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Tourism Marketing Role of Marketing in Strategic Planning Spring 2016 Çağ Üniversitesi 4 Characteristics of High-Performing Business Stakeholders Resources Processes Organization Stakeholders Stockholders Customers Employees Suppliers Communities Avoid development of “silos” Departments operating for the completion of their own goals Manage processes, not departments Processes Las Vegas Hilton and Market Segment Accntg Profitability of each customer segment/ type of guest? How much inventory / nights can each fill? How much to allocate towards getting each segment? How to price rooms for each segment? Who has priority during critical periods of year (seasonality)? Personnel Materials Machines Information Traditionally all “in-house” outsource some areas to experts (HR, IT) Resources Structure Policies Culture Organization Corporate Strategic Planning Process of developing and maintaining a strategic fit between the company’s goals and capabilities and it’s changing marketing opportunities Corporate level Business unit level Functional / departmental level Corporate level Business unit level Defining company mission Setting company objectives and goals Designing business portfolio Planning marketing and other functional activities Defining Company Mission A mission statement is a statement of the organization’s purpose—what it wants to accomplish in the larger environment Not too narrow or too broad Based on distinctive competencies A clear mission statement acts like an “invisible hand” that guides people in the organization Proven that companies with well-made MS’s perform better But this definition needs to adapt if the company grows, offers more products, or encounters changes in its operating environment Defining Company Mission According to Peter Drucker, ask: What is our business? Who is the customer? What do customers value? What should our business be? Product vs Market oriented Missions We rent luxury hotel rooms and have fine restaurants VS We create the RC experience – one that enlivens the senses, instill well-being, and exceptionally exceeds even the unexpressed wishes and needs of our guests…. http://www3.hilton.com/en/about/index.ht ml Setting company objectives and goals Company accomplishes its mission by achieving business and marketing objectives General Specific Clear, quantifying measures Ultimate goal is increasing profit How? Raise sales or lower costs So marketing goal becomes increasing sales How? Increasing market share in current segments, or reach new segments New international market Hire more staff to contact business / corporate travelers Raise profit Increase sales Reduce cost Raise market share in existing segments Define and reach new segments Hire more staff İnternational guests strategy strategy strategy strategy Designing the business portfolio Since most companies operate more than one business, they segment them into Strategic Business Units (SBU’s) 1. Business or collection of related businesses that can be planned for separately from rest of company 2. has own set of competitors 3. has own manager responsible for strategic planning and profit performance and is in control of factors affecting profits Hotels and cruise lines that operate several different brands Company runs its own restaurants, tour companies, spas… Growth Strategies Ansoff productmarket expansion grid Existing Markets New Markets Existing Products New Products 1. Market Penetration 3. Product Development 2. Market Development 4. Diversification Growth Strategies Concentric diversification strategy: seek new products that have technological or marketing synergies with existing product lines (hotel brand that appeals to different demographic) Horizontal diversification strategy: seek new 1. Market products that appeal to company’s existing Penetration customers (branded logo items, souvenirs, luggage…) Conglomerate diversification strategy: seek new businesses that have no relation to company’s current technology, products, or markets 2. Market (Steakhouse starts own cattle farm, Starbucks New grows its own coffee beans…) Development Markets 3. Product Development New Products 4. Diversification Growth Strategies Intregrative Growth Backward: acquire supplier Forward: acquire a distributor Horizontal: acquire competitor Do we have the competencies / ability to manage these new assets effectively and competitively? Corporate level Business unit level Defining company mission Setting company objectives and goals Designing business portfolio Planning marketing and other functional activities Marketing Strategy The logic and means by which the company hopes to create customer value and achieve profitable relationships Customer-Driven Marketing Strategy Market Segmentation Market Targeting Market Differentiation Market Positioning Customer-driven Marketing Strategy Market Segmentation Process of dividing market into distinct groups of buyers who have different needs, characteristics, or behavior and who might require separate products or marketing programs Geographic, demographic, psychographic, behavioral… Possibilities are endless, but goal is to find and go after ones with most opportunity Nielsen PRIZM: demographic, geographic, and behavioral 66 market segments in the US Values, Attitudes, and Lifestyles Customer-driven marketing strategy After segmenting, choose most attractive options Market Targeting Customer-driven marketing strategy Market Differentiation After a company has decided which market segments to enter, it must decide how it will differentiate its market offering for each targeted segment and what positions it wants to occupy in those segments Market Positioning A product’s position is the place the product occupies, relative to competitors’ products, in consumers’ minds In positioning its product, the company first identifies possible customer value differences that provide competitive advantages on which to build the position Market Differentiation Market Positioning Marketing Mix 4 Ps 4 Cs Product Customer Solution Price Customer Cost Place Convenience Promotion Communication After deciding overall strategy, get down to the specifics Consider both Seller and Buyer’s view of the market Managing the Marketing Effort Another way to look at it Analysis Understand the company’s situation Planning Implemen -tation Control SWOT Analysis Internal Environmental Analysis Strengths Weaknesses External Environmental Analysis Opportunities Threats Porter’s Goal Strategies Cost Leadership • Achieve lowest price amongst competitors • Difficult and can sacrifice customer value Differentiation • Achieve superior performance in a particular benefit area • e.g. this hotel has the most beautiful pool area, or this cruise line has the best children’s program Focus • Concetrate on narrow market segments • Boutique hotels, niche products Managing the Marketing Effort Analysis Understand the company’s situation Planning Deciding on the strategies that will accomplish overall objectives Implemen -tation Ensure have the proper resources, including employees who understand the goals and have ability to carry out plan Control Measure and evaluate results. Take corrective action. Marketing ROI Chapter Questions Discussion question 5: Think about the shopping area nearest to you. Assume that you wish to start a business here and are looking for a promising opportunity for a restaurant. A. Is there an opportunity to open a distinctive and promoising business? Describe your target market and how you would serve it differently than current businesses do. B. What sort of marketing mix would you use for your business? Sources Kotler, Bowen, and Makens. Marketing for Hospitality and Tourism. 6e. Pearson Higher Education. 2014. Euromonitor International. Marriott International Inc in Travel and Tourism – World. Jun 2010. Strategic Business Insights. ‘US Framework and VALS™ Types.’ Mar 2014. http://www.strategicbusinessinsights.com/vals/ustypes.shtml Nielsen. ‘Nielsen PRIZM Overview.’ Mar 2014. Web. http://www.claritas.com/MyBestSegments/Default.jsp?ID=70&pageName= Learn%2BMore&menuOption=learnmore