In order to understand these concepts, it is important to start by understanding that marketing is one of the most important tools in any business setting that assists and plays a role in ensuring that as many customers both actual and potential are reached and have information and knowledge concerning the products being offered as well as the services. It is therefore through marketing that clients get acquainted with the products, and it is also on this level that the entrepreneur or the business is able to interact with the customers and exchange ideas, which plays a major role in informing the entrepreneur on what the customers expect to be incorporated in the products or services on sale. With this background information in mind, the entrepreneur keeps informed and enlightened on how to handle various situations especially when it comes to marketing of his products (Kotler & Armstrong, 2008, p. 47).
With this information therefore, it will be easier to understand various aspects that affect business in the tourism and hospitality industry, which is my dream career. When it comes to marketing of any product regardless of whether it is in the hospitality and tourism industry or not, three concepts are very important to consider, and these are product branding, marketing strategy and pricing strategy. This is because these three aspects filter out the whole potential population and narrows them down into one small target population.
Pricing for example is one of the most important aspects to consider when setting up prices for hospitality products such as hotel accommodation. Other than the fact that it sets a class and standard for the products, selecting an ideal pricing strategy is also important for any business in relation to the similar competing companies or businesses around. In a competitive region for example (many hospitality entities happen to be faced by competition because of the increasing number of hospitality-based services), competitive pricing strategy is important because it ensures that the products are priced with regards to the competitors’ prices, but at the same time without compromising the products’ quality. In the hospitality industry, pricing is among the most important aspects to look at because it defines the class targeted to purchase the products (Keller, 2011, p. 116).
Branding is the second most important aspect to consider when setting up a business. From a marketing perspective, branding is an important aspect because this is the name, symbol and slogan that is related to and associated with a given product, and every time the representative (symbol, slogan or name) is mentioned, the first thing that crosses the audiences’ mind is the product associated with the representative. For this reason therefore, branding one’s products is important and in fact the same point of view has been emphasized on by other entrepreneurs in various fields. To effectively capture as many people as possible and also to relate one’s company with a particular brand, it is important for the brand to be made up of the services or products that the company has in offer. By so doing the brand acts as a marketing tool as well as an advertiser for the products. This should be the case regardless of whether the brand representation is in terms of a statement, a pictorial representation or even a symbol. It should always try as much as possible to include all its services on the brand as it will also act as an information tool.
Marketing strategy is the last important concept that I shall apply in my hospitality and tourism firm, since a proper marketing strategy goes a long way in ensuring that as many people as possible have been reached by the products and are informed. Since my industry of interest has already been defined and well understood, market segmentation is in this case an ideal strategy to apply and this is where I will decide the exact market in which I want to set up my business. This includes filtering out and defining the target market, for example whether it is the upper class, middle class or commoners market and also the physical location of the business enterprise (Levinson, 2007, p. 166). The most important thing about market segmentation strategy is the fact that it narrows down the target market into a manageable level, and this makes it even easier in service provision. Secondly, market segmentation is important because it brings together customers with similar needs and serving them becomes even easier, and at the same time this enhances specialization.
Lastly, these channels are important because they have an educative and informative impact on my aspirations. For example, the most notable thing that is in fact similar among all of them is the fact that they play a big role in ensuring that my business enterprise is well defined and hence specialization will be easier, since I will be in a position to ascertain the exact market population am dealing with.
Keller, K. L. (2011). Marking Management. 14 ed. New Jersey: Prentice Hall
Kotler, P. & Armstrong, G. (2008). Principles of marketing. New Jersey: Prentice Hall.
Levinson, J. (2007). Guerrilla Marketing, 4th edition: Easy and Inexpensive Strategies for Making Big Profits from Your Small Business. Boston: Houghton Mifflin.