Marketing Strategies & Plan of Hotel Hilton-Myassignmenthelp.com

Question: Discuss about the Marketing Strategies and Plan of Hotel Hilton. Answer: Introduction Hotel Hilton is a part of hospitality services industry and it is situated in almost all parts of the globe and along with its diversification, this hotel is famous for being luxurious and almost all kinds of services are offered to the guests there, from stay to food, spa, games, sports, travelling, etc. This hotel is situated in approximately 85 countries including 6 continents. Hotel Hiltons chain is beings strong day by day, 570 hotels are running in the name of Hilton and now they are planning to add one more in that list by opening an another hotel in Singapore to serve their guests more adequately. To perform this function, the marketing team has the responsibility to develop an outline of the marketing plan and submit this to the management so that appropriate decision could be taken in relevance to the setting up an another hotel there or not. This outline includes the market research of Singapore market, number of hotels present in that country and along with the number of hotels present, primary competitors such Hotel Radisson's, Marriott International's, etc. strategies should be analyzed and their unique services offered to the public that makes them separate from other hotels. Apart from that, this report will include the effective marketing plan of Hotel Hilton for Singapore market will be discussed that could help the organization to add one more hotel in their list. Assessment 2 Proposal Marketing Plan Hotel Hilton is planning to expand its hotel chain and to execute this; directors and top authorities have decided to open an outlet in Singapore. This decision is taken due to high tourism factor involved in that place and an existing outlet is already running successfully. Market research is conducted with a view to analyzing the demand of luxurious hotel in Singapore because Hotel Hilton is known for providing Luxurious comfort stay and other services such as traveling, spa, games, etc. A marketing plan is a source through which future results are assumed and to convert those assumptions into reality, an organization needs to develop effective promotional and marketing strategies. Promotional campaigns, advertisement, etc. are some of the primary components of marketing strategies included by Hotel Hilton (Aaker, 2010). Purpose of developing marketing plan The basic and primary purpose of developing a marketing plan is to promote the products and services offered by the organization to the general public. Marketing department's head is the authorized person for making the purpose of the organization into practical. Under this scenario, Hotel Hilton is planning to open an outlet in Singapore with a view to growing in the hospitality industry. The purpose of setting up a new outlet is to fulfill the demands of its customers. Because in peak season, the situation of lack of hotel is faced by Singaporeans as almost all hotels get booked in advance and the tourists who came without any booking, they need to face disappointment. To reduce this disappointment, Hotel Hilton is opening a new outlet that will fulfil the motive of expansion, growth and with the perspective of customers; they could get an additional opportunity to stay with Hotel Hilton (Brandt, Cazzaniga Hann, 2011). Objectives of marketing plan Marketing plans objectives are very clear and expected that this function is executed to achieve the appropriate goals set up by the organizations management. The marketing function is performed to promote and advertise the newly launched products and services in the market to attract the public towards the product and it is also performed to compete with competitors products (Worthington, Russell-Bennett Hrtel, 2010). As per this scenario, Hotel Hilton has already an outlet in the Singapore city whereas they are planning to open another outlet with a view to expanding their profitability and for a growth of the business. This is the main objective of their business and to obtain this objective, they are conducting various steps such as market research; developing strategies to compete with competitors, arranging funds to set up hotel, appointment of adequate employees who could take care of the organizational objectives as well as expectations of the organization could be turned in to reality. Every organization set ups the business and launches a new product with a view to long run survival in the same industry. Same objectives have been adopted by Hotel Hilton and for the same, they are developing effective strategies so that, an organization could add another effective hotel in their list. While developing the marketing plan, Hotel Hilton has concentrated on the preparation of certain things such as financial data, advertising budget, previous marketing strategies and its budget, etc. This helps the organization to make a perception in relevance to the expenses will be incurred in terms of promoting the new hotel in the Singapore market (Cornelissen Cornelissen, 2017). Components of marketing plan Situational Analysis Situational analysis refers to the methods and techniques used by the management of the organization to determine the external, internal environmental factors implication on the business performance. The situational analysis could be performed through various approaches such as SWOT analysis, Porter's five forces analysis, etc. As per the current scenario of Hotel Hilton, adequate information related to situational analysis will be performed with the help of SWOT analysis i.e. Hilton's strengths, weaknesses, opportunities, and threats will