CANATE, CHERRY MAE L.

BSTM-II

Please research and answer the following:

1. Key elements of successful hospitality marketing strategies

Segmentation
Your existing and potential customers fall into particular groups or segments,
characterized by their 'needs'. Identifying these groups and their needs through market
research and market reports, and then addressing those needs more successfully than your
competitors, should be one of the key elements of your marketing strategy.

Targeting and positioning

You should aim to sell to the market segments that will be most profitable for your
business. It is important that your product offering meets the needs of your chosen target
market. See target your most profitable customers and define your target market.

Promotional tactics
Once you have created your marketing strategy, you must then decide which marketing
activity or activities will ensure your target market know about the products or services
you offer, and why they meet their needs.

There are many ways to achieve this - such as various forms of advertising, exhibitions,
public relations, digital marketing and an effective 'point of sale' strategy. Try to limit
your activities to those methods you think will work best with your target market, to
avoid spreading your budget too thinly.

Monitoring and evaluation

Monitoring and evaluating how effective your strategy has been is a key element, yet
often overlooked. This control element not only helps you see how your strategy is
performing in practice, it can also help inform your future marketing strategy.
 A simple approach is to ask each new customer how they heard about your business.
Deeper analysis can come from questionnaires, focus groups and examining customers’
online behavior.

Marketing plan
Once you have decided on your marketing strategy, draw up a marketing plan that sets
out how you intend to execute that strategy and evaluate its success. The plan should be
constantly reviewed and, if necessary, updated so you can respond quickly to changes in
customer needs and attitudes in your industry and in the broader economic climate.

2. Difference between hospitality and tourism

Tourism entails the movement of people to places outside their usual
environment. Hospitality entails the comfort and wellbeing of guests at a variety
of events and establishments.

3. Hospitality Marketing strategies

Creativity
Creativity used to be thought of as not so much a marketing concept as fodder for
marketing: the business stakeholders came up with new business ideas, and the marketing
team based advertisements around them.

Technology
Most hospitality professionals would rather do their core job than worry about the
company website. Like it or not, however, most hospitality businesses need an online
presence, a mobile presence, and a leadership that is in touch with how to make the most
of viral technology that can spread the word about the establishment .

Loyalty
 Some of the above technological techniques can help build that very old-fashioned staple
of a successful business: customer loyalty. Yes, a repeat customer already knows the
business exists. However, with so many businesses in the market and so much content on
the web, part of marketing job is now connected to making sure that previous customers
who have had good experiences are reminded of them. Therefore, technology must not
just be used; it must be maximized through personalization. Allow customers to take
surveys, and insert their names and favorite menu items they have ordered in a
customized group email. Personalization of social media and email content experiences
for customers are part of making customers remember the business—and more important,
they should also feel remembered by the business.

Finally, nothing adds to loyalty, enhances creativity, and maximizes technology like a
great customer experience. Your best marketing strategy, once initial customers have
been attracted, is to ensure satisfaction in every element of service. Content may be king,
but especially with yelpers lurking around every corner, word of mouth is still one of the
best drivers of sustained business in the industry.

4. How effective marketing strategies are?

The most effective marketing strategies are those that are targeted toward a
specific audience, focused on key benefits based on the audience's point of view
and interests, and delivered at an appropriate time--when the audience is most
likely to be attentive to and interested in the message being delivered.

5. Tangible and intangible

Tangible assets are physical; they include cash, inventory, vehicles, equipment,
buildings and investments. Intangible assets do not exist in physical form and
include things like accounts receivable, pre-paid expenses, and patents and
goodwill.
6. What is Market niche?
A niche market is the subset of the market on which a specific product is focused.
The market niche defines the product features aimed at satisfying specific market
needs, as well as the price range, production quality and the demographics that it
is intended to target. It is also a small market segment.

7. Explain what is product life cycle?

Product life cycle is the progression of an item through the four stages of its time
on the market. The four life cycle stages are: Introduction, Growth, Maturity and
Decline. Every product has a life cycle and time spent at each stage differs from
product to product.

8. What are the best strategies to apply when business face declining stage?
Reducing your costs and finding another use for the product - entering into
another niche area could increase profits. Reducing marketing support,
'harvesting' the product, coasting along until profits dry up and then discontinuing
the product.

9. Marketing Strategies for success

• Research
Customers choose hotels and other hospitality services for a variety of reasons. From
location to facilities and perks, companies have to be sure that they’re providing what
buyers are looking for.
• Awareness
If potential customers don’t know about a service, they can’t purchase it. That’s where
brand awareness comes in. Marketers make sure information on hotels, resorts and
restaurants is easy to find and up-to-date. They can do this by buying ad space on
 relevant travel sites, creating an engaging website and collaborating with other,
noncompeting hospitality services in the same market.
• Promotion
Another smart strategy for attracting customers is to run promotions during certain times
of the year, usually when business is slower. Introducing incentives and offering
incentives are just some of the ways that marketing professionals achieve this. Have you
purchased a Groupon for a spa weekend? That’s promotion at work.

• Relationships
To ensure high levels of repeat business, good customer relationships are vital. Not only
do repeat customers usually promote a service through word-of-mouth and social media,
but they also create a stable revenue base. One way to build relationships is through
customer loyalty programs, which reward customers who regularly use a particular
hospitality service.

10. The use of SWOT analysis in the field of marketing and hospitality management
It involves specifying the objective of the business or project and identifying the
internal and external factors that are supportive or unfavorable to achieving that
objective. SWOT is often used as part of a strategic planning process. SWOT or
TOWS is an acronym for Strengths, Weaknesses, Opportunities, and Threats.

11. Customer service is the key to business success.

Customer service is one of the greatest keys to your business success. It can
literally make or break you. This is so because your entire business, marketing,
sales and profits depend on your customers. You're in business to generate profits
by selling your products and services to people who need and want to buy.
12. The main channels and tools of hospitality marketing

#1 Social Media Marketing - a major in Tourism Marketing

In our social era, having a social media strategy is a must for travel brands, and customers
expect to find content that represents products and services. The more presence on Social
Media your brand has the better, so take advantage of user generated content and develop
your own strategy.

#2 Email Marketing for Tourism

Email marketing continues being a valid tool for marketing practitioners in tourism
sector. It can be used for different purposes, such as lead nurturing and loyalty programs.
Email marketing helps brands to stay in a continuous contact with their prospects and
clients and to help the relationship evolve.

#3 CRM tools for Tourism

CRM tools are in high demand when it comes to tourism marketing. Marketing
specialists of the industry value a tool that allows not only to keep the data base of the
clients neat and organized, but also create campaigns based on segmentation of the
contacts and to stay tuned about the progress of each contact. Automatization that many
CRM tools offer, allows increasing the efficiency of the marketing efforts while
decreasing the time and resources spent.

#4 Hub Spot, the solution for Tourism marketing

Hub Spot is the most effective tool for your Inbound Marketing strategies, and hub Spot
has contributed greatly to the tourism industry. It is an all-in-one software that has email,
SEO, social media, landing pages, blogging or sites, publications and monitoring of
social networks, CRM... It allows you to work all phases of Inbound Marketing and
Marketing in an integrated way, easy and comfortable. And, in addition, you will be able
to know metrics and analysis of results in real time.
13. Customer expectation vs product reality
Customer expectation is an assumption in deciding the purchase whereas customer
perception is an interpretation of collective information after purchase.