Marketing Plan for Relaxing Times Hotel Research - 2475 Words

Marketing Plan for Relaxing Times Hotel Research (Essay Sample) Content: MARKETING PLAN FOR RELAXING TIMES HOTELName of StudentName of CourseLecturers NameName of InstitutionDate of SubmissionContents TOC \o "1-3" \h \z \u 1.0 Full Marketing Audit PAGEREF _Toc498917593 \h 31.0.1 External Analysis PAGEREF _Toc498917594 \h 31.0.2 Internal Analysis PAGEREF _Toc498917595 \h 41.0.3 SWOT Analysis PAGEREF _Toc498917596 \h 42.0 Growth Strategies and Marketing Objectives PAGEREF _Toc498917597 \h 62.0.1 Recommendations PAGEREF _Toc498917598 \h 72.0.2 Associated Marketing Objectives PAGEREF _Toc498917599 \h 73.0 Approaches to Market Segmentation PAGEREF _Toc498917600 \h 84.0 Conclusion PAGEREF _Toc498917601 \h 95.0 References PAGEREF _Toc498917602 \h 121.0 Full Marketing AuditA marketing audit for Relaxing Times Hotel entails a comprehensive analysis and periodic evaluation of the business objectives, strategies and recommendations aimed at improving its financial performance. The major components of this marketing audit will include; business enviro nment, organization of marketing strategies, systems, productivity and functions (Berman Evans 2015: 338-343).1.0.1 External AnalysisThis is an analysis of how a business external environment affects its strategies and financial performance (Fahad et al 2015: 215-221). Since Relaxing Times Hotel enjoys a close proximity with a variety of support services, it is likely to receive many customers every time of the year. For example, the hotel is closely located to Gatwick Airport, the main train line commuting London-Brighton Route, cross-channel tunnel and ferries to France. As a result, it can offer accommodation and relaxation facilities for travellers plying these routes. The hotel can also receive customers who visit the neighbouring facilities like Chartham Park and Lingfield Park Golf Courses, water sports at Weirwood Reservoir, Crawley and Felbridge Lawn Tennis Clubs, and the surrounding National Trust Properties.1.0.2 Internal AnalysisThe hotels marketing strategy is inclined towards accommodation of sports participants and travellers. This strategy can be attributed to the success of Watsons family in sporting events. Since Valerie is a high profile sports personality, many colleagues and random customers will be willing to explore this hotel associated with her name. The hotel boasts of expanded conference halls and luxurious rooms that can be suitable for sports seminars and business meetings. In order to protect the business from falling during the credit crunch, its management designed a strategy that focused more on domestic tourists and reduced hotel prices in order to retain customers. This strategy helped the hotel to remain operational until peak season during the London Olympics when demand for rooms and relaxation facilities increased.Considering the business environment of Relaxing Time Hotel, it is advisable for the family to invest more capital in promoting its growth. This is because the business is located in a serene location frequente d by sports personalities and travellers, thus operations and services need to be swift for convenience of customers who are either rushing to catch flights or under strict training schedules. Due to the availability of sporting facilities in the surrounding region and success of the Watsons family in Golf sports, the hotel remains a preferred destination for many customers. This increasing demand thus requires the family to outsource funding from the local bank that can be used to expand its operations.1.0.3 SWOT AnalysisIn order to understand the necessary adjustments that can help in improving performance of Relaxing Times Hotel, it is important to analyse its business environment. This will provide an insight into the internal and external factors that influences its growth strategies. A SWOT analysis of the hotel will highlight its strengths, weaknesses, opportunities and threats that can be evaluated to foster a new growth strategy (Brooks, Heffner Henderson 2014: 23).The hot els strengths entail internal factors that can improve its performance (Muhar Junita 2016: 41-48). It was observed that Relaxing Times Hotel remains a favourite hotel destination for many customers due to its structural organisation. The hotel owners, Watson family are renowned sport personalities. Valerie Watson is a recognised golfer who has captained the England national team. Following in same steps is her daughter, Charlotte who has also participated in international golf competitions representing the junior team while the son is excelling in tennis. As a result, the hotels brand is self-marketed due to the recognition of its owners. The hotels expansion to accommodate 100 luxurious rooms and provide high end restaurant services has also improved its performance in hotel industry since many customers can be accommodated. Lastly, due