be identified to estimate the setting up another outlet will bring positive results of not (Czepiel Kerin, 2012). Strengths Hotel Hilton is performing in the hospitality industry since 1919; their journey was started in Cisco, Texas. Since then they have managed to open 570+ hotels across the globe. They have a vast experience in this field; hence much research and marketing are not useful for them, as they can estimate the market position by reviewing their previous hotel's performance. They provide rapid offers and attractive schemes to its regular customers such as spa; salon services, luxurious stay, etc. are their attractive schemes. They have huge properties across the globe, 85 countries and 6 continents are included in that list. Hotel Hilton is the biggest network in the hospitality industry with a huge number of hotels, resorts, etc. More than 169,000 employee works with this brand across the globe. Weaknesses Hilton Hotel is situated in almost all countries across the world, but they are much concentrated on the US market. With the high profitability, they also carry a huge debt over their brand name. They have a brand image across the globe; still, they don't have adequate share value in terms of globally (Jovicic, Li Richardson, 2013). Due to its large size, flexibility and implementation of certain processes require huge time. Opportunities They have the scope to setup more hotels and resorts in other countries other than in which they already exist. Development of strategic alliance is the crucial part of setting effective marketing and other strategies for the organization. Research and development programs could be performed more adequately and wisely to beat their competitors in the international market (Dighton White, 2017). As Hilton Hotels are known for being expensive and providing luxurious services, rather focusing only on the high class market, they could also focus on the mid-level market through offering deluxe rooms at cheap fares which will help them to expand their business to next level. Threats Being at international level, the threat of dynamic policies, terrorism threat always occurs. Every country has their micro and macro-economic factors. Following unethical practices due to lack of managerial control over all hotels. Marketing and Promotional Strategies Marketing and promotional techniques include various methods. The advertisement is the main source through which organization could showcase their special features to the public. In terms of Hotel Hilton, they are planning to operate another hotel in Singapore with a motive of expansion and growth. For this purpose, they have adopted the measures of digital and print media which are included in the advertisement term (Kim Hyun, 2011). Print media of advertisement is an effective process and through this organization has much scope to reach towards its objectives. Through this medium, Hotel Hilton's management has the chance to increase their proclivity through promoting their new hotel at large scale. The print medium of the advertisement includes newspapers, magazines, pamphlets, etc. traditionally this was the only method available for business enterprises for promoting their products and services across the country. But with the changing business environment, a lot of promotional technique has also been invented. Famous techniques are digital media under which the internet, social media, television, radio, etc. are included (Draelos, 2015). Advantages of digital media are that it covers the larger area than the print medium of advertisement. Social media is the strongest component of digital media and youngsters are found as the major number of users. The email could be sent by the marketing team of Hotel Hilton to their regular customer, to new users to give them the information in relevance to the opening of a new hotel in Singapore. Apart from these two mediums of promotional of business, the marketing team of the Hotel Hilton has adopted stage shows, sponsoring events, road side displays, etc. these are also very effective techniques in terms of promoting. These techniques are bit expensive in comparison to the digital and print medium of advertisement (Zou, Chen Ghauri, 2010). Promotional techniques of the organization could also include the strategy of providing adequate offers to the public. For instance, in terms of promoting the new hotel, guest could be offered with a surprise gift or certain rate of discount on their first stay with the hotel. Promotional techniques are so much effective in todays modern dynamic business environment. This is performed to attract the customers as well as to show its customers (Eccles, Krzus Watson, 2012) Marketing Mix technique Under this technique, Hotel Hilton's objectives and their achievement policies will be discussed. 8P's are the part of this technique and these are stands for a price of the product, product's description, promotion, place, people, process, packaging, and physical environment. This measure develops the clear objective of the organization towards the market, towards its customers, towards its customers, etc. (Klein, 2016). Price: It shows the price of the product launched by the organization. Under this scenario, products will the rooms offered by the hotel, food offered and other services like spa, salon, gaming facilities offered to the public. Setting adequate prices in relevance to the stay with the hotel, food, etc. will attract a number of customers rather setting up the high prices. Being an expensive hotel, their prices are quite high in comparison to the mid-level hotels. Still, they could adopt an effective strategy through which prices could be reduced in the