Question

This is for a hotel that would be located in the University of the Virgin Islands

Section VI: Marketing Strategies

Unit-level goals and strategies

A.        Marketing: At least five items need to be identified as part of the Marketing Strategy

1. Target market: should identify the primary customers of the business. This should include demographics including age ranges, socioeconomic status, customer locations.

2. Product mix strategy: this should consist of a description of the services offered at Lovango Key Resort. Current and Future. If you are not sure, research product mix.

3. Pricing strategy Pricing strategy should follow the product strategy. Thus, your work must state if the prices are higher, lower, or match the competition. You must defend your strategy as to why you have chosen this strategy. Be articulate.

4. Promotion and selling strategy: The promotion strategy is one key part of the overall marketing strategy. What promotional strategy will be developed? What is the recommended budget for advertising and other promotional activities. State what the promotional activities are planned. State what media you may plan for. How much does this cost per event? (hint, you must research costs. BE SURE TO CITE YOUR WORK and RESEARCH). It may be good to create a 1 year promotional plan to insert as part of this section of the strategic plan.

5. Service Strategy: Service strategy should be strait forward and outline the day-to-day service policies. This section should focus on the degree of service.

Answer 1

Marketing strategy is very important for every business. Here the hotel is located in the University of the Virgin Island. In the hotel industry is growing rapidly. So the competition is very high. So the analysis of marketing conditions and marketing strategy is very essential for the business.

The marketing strategies is a long term forward looking approach which focuses on the goals of achieving a sustainable competitive advantages.The marketing strategies include 4Ps.

That are product,price , promotion and place . These 4 factors are plays important role in the marketing strategies.

1.Target market: The Target Market is a particular group of customers at which is aimed a product or services. The identification of the target market is the basic thing of every business. Which is the target market of the business,who is the potential customers etc are the basic information that necessary for the business .

The identification of the target market is include several steps.

First find out the current customer base ,who the the customers of your business etc.

Then check the competition. Identify the competitors strategy, competitors 4Ps etc.

Then identify your products or services. It is very important because we need to identify the whole information about our business.

Then choose the demographic to Target. And the consider the psygraphics of the target. Then finally evaluate the decision.

2. Product mix strategy: The product line constitute the product mix and the product mix consists of the product width, length,depth and consistency. The product width is the number of products line that the company has to offer. And the length is the total number of product in the mix. The depth is the number of products within the product line. Then the last product consistency is the how closely products are linked to each other.

The loverngo key resort offer lots of service to their customers. There dedicated and experienced staffs caters to the needs of guests with an extensive range of services and facilities.They also providing seasonal pricing offers and vacational offers.

3. Pricing strategies: The pricing strategies is one of the most important strategies used by every business. Before decide the price of the product and service,the business must consider the competitors price and their pricing strategies. If your competitors use the higher pricing strategies,you should provide the good facilities with low price(compared to the competitors) to the customers. It will helps to capture large number of customers. Then attain the customers you can gradually increase the price. For the the successful business you can use either penetration or skimming strategies. The price is the one of the important factor to capture the customers. So take the price decision more carefully and must consider the competitors also.

4.Promotion and selling strategies:The promotion is the one of the important tool used to attract the customers. There are lots of promotional tools that helps to the promotional needs. That's are advertising, personal selling, publicity,sales promotion , direct and online marketing etc.

Here,the hotel is located in the Virgin Island,so the advertisement is the best promotional tool, because the advertisement helps to capture lots of customers from different places,and countries also.

5.Service strategies:The service strategies focuses on the delivering process, experience and intangibles to the customers rather than physical goods and transaction.