to traditional English meals served in this place, it attracts many business men and locals.Weaknesses are internal factors that hinder normal ope rations (Elder 2009: 543-579). Since the hotel is a family business, it may face management challenges due to incompetence. Valerie is a sportsperson while investment in hotel industry requires expertise management. Additionally, the business has inadequate financial resources to support its operations. This can hinder its expansion and implementation of growth strategies. In order to overcome management challenges, the family can outsource for an expertise or register for further training in the local institutions. Consequently, the problem of financial incapability can be corrected through borrowing of funds from local financial institutions.Opportunities are the business avenues that can be exploited to generate more income (Simoneaux Stroud 2011: 75-78). The proximity of the hotel to Gatwick and Heathrow airports makes it a serene choice for travellers and a meeting place for business travellers. The surrounding sports facilities like Chatham park golf course, Weirwood Reservoi r for water sports and Wakehurts Place attract many participants who form part of the potential customer market for the hotel. Since United Kingdom is a regular host of sporting events and economic forums, Relaxing Times Hotel can optimise on the business booms accompanied with these events to stabilize its operations.Threats are external factors that hinder successful operations of a business (Horkoff 2014: 1015-1041). These might include political factors, economic conditions and business regulations. Some of the threats affecting normal operations of Relaxing Times Hotel include the economic fluctuations that resulted from brexit and credit clutch. The UKs referendum vote to opt out of the European Union has isolated the region and reduced market exposure for internal firms while the credit clutch affected hostel industry due to significant decrease in number of visitors thus making it difficult for hotels to recover operating costs. Besides, the hotel is facing stiff competition from more established hotels like Gatwick Hilton located in the same region and Selsdon Park Hotel, a complex hotel with modern facilities and a golf course.2.0 Growth Strategies and Marketing ObjectivesSome of the strategies that can be utilised by Relaxing Times include market penetration, diversification of products, expansion of operations and acquisition of important elements of the hotel industry (Stam 2010: 129-135). Since the hotel is still in process of establishing itself in the industry, market penetration strategies can help it in increasing markets shares in the industry by lowering the prices of services. However, considerations must be taken not reduce prices to levels that would hinder profit generation.The hotel can also implement a market expansion strategy to venture into new markets beyond its current location (Etgar Moore 2010: 5-15). Since Relaxing Times Hotel has a close proximity to support facilities, there might be reluctance in expanding it to new locati ons. It is advisable to establish subsidiaries in various parts of the country in order to create public awareness and promote its brand in markets dominated by the competitors. Product expansion also plays a major role in implementing a company growth strategies (Alden Nariswari 2017: 527-530). Through research, the hotel can establish complementary services that is missing in its current operations. For example, establishing golf courses, children parks and outdoor swimming pools.Relaxing Times Hotels can also diversify their services to satisfy the dynamic customer demands (Nath, Nachiappan Ramanathan 2010: 317-329). The hotel can invests in various activities that complement their customer needs. For example, the hotel can initiate taxi services for transporting its customers from surrounding airports to its premises and other destinations. Lastly, the company acquire an already existing business and combine their operations under one entity (Purce 2014: 67). This strategy hel ps in obtaining an already established service and market. Consequently, business assets and customers of the acquired hotel are transferred to ownership of Relaxing Times Hotel. This improves its market dominance to the level of major hotels like Gatwick Hilton and Selsdon Park.2.0.1 RecommendationsFor successful implementation of the business growth strategies at the hotel, the following recommendations can be implemented (Leitch, Hill Neergaard 2010: 249-260). Firstly, professional training of the business owners or outsourcing of experts who can control the business to achieve its objectives. Secondly, renovating the hotel facilities with modern utilities and technology that can make it an outstanding hotel destination in the region. Thirdly, the hotel can integrate its services to accommodate all social classe...