initial period of a hotel to attract a number of consumers (Fischer, Albers, Wagner, Frie, 2011). Product: Products of Hilton hotel includes rooms to stay, the variety of food and beverages, services like spa, saloon, entertainment, gaming zone, travel, pick and drop, cab facility, etc. Hotel Hilton provides these to its customers in terms enhancing their productivity and setting up a great image in the Singapore market (Leihy Salazar, 2011). Promotion: Promotion is the technique through which organizations products and services are promoted in the market. As per this scenario, Hilton has adopted digital, print mediums of promotion for their new launching of the hotel in Singapore market to provide adequate facilities to tourists. Apart from these mediums of promotion, they have also used the technique `of display shows, sponsoring certain events, etc. Place: Place is the Singapores market, Hotel Hilton is the part of hospitality industry and location of the hotel matters a lot. In terms of hotel Hilton which have an adequate image in the customer's mind already does not need to adopt any special measure to develop their goodwill in the market. They have selected the centralized location for developing another hotel in the Singapore market so that tourists could get that easily (Lemeer, et. al., 2013). People: These are the person who is authorized to take care for all the activities which will be performed in the organization premises. For instance, marketing head will be responsible for marketing activities of the organization; financial team head will be responsible for handling finance team of the organization, etc. Operations head has the high responsibility because he will be caring for guests comfort and for other issues. Physical Environment: This refers to the market conditions of the particular place through which organization is launching its products and services. In Hotel Hilton's scenario, they are analyzing the macro and micro environmental factors of Singapore market so that adequate results could be obtained (Gossiaux, et. al., 2010). Process: Under this, apart from services like luxurious stay facilities, good quality, and the variety of food and beverages available, etc. are some of the extra features provided by Hotel Hilton to its customers along with the stay. Reviews are also taken from customers and if they felt any kind of the disappointment, appropriate steps are taken to resolve the issues to feel customers happy. Packaging: This is the technique includes the packaging of the product to attract its customers. Hotel Hilton does not provide any products; hence their services' will be included as products. The process and steps of delivering the services fulfill the requirement of this method of marketing mix technique (Greer Ferguson, 2011). Market Segmentation Market segmentation is the measure of distributing the crucial customers in parts on the basis of certain specifications. As per this technique, appropriate measures are adopted to determine the effectiveness of the employees for organizations growth and expansion. Market expansion is the process of evaluating the potential customers which could turn the things for the organization in a positive manner. On the basis of certain criteria's, the market segmentation process is performed such as on the basis of age, sex, income, area, etc. (Gregor Hevner, 2013). For instance, a cold drink manufacturing company is launching a new product as mango cold drink. For that particular product, an organization has adopted the technique of segmentation process to evaluate the demand for the product. As per the market research, it is found that youngsters and children are more curious in terms of newly launched product. For that cold drink manufacturing company, their targeted customers will be those who demand their products more (Lunenburg Ornstein, 2011). In the scenario of Hotel Hilton, their targeted customers will be people with high income; people like to more concentrate for comfort and luxury, tourists, etc. According to this, Hotel Hilton will concentrate on these things. They will amend their advertisement, promotional strategies in such a way so that these customers could be attracted. Apart from the attraction of these customers, Hotel Hilton also provides the features like adequate area for business meetings, small get together, banquet hall, etc. So, those families will be approached in which some functions like marriage, corporate meetings will be conducted in future time (Helms Nixon, 2010). This will help the hotel to initiate their operational activities with such these activities. There are various kinds of segmentation on the basis of a public is targeted for the particular industry. The segmentation process is the starting process for targeting its customers and the public is targeted and afterward, the positioning process is evaluated and performed. Following are the types of segmentation processes: Demographic: Under this process, people are formulated and divided as per their income, age, sex, etc. For instance, toys manufacturing organization will target children to sell their toys rather targeting another group of people (MacPherson, et. al., 2013). Geographic: Under this step, people are targeted as per the region basis, such as on the basis of country, state, city, etc. For instance, Hollywood movies are created especially for their market like for US people rather for any other country (Paulden Claxton, 2012). Psychographics: These people are divided as per their standard of living, socially or practically. For instance, in every society, the certain group of people used to go in a club while some not. So, a club operator will promote its