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Marketing in The Digital Age University of East London
Marketing in The Digital Age University of East London
BCAS College
Assignment Brief
Module Title:
Marketing in the Digital Age
Module Code:
MK7246
Level 7
Academic Year 2018/19
Module Leader: Denzil Perera
Email: denzyyb@gmail.com
Issues date: 23. 01.2019
Word Count - 3279
Table of Contents
One Fine Stay has gained the name and fame for providing vacation
homes especially for ones who are seeking special and luxury upscale
properties for their holiday retreat. They built it up by providing the
best possible experience for their customers and firm has ensured
that those who seek special treat will have access to rental properties,
which are high quality through equipping them with luxurious
amenities. As per case study company has grown very well in the past
4 years and it is continuing to grow. Since One Fine Stay initiation it
has now been spaned over 4 major cities in UK, USA and France. As it
grows company face intense challenges and obstacles when it comes
to expansion and also the competition in the market has risen it self.
So in this section we are going to conduct an analysis of the company
and present various aspects.
This analysis provides the external factors that affect the operations
and performance of a business. PESTEL is an abbreviation used for
Political, Economic, Social, Technological, Environmental and Legal
Factors.
Political
cities where One Fine Stay has already established are politically
stable, as it aims to expand to other regions in the world it is better to
closely monitor political environment of foreign markets.
Economic
Social
Over the years number of staff attained by One Fine Stay thus it clearly
shows social presence also increased. In the hotel industry social
presence is vital as they play major role in providing customers a
unique service.
Technological
Legal
STRENGTH OPPORTUNITIES
• Affiliations with larger travel companies
• Local connection • Existing tools, systems are well developed for
provided via Free Wi-Fi future expansions
and iPhone • Introduce latest technologies such as develop and
• Prompt replies email using mobile applications
inquires • Increased lower customer base segments and local
• Professional response collaborations.
to inquiries making
clients more WEAKNESSES THREATS
comfortable
• Client’s complains • The rise of the
• Mobile responsive, fast about longer sharing economy
web site booking process. might affect
operations.
• Expanded to other • Lack of
cities improvements and • Due to being part
developments in of share economy
• Entered international technological may have to cope
market department. up with issues on
tax, insurance and
• Affordable rental prices • Low supplier loyalty law.
• Well organized •
• Competitors are Skill shortage eon
administration taking advantage human resource
• Newly introduced due to the lower
investments. • Trade war between
product mix
china and USA
• Diverse revenue might affect
OneFineStay
system. expansions in
China.
b) Threat of Substitution
In the event that there exist a few contenders inside the market, at
that point it is obvious that there is the risk of substitution particularly
to the one commanding the market. The Onefinestay Company faces a
ton of rivalry from the lodgings and other comparative firms that offer
administrations of leasing and lodging. A portion of these
organizations may offer less expensive offices contrasted with those
of Onefinestay. There exists the danger of substitution of Onefinestay
with such associations.
c) Consumer Power
The customer holds an official choice and the thusly hold what the
organization may require generally; the subsidizing. On the off chance
that the shopper is enabled to change the market costs, they will do as
such definitely. With other comparable associations in the market,
Onefinestay requirements to change their costs to be low enough to
pull in more clients yet enough to meet the costs of the firm itself in
order to hold a greater amount of the clients while figuring out how to
draw in additional.
e) Industry Rivalry
Rivalry includes sharing of and in that capacity, the net revenue
decrease lower. There exists rivalry between the Onefinestay
friendliness the board and administration office and different lodgings
offering spaces for lease.
One Fine Stay already has an upper hand within luxury housing
market. Therefore it will have an added advantage when entering into
other 2 target markets, which are sports market segment and event
management industry segment. So this new additions will lie within
existing company strategies and goals and will present a golden
opportunity to One Fine Stay. First, the products should feature top-
end rooms with unique sporting-like furniture that captivates the
spirits of the sportsmen and women (MORRITT & WEINSTEIN, 2012).
When its come to marketing it is vital that One Fine Stay engage in
promotional activities like advertising in luxury sporting magazines,
build relationship with online agencies and include designated
locations of sporting venues and events on company provided iPhone.
In event management segment research shows that fans are willing to
pay for an experience or party in or like celebrity style either in their
respective houses as a way of living in their lives (JAKUBIKOVA, 2008).
