of tools and techniques involved in developing a marketing strategy. Outcome 2 Examine a range of marketing strategy options available and evaluate their benefits and limitations, using supporting examples. Outcome 3 Explore the implications of changes in the marketing environment. TASK1 STRATEGIC MARKETING PLAN This section of the paper analyses the hospitality industry using the porter’s five force model and the interpretations are made. Then a SWOT analysis of the hospitality sector is done.
Then market segmentation of the hospitality sector is discussed with segmentation models. Finally the various strategies adopted by the hospitality sector are discussed. Broadly, the strategies can be classified into three major types: Cost leadership, Differentiation and Focus. In Hospitality industry, Cost leadership strategy is not considered to a great extent because it is a luxurious sector. The main focus of the hospitality sector is to adopt the differentiation strategy and technology focus to achieve competitive advantage.
A lot of innovative practices are introduced and customer service and value added service play a major role in the hospitality industry. This paper will discuss the differentiation and technology focus strategies adopted in the hospitality enterprises. Some of the strategies used by hospitality enterprises to achieve competitive advantage include Strategic Planning, Market Research. Business Planning, Retail Growth Strategy, Meal Plan Strategy, Sourcing and Procurement Strategy, Concept Development, Health and Well-Being Strategy, Information Systems Strategy, Food Facilities Planning and Design.
The various tools of marketing strategy include: 1. Management styles 2. Marketing Mix 3. Porter’s five force analysis 4. SWOT or TOWS Matrix Management styles play a vital role in the planning process. The Parenting Styles theory of Michael Goold, Andrew Campbell is a framework about the role of the corporate centre in a corporation. It was dealt with in their book, “Strategies and Styles”, and several articles. They argue that there are many successful approaches to corporate strategy based upon management styles.
Main determinants are the approaches for the planning influence of the centre and the type of control influence exerted by the centre on the businesses within the group. From this they identify 3 generic stereotypes which companies tend to follow. There are other styles but most tend to converge upon one of these three generic styles. Each style is different in its approach, can offer different advantages to the corporation, but has different strengths and weaknesses.