features in those places where people used to go to in a club. Behavioural: Under this, people are divided as per their nature, needs and as per consumption basis. For instance, people who regularly visit hotels and restaurants will be targeted by Hotel Hilton in comparison to people who often visit there (Hermans Hermans-Konopka, 2010). Hotel Hilton could use the demographic, Psychographics and Behavioural type of segmentation process because Hotel Hilton's fares could not be accepted by all income group people, and hence high-income group will be targeted. In Psychographics type of segmentation process, those people will be targeted which loves to stay in comfort and luxury. Apart from these two behavioural types of segmentation process could also be used on the basis of attracting people. All these activities are performed for expansion of the organization. Till the time, people will not be aware of the features of the hotel, etc. till the time; nobody will show its interest in visiting the hotel. Hence, marketing is very crucial in terms of promotion of the newly launched products and for newly launched business also (Peter Donnelly, 2011). Financial Forecast It is the process of evaluating the budget for setting the new hotel in the Singapore market and for this market research process will be used. Because on the basis of market research, adequate information will be obtained regarding the price of land, a price of other raw materials for construction of the building, and labor costs (Sheth, 2011). All these will form the budget for setting up the new hotel business in Singapore market. An idea could be taken on the basis of the previous hotel situated in the Singapore market but previous rates and current rates for all things may be idle. Hence, adequate information would be analyzed. Under this, all information are determined such as a market condition of Singapore, the financial condition of Hotel Hilton, ways to raise the capital, etc. (Huang Sarigll, 2014). These are some of the resources through which appropriate results could be obtained on the basis of the financial forecast. The purpose of preparing financial forecast is to provide adequate information in relevance to current and future financial position of the organization. Under this forecast, appropriate tools will be used and on that basis, current and future fiscal condition will be analyzed. It is recommended that appropriate market strategies will be adopted while preparing financial forecast statements. Along with the marketing strategies to analyze the approximate expenses, all revenues and expenditures of the organization will be focused (Johnston Bate, 2013) Reflective Review of Marketing Plan This marketing plan is developed for Hotel Hilton for expansion purpose. The decision of setting up another hotel in Singapore was taken by analysing demand of hotels in peak season. To implement this idea into reality, marketing team has developed a marketing plan with the objectives and aims explained by the top level management of Hotel Hilton. As per my opinion, the marketing plan developed by the organization is most appropriate but it will consume high costs. As Hotel Hilton is a brand name in the hospitality industry so, consumption of cots would not be a big concern for them. Ultimately it will increase the prices of the hotel such as stay prices, food and beverages prices, etc. because indirectly the cost incurred on setting up the hotel and its marketing expenses will be beard by consumers only. Hence, to reduce the burden from consumers, valid and effective cost should be incurred while promoting the newly launched products or business. Purpose of developing an effective marketing plan is to provide a better start and developing an effective way for the organizations success. Planning, implementation and developing marketing plan are the initial steps which help the organization to execute its functions more adequately. Objectives set up by the top level management would be achievable through this marketing plan as it includes all those features and functions which plays crucial role in setting an effective image in the market. As hospitality industry is known for providing unique services and on behalf of that, they are rated on the basis of quality of service rendered to its consumers. Hence, customer satisfaction should be on priority for service industry to develop adequate trust level in consumers. Apart from its objectives and purposes, Hotel Hiltons marketing plan includes its situational analysis under which its strengths, weaknesses, opportunities are threats are discussed. The biggest opportunity for Hotel Hilton is to set up an effective place in Singapore market through setting up another hotel there. The plan is well executed and developed that will fulfil the requirements of the organizations management. Techniques used for promoting its products and services are also very effective and result oriented. The mixture of print medium and digital platforms are used by the organization under which local newspapers are advertising regarding the products and services offered in the new hotel launching in Singapore whereas digital media platforms will attract the customers through showing unique and artistic outline of the organization. Conclusion In this report, it is concluded that marketing plan is very crucial for the purpose of building the affecting reputation of the new product launched by the organization or it is also being for the launching of a new business organization. Generally, the market plan is prepared for evaluating effective assumptions on the basis of certain specifications. 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