Marketing is all about creating awareness among people or society about an organization’s product or service to generate sales and revenue. Concerning such fact, the 7P’s of marketing mix plays a key role in augmenting the marketing process effectively and enable the organization to fetch high revenue and able to reach set goals (Faculty of Business, 2020). The approach is so effective that several marketing experts rely on to make effectual marketing campaigns, for example, if we take the instance of social media marketing campaigns, all the techniques and outcome are interrelated to the marketing mix. However, there are factors involved which are crucial to note in order to ensure the marketing campaigns are happening accordingly.
On the other hand, by looking at every aspect of the 7P's of the marketing mix, each of them has a specific role to play. To make the marketing process effectual, experts or managers utilize these aspects accordingly to the needs and requirements of the market segment. Further, there are three elements which are important and effective to reach organizational and marketing goals subsequently (Loo and Leung, 2016). The three additional components of the marketing mix include People, Process, and Physical evidence. These three aspects are considered crucial and proficient in terms of meeting the requirements of the marketing managers successfully, especially, in the service industry such as a hotel, insurance company, or e-commerce. In service marketing environment, these three elements of the marketing mix play a key role in generating sales and revenue for the company. By focusing on these factors especially will provide substantial benefits to the organization in leveraging client satisfaction and creating a massive customer base.
In the case of people, the employees or staffs of the company need to be smart, effective, and efficient at the same time while dealing with customers (Loo and Leung, 2016). Extensive and productive training would be helpful to make them understand. Making a priority in fulfilling customer needs will be helpful in gain trust and more customers, thus, the approach should be customer-centric (Loo and Leung, 2016). Now, the process should be easy, user-friendly, accessible, accurate, reliable, and authentic, ensuring these aspects will help effectively in gaining more returning customers (Loo and Leung, 2016). Besides, physical evidence is important to take note as making an attractive website, infrastructure, process, and stock helps create a positive image on the customer to trust and rely on company’s product, brand, and reliability. In the service industry, these aspects play a crucial role in ensuring organizational success.
An organization which provides service or intangible goods to its customer requires effectual strategies to reach the set goals and objectives. It is of obvious fact, that every organization requires a marketing communication channel to make sure it reaches its customers and ensures satisfaction (Loo and Leung, 2016). Relating to such fact, in-service environment, there are few ways that a firm which is associated with the service industry can utilize to gain success. First, using technology such as e-commerce website to interact with customers in regard to taking orders, handling queries, delivery of products, and generating bills for customers, for example, Amazon, an organization can effectively communicate with its clients to ensure customer satisfaction. Second, the employees can be an effective way by using effective communication skills and strategies to handle clients’ queries and solving their issues proficiently, will assist in gaining customer trust, for instance, front-office staff in five stars hotels (Loo and Leung, 2016).
Third, call centres or customer support is a proficient way to ensure success, for example, aligning with an effective customer service provider firm as a communication partner to handle and resolve client queries like Tata Consultancy Services, which provides effectual services in term of customer support to its client’s customer base. Thus, it has been understood that the 7P’s of marketing mix plays a key role in helping an organization to make effectual decision to create marketing campaign accordingly to generate sales and revenue for the overall company.
In a business environment, building a brand and ensuring organizational success is quite challenging and need hard effort to achieve success. Business is not all about making profits, but to create a positive image to sustain in the market for the maximum period within the cut-throat completion (Loo and Leung, 2016). Concerning such fact, the service industry faces massive challenges and competition to order to sustain and be at the top level to generate revenue (Loo and Leung, 2016). In a service environment, providing effectual service at a reasonable price and at least time is a challenge for companies. In such cases, implementing or utilizing effective and proficient strategy is important to ensure success in achieving set marketing and organizational goals (Loo and Leung, 2016). Grand Hyatt, a renowned hotel and hospitality organization that operates over 100 hotels chains across the world by satisfying is every guest effectively and successfully. Analysing the strategies of Grand Hyatt is crucial to give access to gain an understanding of various factors involved in making the organization to reach success. Besides, understanding the strategies of such firms in differentiating from other competitors in the market will provide significant insight and knowledge to use it for future research or put into practice as Marketing Manager. Thus, this essay will critically analyse the positioning strategy of the firm to know its strategies in gaining success to differentiate from other competitors within the market.
About Grand Hyatt
Grand Hyatt is an American multinational organization which primarily focuses on offering hospitality services to several communities and customers across the globe (The Hyatt.com, 2020). With growing polarity and customer base, the organization has successfully expanded all over the globe with a short period since its initiation in 1957 (The Hyatt.com, 2020). The hotel organization has massive franchises across sixty-five nations which make it effective in term of acquiring great sales and revenue (The Hyatt.com, 2020). In addition, the hotel organisation is been recognized as the luxury service provider to its every customer and has a reputation for reliability, trust, and satisfaction. The company believes that with more than one million and twenty-seven thousand d colleagues and strong culture which makes Hyatt empower every person to aspire and care for each other (The Hyatt.com, 2020).
What is positioning strategy?
In a business environment, an organization applies the positioning of its brand, product, or service in order to differentiate their offered services from its competitors. In addition, companies also build and designs marketing communications to express their needed position towards clients within the target market segment (Iyer, Davari, Zolfagharian and Paswan, 2019). Concerning such, there are various approaches which marketers or organizations use to position their brand or service within the competitive market in order to grab customer base in a short time (Iyer, Davari, Zolfagharian and Paswan, 2019). It involves using product features, pricing, application, process, and class (Iyer, Davari, Zolfagharian and Paswan, 2019). However, it is important to apply the right and effective approach in order to ensure it works and able to fetch profit for the organization and achieve set marketing goals.
