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Nov 8, 2017 in Economics
Diamond Hotel’s Marketing Plan
The ultimate goal of business establishments in the world is profit maximization. Diamond hotel hopes to maximize on profits and ensure provision of quality hotel services and products to its clients. It also hopes to create a sizable loyal client base. In order to accomplish this, the hotel needs a marketing plan. A marketing plan can work from two points: strategy and tactics (Kotler, 2006). In order to achieve its objectives, Diamond hotel has to engage in the following strategies and tactics:
Careful Timing of Strategies
A marketing strategy needs to be carefully timed so as to ensure that each strategy is introduced at the right time. In line with this, Diamond hotel hopes to introduce new products such as new food varieties in anticipation for influx in visitors, during the All Star Game (Baseball), Final Four (Basketball) and Microsoft Annual Conference
Intensive Sales Promotion to Make the Hotel Known
The hotel aims at carrying out thorough sales promotion such as advertisement of its services and products to the public. This will help increase sales and create more awareness about it and its products and services. This will ultimately enhance the flow of customers, which is likely to increase the level of output, thus, maximization of profit. In addition, with the anticipated increase in the remuneration of the workers, promotion of sales will counter the costs by increasing the net benefits.
Emphasis on Quality Services and Products
It also aims at ensuring delivery of quality services to its clients. The hotel will try its best to differentiate its products from those of others by emphasizing the quality of its food stuffs and other products. It will also ensure high hygiene level. This, coupled with fair product and service prices, is expected to earn the hotel a good name, attract more customers and increase its profits. It is expected that there will be stiff competition from other hotels and this is the reason why quality services have to be highly emphasized to attract more customers.
Market Research to Respond to Changes in the Industry
In order to be on par with the changes in the hotel sector and its consumers’ change in tastes and preferences, Diamond hotel will carry out periodic market surveys several times each year. This will help it ensure relevance of its service and products in the market. The periodic surveys are expected to be carried out on quarterly basis.