Finding a Brand Potential in the Hospitality Industry

1. Procedure

1.1 Marketing mix

The marketing mix is what a business takes to build and market its product or service to its customers. It helps to make sure that you can offer your customers the right product at the right time, the right place for a reasonable price. Traditionally, the marketing mix was carried out through the 4 Ps of marketing. However, three more additional tools have been added, making it the 7Ps of marketing. Many businesses use these marketing mixes to produce the response they want from the audience (Athuraliya, 2020).

• It helps you understand what your product or service can offer to your customers.
• It helps plan a successful product offering.
• It helps with planning, developing, and executing effective marketing strategies.
• It helps businesses make use of their strengths and avoid unnecessary costs.
• It helps to be proactive in the face of cp-e is suitable for your customers.
• It helps identify and understand the requirements of customers.
• It helps learn when and how to promote your product or service to your customers

1.2 Role of Brands

A brand can be described as either a product or a service, which helps firms differentiate their products and services from those of other organizations. The brand plays a critical role in the organizations, as it translates into loyalty and a higher margin. A brand can be varied, whether it is related to product performance or brand identity. Product performance deals with tangible services, while brand identity handles intangible benefits in the tourism and hospitality industry. Building brands is vital for both consumers and the manufacturer, creating a win-win situation for both parties. (Philip Kotler, 2015).

Benefits of Brand for the Consumer

1. It helps identify the manufacturer’s source and simultaneously assigns a responsibility towards an organization for the branded products and services.
2. Customers’ experience with the same brand products helps them decide whether they want to go with their purchase decision or not make the decision.
3. Brands bring them a certain level of quality assurance.

Benefits of Brand for the Firm

• The brand offers legal protection towards rare features or aspects of the product.
• On every sale, firms can charge a premium for owning a brand-boosting profit.
• While the product can be copied, the brand cannot. Once a brand is established, it’s an invaluable asset for an organization.
• A well-established brand adds to the overall value of the firm while calculating its net worth. (Philip Kotler, 2015).

1.3 Market research (Las Vegas)

Market research is a systematic process to collect, analyze, and interpret information. The information would be a target market, consumers, competitors, and the whole industry. Include identifying a new market to launch a new business; market research has several different purposes. As well as helping entrepreneurs make well-informed decisions, it can also take the guesswork out of innovation and resources into ideas and projects. There are various reasons that businesses at different stages of growth carry execute market research. These are the ways of how companies can use market research (OBERLO, 2020)

1. It determines the feasibility of a new business.
2. It identifies and develops potential new markets.
3. It keeps close tabs on marketing trends.
4. It tests the demand for new products or features.
5. It ensures optimal product placement.
6. Improve and innovate their business
7. Boost the success of their promotional campaigns

How to do Market Research? (e.g., Las Vegas)

In terms of market research, there are mainly two types of market research data: primary information and secondary information.

1. Primary Information

Primary information is first-hand data gathered from sources. You either collect the data yourself or hire someone to do it for you. The bottom line is that you control the process from A to Z.

(e.g.) The U.K. and U.S. Hotel: After I had traveled to the Scarlet Hotel in the U.K. for business reasons, I went to Las Vegas, one of my favorite destinations. During the travel, I came up with an idea to indicate their marketing strategies to the U.K. destination. Las Vegas is an entertainingly developed city, so most of the hotels and the other accommodation facilities have a high quality of equipment, services, and casinos. (Business Insider, 2020). However, even if they are accessing many tourists in the U.K, they are equipped with relatively low conditions compared to the U.S. I have gathered information about using the U.K. hotel’s features and indicating U.S. hotel’s advanced quality of services and equipment. It brought me to think of how beautiful and fun it is to indicate the U.S hotel’s facility and the Scarlet Hotel’s casino system. (Horsham, L, Horsham, L, Horsham, L, and Butler, E, 2020).

• Secondary Information

Secondary information is data that has been collected by others and is publicly available both online or offline. It includes data published in reports, journals, newspapers, and so on. You will not have control over the collection methods.

2. Findings

2.1 Data Concerning My Destination

In the U.K., the average hotel room size was 350 square feet. However, the bedroom sizes are still shrinking.

Commercial Property Consultancy Lambert Smith Hampton (CPCLSH) released new research that shows that 18% of all room openings in the U.K. in 2018 fall under the category of “compact-sized hotel rooms.”

Compared to the room’s average size, 350 square feet, a compact-sized place is about 120 square feet in size, providing travelers much small room to move around. However, there are some properties like X Hotels that give only 86 square feet of space.

LSH’s report manifests that the close hotels release more than 4000 rooms from 2017-2018. There are recently 5,000 more compact hotel rooms in the process, offering this trend far from over in the U.K.

Since 2016, 95% of compact-sized hotel rooms had been rolled out, and they appear in U.K. cities like Edinburgh, London, Dublin, and Belfast. Room size is the most significant discomfort for U.K. customers, but several more problems occurred in the U.K. (TravelPulse. 2020).

2.2 Primary data about my U.K. destination as a brand.

As a brand, there are several factors to consider and examine before implementing chosen marketing. Firms need to investigate the project’s efficiency, possibility, and how they will lead this project at the end. Since the marketing I’ve planned requires a large-scale process, there will be many examinations during the progress. Indicating the room’s bigger size seems possible; however, bringing the casino system appears complicated. However, this marketing concept seems fair, considering all that process to get the casino seems impractical.

3. Conclusion

3.1 Conclude on the brand potential of my destination

Mixing a firm’s marketing strategy is playing a significant role in terms of business. It can create unexpected profit to the organizations and reputation by carrying on the progress and making it happens. However, all the process should be held after examination, and if some factors can badly affect the firms, the requested matter will be rejected. Therefore, the brand potential on the concept of mixing the Las Vegas hotel’s marketing strategy to the U.K destination seems unfeasible.

Reference

1. Athuraliya, A., 2020. Elements Of Marketing Mix | What Is Marketing Mix. [online] Creately Blog. Available at: <link> [Accessed 16 October 2020].
2. Marketing Lessons. 2020. Role Of Brands And Scope Of Branding (Philip Kotler Summary) | Marketing Lessons. [online] Available at: <link> [Accessed 16 October 2020].
3. Horsham, L., Horsham, L., Horsham, L., and Butler, E., 2020. HOME. [online] Scarlet Hotel. Available at: <link> [Accessed 16 October 2020].
4. Business Insider. 2020. 10 Differences Between American And European Hotels That Might Surprise You. [online] Available at: <link> [Accessed 16 October 2020].

• TravelPulse. 2020. U.K. Hotel Rooms Are Getting Smaller. [online] Available at: <link> [Accessed 16 October 2020].