Question 1. Describe Harrah’s marketing strategy. How does Harrah marketing structure differ from competitors?
Harrah restaurant functions in a dynamic environment that is filled with very many competitors in the market. The market has completely changed in the 21st century. The pecuniary conditions, diverse political and cultural surroundings keep on changing on a day-to-day basis make the marketing environment for Harrah to be more competitive. The changing environmental factors in the global market create new conditions for a company to survive. These study case focus fully on conditions that affect the Harrah Company and how the company survives profitable in this competitive marketing environment. The strategies require many strategic decisions to be formulated by the executive of the esteemed company in the least time possible. The decisions made in the firm leads to other firms to loose clients to Harrah Company due to it changing with the changing environment.
These study case focus on Harrah dynamic and changing environment in which it operates business. Harrah makes use of the following marketing strategies that makes her stay top of other market competitors in the market. Environment variable is key in doing business it helps Harrah company understand well the environment in which it operates making it to be ahead of other competitors. Market attractiveness is another strategy in which they pay closer attention to it. The closely monitor the market and any slight change they change accordingly before other competitors change. Decisions are made by managers to act swiftly with the changing market conditions. Unlike other competitors who wait annual general meetings to raise the issues. The strategies are noticeable due to the conceptual and previous work done by Harrah Company in shaping the competition in the market. In achieving all that competitiveness to other competitors they are helped by strategies that make use of following variables; cooperation’s, aggressiveness, adaptability, specialization and defensiveness (Turban, Sharda, and Delen pg 5 2013).
In achieving such competitiveness in the market Harrah, company makes use of two distinct variables in management that shape both internal and external decisions of the company. The two variables are market attractiveness and the competitive positions of the company that forms the basis on how Harrah Company approaches competition from all sides. The marketing conceptual models helps in making Harrah company leader in the business.
Harrah’s makes great emphasis in focusing on the customer approach relationship with the consumers. The workers of the company form a customer based approach to the consumers on Harrah products. In doing so, it helps in keeping the customers on check. It is critical in maintaining customers. Customers prefer companies that understand them and keeps track on them. In doing so, the customers refer other customers to Harrah company. The company remains competitive in the global market and new entrants in the market find it hard to win Harrah customers (Turban, Sharda, and Delen pg 11 2013).
Harrah makes the use of a closed-loop marketing system that is ideal for a competitive environment as it is in this century. The closed marketing system is unique in several ways, and a strategy it executes makes it different and unique from other similar companies. In doing so, customer identifies it as a unique company in the business. The system provides the platform of monitoring different and major fluctuations that are experienced in the market and how best they can be turned into Harrah advantage. The system provides a way in which that company can restructure in case of a global recession in the market. The system makes Harrah Company be competitive more than other companies in the market.
Question 2. What is Harrah’s total reward program?
Harrah Company makes use of the total reward program as a way of wooing customers into the company. It helps retain customers since it is a reward program. Most customers are rewarded using this process, and it increases the royalty of customers into the company. The company has set out new ways in which one can earn rewards than previously. The reward system has been developed, and it lets customers earn credits for nearly all the activities they participate in the company. They reward system is different, and it varies according to different areas that one visits in Harrah group of companies. The reward system makes use of credit as a way of rewarding for almost all purchases a customer makes that range from the restaurants, spa and casinos. When one books a room in Harrah restaurant, he gets a reward credit for the act. The total reward system procedure is easy it entails one to fill any of the Total Reward center and alters the destination.
Harrah’s total system works on following the mechanism. In uses, the mechanism of spending whereby one earns reward points for every dollar one spends in one of Harrah’s products and services. They include golfing, dining and participating in more outdoor activities. It easy to note such offers since it has options of Earn Here, Redeem here, and pay using credit card or cash. This process makes one to start earn reward credit, and one is always expected to present a reward card at time for purchase (Turban, Sharda, and Delen pg 3 2013).