So in this case it is important to engage with the celebrity and monitor
their fan base and then evaluate the market. Hence research shows
that trend and the fan base will be critical while the price is depending
and vary on fame and fan base of the celebrity Rae (2007). To make
this segment active One Fine Stay has to do promotional video
shooting with celebrity on location or get the celebrity on board with
the rental services. In this case for appearance and association with
One Fine Stay can provide lucrative returns in the occasion of an event
in their respective location.
Figure 2 - Positioning
UK has been a sporting hub for many decades and sporting celebrities
are well known for their lavish life styles. Those individual’s purchase
decisions are swiftly made. Among expected customers in this new
target market sports teams including young and middle aged sports
personnel will seek accommodations with freedom, and security as
well as to stay over one place with the same group where
transportation is convenient for everyone during pick ups and drop off
from the venue. Because of the above components, team members
have regularly looked for top of the line short-term rental services.
They foresee that the rental services will give reasonable convenience
to gatherings (GROSS, 2008).
In this case as the One Fine Stay enters to the market as a novice it is
important to understand the taste and cultures of the customers and
create a remarkable product. Therefore before team meet up it is vital
One Fine Stay to understand cultural differences and their preferred
styles for every team Doyle and Stern (2006, 84). Sports teams are
another market for Onefinestay in light of the fact that recreations
have developed to universal dimensions where they welcome
distinctive groups from different districts of the world to an assigned
area where they will require the settlement services among others
(MASTERSON & PICKTON, 2010).
During One Fine Stay growth and development in this market segment
it is important to develop way to snatch these new market well in
advance. As sports teams travel as large groups their neediness can be
bigger than existing customer base of One Fine Stay. As the start up it
is important to move with local teams and providing their
accommodation. As discussed by Pelsmacker et al. (2004, 34) initial
approach of advertising should be newsletter, where you can insert
enough information about properties, theirs capacities and pricing in
each category.
II. Providing gym facilities, Pool and Sauna (Health and wellness
facilities).
III. Food delivery or providing in-house kitchen staff, those are
highly skilled in preparing food as per guest’s requirements
according to their cultural and ethnical diversity.
IV. Provide transport services for guests thus One Fine Stay has to
partner up with transportation companies. This will help guests
to move within destinations without any hassle. In this case One
Fine Stay might predominantly require Bus Company to assist
team transportation.
V. Provide a local tour guide and a translator who can help them to
move around in the city or other destinations.
VI. Provide hot water facilities, Wi-Fi and Internet through out
properties.
got their neediness or can request well versatile in house kitchen staff.
Apart from those provide remote assistance, 24-hour car transport,
practice nets and pitches, swimming pools and other fitness facilities.
One Fine Stay wants to positioning it self by gaining 25% market share
in this event management segment by 2020. Goal it seems realistic as
the company already operates and built a reputation in providing
luxurious rentals where they secured a sufficient market share. In their
premises guests have held few parties, meetings and small gatherings
and while entering to this market One Fine Stay only needs to take
those opportunities into advantage and operates with a specific event
management team apart from rental management team. Affiliating
with celebrities will help the company to build and take the brand into
a different level. Running advertisement campaign through celebrities
ID – 1927488 Nirosh Amadoruge
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will cost more than above mentioned times of the rent. Providing
liquor can also affect pricing. But with partnership with breweries if
liquor can be given for a subsidised price it may help to lure lot of
customers to make booking through One Fine Stay. Upon taking prior
permission from the owners, video shoot and recording can be carried
out but it will add an extra cost.
Place: Place must suit the purpose of the function and must
have ample parking for guests and their visitors. Therefore have to
add extra security for guest vehicles and also for themselves. Mostly
formal parties will require quiet and peaceful locations where
accessible by easy transport. Apart form those requirements in the
presence of a celebrity company has to coordinate with artist
management agents.
So in here we will find that brand and its relationship with our hosts
and visitors and how the delivered service stands out in other similar
companies.
In here it going to make the difference of how you interact and what
you deliver and how frequently you deliver content to your target
market or target audience. Celebrity videos can be added to YouTube
channel and also it is very effective when shared among other social
media platforms. For instance data reveals that twitter videos get
retweeted 6x more than images or gifs. It is important to deliver your
content to target market in timely manner. So in different social media
networks data shows how often to post to get best engagements and
traffic to your social media site.
ID – 1927488 Nirosh Amadoruge
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Reference
1. BAINES, P., FILL, C. (2014). Marketing.