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Marketing Principles And Practice

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1. Introduction

The Ritz is a five star hotel located in Piccadilly, London and was founded by Swiss hotelier Cesar Ritz in may 1906. It is one of the most prestigious and well renowned hotels in UK. . It is member of internation consortium, the Leading Hotels of World.

Marketing is a fundamental process evolving within a society for effective and efficient resolution of needs and services of the customers (Jobber and Ellis, 2012). Behind every great company there's an exceptional marketing strategy. Considering The Ritz evaluation, distribution of channels , promotion and price of product needs to be done to satisfy the customers.

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2. Marketing Concepts

a. Marketing Management Orientation and Branding

With the day by day evolving markets, marketing concepts have also changed accordingly. They are basically categorised into five categories which have been discussed below:

  • Production ConceptProducts that are less expensive and easily available are usually preferred by the by consumers (Donovan and Henley, 2010).
  • Product ConceptProduct that provide high quality of quality, effective performance or innovative features are usually taken into consideration by customers.
  • Selling conceptIf the company focusses mainly on promotion or selling of the products then only customers will buy them.
  • Social Marketing Concept: Satisfying the needs of target markets and delivery of better value than other competitor are the two important factors which preserve the well being of consumer and society (French, 2010).
  • Marketing Concept: This focusses on needs and desires of target markets to deliver better value than rivalry companies. The brand of the organization should be strong enough to be preferred by customers. The marketing concept propose that the success of the firm depends on the efforts of marketing of company and also in order to deliver better quality proposition as compared to the competitors in its own target market. The Ritz London which is one of the most well renowned hotels in UK applies marketing concept so precisely that it has become one of the most successful hotels of UK (Bose, 2010). It has succeeded in meeting the needs and desires of customers.

The perception made by the customer on hearing about a company name, product or service is termed as branding. Branding is not only about getting target market to select one over the competition but also about getting one's prospect see him/her as a sole provider of the solution to their problem. The objectives achievable by a good brand include:

  • Clear delivery of message
  • Confirmation of credibility
  • Emotional connection between target prospects and product or service
  • Motivating the buyer to buy
  • User loyalty creation

Brand strategies must be integrated by the company at every point of public contact in order to succeed in achieving branding (Sheth and Sisodia, 2015). The effectiveness of brand is not only determined before its purchase but also about the experience it gives the to the customer.

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b. Consumer Decision Making Process

It is necessary for every customer to know the thought process of every customer. Figuring out the way of decision making by customers and convincing them to take the decision of buying product from one's company , becomes an important point for marketer. So there are basically five steps involved in the consumer decision making process which have been discussed below:

  • Problem Recognition: Every decision is raised because of some problem being faced. The needs or desires are developed by customers which they want to be satisfied by the organization (Malekoff, 2015). If one can find out when the target demographic develops these desires, then it would be an ideal time to serve them. Considering the Ritz, whenever the customers realize that they require something whether it is food or bedsheets etc. then this problem needs to be identified by the organization so that the customers could be provided with more bedsheets, food or as per their requested requirement.
  • Search Process: No individual is expert on everything around him/her. In this phase research is done on the needs and desires that could provide satisfaction to the customers. Many of the cases say that recommendations from family and friends and family are preferred more over online search engines. People don't want to feel any sort of regret about the decision they make so extra time can definitely be taken to manage the risks that come within that decision. So if any person related to an individual visits the Ritzand he/she experiences quality services which are up to the mark then that relative will be giving positive feedback about it to the individual. Thus instead of preferring online search processes for best hotels he would rather trust hi/her relative and consider The Ritz.
  • Evaluation of Alternatives: Once the identification of needs has been done by the customers , they will begin searching for the best deal which might be based on quality, price and other factors of utter importance. This is also based on the reviews read by the customer thus ultimately choosing that option which satisfies the customer's most of the criteria (.The four basic principles of Marketing and their role in effective Marketing strategy, 2014). For suppose when the customer will search for hotels then first he will think about the needs and requirements and then accordingly prepare a list of the best options serving his/her desires. If The Ritz is successful in satisfying all the needs and desires of the customer then it emerge out out to be the best choice and hence he/she will prefer it also in the list.
  • Selection Stage:After getting a list of alternatives that are preferable by the customers he/she needs to decide the best alternative and make a final selection from them. This selection is basically based on the price and quality factor about the services being offered. The best option which meets up to the customers demands in each and every possible way is chosen by him/her. Example let us suppose the list of alternatives is including hotels like Marriott, The Ritz. If Marriott is providing rooms at high prices while The Ritz is giving same rooms at comparatively low prices with quality also, then The Ritz will be finalised by the customer.
  • Evaluation of decision: Every marketer wants that the customer should prefer their products and services for repeating lifetime. So any bad experiences can ruin this perception forever. On the contrary superb experience could lead to a loyal customer and he/she may also become a brand ambassador (Jobber and Ellis, 2012). For example if the customer had experienced good quality services at The Ritz then he/she would prefer the same hotel next time also. This will increase the loyalty of that customer towards The Ritz and he/ she could serve as brand evangelist for the same.

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Conclusion

Changing scenarios in the market have led to the evolvement of new marketing concepts and strategies. In order to satisfy the customers with quality services and products a marketer must ponder upon the effective decision making , branding and marketing of the same. The Ritz London is worldwide renowned hotel becaususe of its expertised marketting skills and also due the high and luxurious quality services provided by it. Hence it emerges out to be one of the most prestigious organizations in UK based hotel industry.

References

Books and Journals

  • Bose, D.C., 2010. Modern marketing: Principles and practice. PHI Learning Pvt. Ltd..
  • Donovan, R. and Henley, N., 2010. Principles and practice of social marketing: an international perspective. Cambridge University Press.
  • French, J., 2010. Social marketing and public health: Theory and practice. Oxford University Press.
  • Jobber, D. and Ellis, F., 2012. Principles and practice of marketing(No. 7th). McGraw-Hill Higher Education.
  • Malekoff, A., 2015. Group work with adolescents: Principles and practice. Guilford Publications.
  • Sheth, J. N. and Sisodia, R. S., 2015. Does marketing need reform?: Fresh perspectives on the future. Routledge.
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