Every five dollars a customer spends he or she earns a valuable Tier credit that increases the Tier score and earns more great peaks. It increases the exclusive offers one gets in using the reward program. The reward credits that are earned ten days after one checks out of the hotel and reward credits for entertainment takes three days for one to earn them.
Question 3. What are the basic elements of Harrah closed loop-marketing system.
Harrah makes use of the of closed loop marketing system as a tool that puts them on top of other entrants in the business. Closed loop marketing system lays much emphasis on the sales team to report directly on what is happening on the ground. It helps the market understand the ground better making it competitive in the market.
A closed loop marketing system at times faces lot of challenges in challenging communication to follow a specific form of communication. It is hard for the information to follow that channel, and it makes it very hard for it to implement. Harrah marketers always follow the rules of closed-marketing system that entail that every prospective client and customer gets a dollar back from the amount that one used. It is ideal since it encourages people in the business.
The basic elements for Harrah closed loop marketing system entail an entry point in the system. The entry point is which the leader of sales and marketing enters the system. The cookies in the site enable one to print collateral trade show. The data helps in comparing the results of previous times with the present.
Another basic element in closed loop marketing is increasing the traffic and observing the behaviors of customers. It helps highlight pages customers often view and what is the trajectory of such actions. It helps Harrah know what the customer requires. Understanding one fully makes use of the software providers to implement the process.
Step 3 involves converting a submitting form in the marketing closed-loop marketing system. One makes these happen by making use of incoming traffic and changing the landing pages on the company website. It increases the traffic for incoming traffic that leads it into increasing the traffic. It is crucial since it helps knowing what type of the loop it is and gathers sufficient Intel from the clients. Visitors fill online forms that leave them with all the details for their clients. It is a brilliant strategy that helps in sending information and helps in learning more about building landing pages.
The tools that are required for closed loop marketing help in connecting the Harrah’s company with the customers. The integration enables CRM software that helps in the growth of it. It works hand in hand with the intelligence that is gathered from the use of this software and increases the relationship. It fosters good relationship with clients who are former, current and perspective.
Customer relationship in the closed system synchronizes the activities on the sales and marketing teams. It supports the business by rewarding royal customers and satisfying the needs of customers. The marketing software helps in keeping record all the activities that are going on and help influence both the present and future decisions. The closed system helps in integrating the two tools and makes one use the sales representative deal. The benefits on using the system are far reaching since it exposes pages of customers that they viewed and later turned out to be customers. It helps identify most influential pages (Sullivan and Michael 2013).
Question 4. What are the results of Harrah marketing strategy?
Harrah marketing strategy has yielded substantial results due to the effectiveness in the marketing field for the hotel. The reward system has helped retain customers due to the rewarding mechanism in the company. Customer satisfaction is another key thing the marketing strategy has achieved. The system goes in extend of understanding customer needs and wants. It acknowledges that the cost of living as go up and comes up with favorable prices.
Another key result of Harrah marketing strategy is monitoring the market environment and response. They respond fast in case of any changes in the market to put it ahead of other market firms. It responds swiftly in markets. The strategy seeks in understanding the market fully.
Question 5. What economic issues does Harrah face today? Could the total reward system be modified to handle the issues?
Several economic issues face Harrah today in the market. The issue of economic recession is an issue that faces Harrah Company and makes it hard for them to operate in the marker. The economic recession reduces the purchasing power for clients, influencing the number of sales Harrah restaurants makes in a given period. The inflation of the dollar increases the cost of raw materials of the products. It in turn leads to increase in the prices.
The total reward system is ideal, and a little modification will make it perfect in doing business. It should be added features that help in monitoring customers’ behavior. Big bonus should be introduced for royal customers who make use of Harrah’s products and services often.
Sullivan, Michael. Precalculus: (2013) Pearson New International Edition. Harlow: Pearson. Retrieved From: http://lib.myilibrary.com?id=527115.
Turban, Sharda , Delen. Pearson New International Edition Decision Support and Business Intelligence System. (2013) Ninth edition