Positioning strategies of Hyatt
The great hospitality company has gained massive profit with its effectual strategies in positioning. The brand Hyatt has effectively positioned itself by setting a customer-specific mission and vision which has played the prime role in augmenting its image within the hospitality market. In addition, with strong financial backing, the company has gained an effective and required support in operating its expenses and credit capacity of one million dollars which the company has used in purchasing of estate properties and resources to operate the overall organization successfully. The following are the specific strategies that Hyatt has utilized in its marketing process to achieve success and prosper growth.
Brand name: The brand name of the company itself signifies it’s identified, purpose, and goal which makes the company promising and reliability in customers perspective (Chitty, D'Alessandro and Gray, 2019). Setting a definite and target-centric mission and vision, and making all the employees to interestingly adhere to it has made Hyatt achieve success.
Pricing: Pricing of products and services by Hyatt is reasonable and attractive in customer outlook which makes the company distinguish from kits competitors like JW Marriot. All the prices are set at a reasonable rate so that customer finds it within the budget, reasonable, and comparatively low as compared to other competitors, for example, booking luxury suits starts at $99 (Chitty, D'Alessandro and Gray, 2019). This indicates that it is closely related to the marketing strategies of 7P's of the marketing mix (Chitty, D'Alessandro and Gray, 2019).
Communication channel: Hyatt uses effective and trending communication channels to interact with its clients concerning offers, discounts, add-ons, additional features, coupons, promotions, and so on (Iyer, Davari, Zolfagharian and Paswan, 2019). By using social media like Facebook, YouTube, and Twitter, the company creates effectual marketing campaigns to attract clients and fetch several new customers for their business (Iyer, Davari, Zolfagharian and Paswan, 2019).
Product features: With growing demand and requirement, customers seek quality, customizable, and pocket-friendly option while travelling to any part of the globe. Relating to such fact, Hyatt utilizes the strategy of customized services of hotel rooms, meals, tour, and travel plans according to client’s taste and preference, for example, travel package of $399 which include, 2 nights in a luxury suite, five starts dinner, breakfast, access to the pool, and 24x7 five star services at the doorstep (Iyer, Davari, Zolfagharian and Paswan, 2019). The approach is effective in winning a customer's heart by meeting their specific needs and wants successfully (Iyer, Davari, Zolfagharian and Paswan, 2019). This, in turn, helps the company to gain enhancement in more customer base, reputation, and profit maximisation ability (Iyer, Davari, Zolfagharian and Paswan, 2019).
Uniqueness of Hyatt
Creating a unique factor makes a particular organization to stand out from the crowd and its competitors. Uniqueness with a company in terms of service or product helped distinguish itself from other players in the same game or business (Iyer, Davari, Zolfagharian and Paswan, 2019). Concerning to such fact, Hyatt also has a uniqueness which makes the organization and its services different from other competitors in the market, Select Service Hotels, is an exclusive factor that the hospitality company embraces upon to ensure its effectiveness and efficiency in the competitive market (Iyer, Davari, Zolfagharian and Paswan, 2019). This has been the key focus of them and a long-term strategy concerning emerging demand of reasonably priced stay by the clients who travel across the globe at certain intervals (Iyer, Davari, Zolfagharian and Paswan, 2019). It has been noted that since the last eight years, the company has witnessed remarkable growth in the share of overall rooms by 20% to 29% (Team, 2020). Besides that, it has also been well-known that the demand has appeared in the Asia-pacific region and the company is expected to enhance its share to 35% within the upcoming years (Team, 2020). Hence, it has been understood that Hyatt has utilized effectual and efficient strategies to gain such success and achievement in positioning the brand and company within the minds of people as luxurious, easy-accessible, customer-centric, and affordable at the same time.
Strategizing and implementing effective marketing processes is important in order to ensure succeeding marketing goals and generate revenue for the organization. With such an aspect, Hyatt has used an effective and efficient positioning strategy of its brand, products, and services which has made the organization unique and different from its competitors within the market. On the other hand, by analysing the critical strategies of the firm in term of distinguishing it from others in the competitive market, it has provided significant information and insight about how all the marketing factors and process are closely related with the 7P's of the marketing mix and its concepts. Thus, it has been comprehended that in order to ensure effective and efficient positioning of a brand or service, it is important to take reference of the marketing mix to gain success and prosper growth at the same time.
Chitty, W., D'Alessandro, S. and Gray, D., 2019. Services Marketing Ebook. Melbourne: OUPANZ, pp. 116-121.
Faculty of Business, 2020. Marketing Mix In A Heterogenous Higher Education Market: A Case Of Africa. [online] University of Greenwich. Available at: <http://gala.gre.ac.uk/id/eprint/26190>
Iyer, P., Davari, A., Zolfagharian, M. and Paswan, A., 2019. Market orientation, positioning strategy and brand performance. Industrial Marketing Management, 81, pp.16-29.
Loo, P. and Leung, R., 2016. A service failure framework of hotels in Taiwan. Journal of Vacation Marketing, 24(1), pp.79-100.
Team, T., 2020. A Quick Look At Hyatt's Brand Portfolio, And The Outlook For Key Brands Over Coming Years. [online] Forbes. Available at: <https://www.forbes.com/sites/greatspeculations/2019/06/07/a-quick-look-at-hyatts-brand-portfolio-and-the-outlook-for-key-brands-over-coming-years/#42200ecd2555>
The Hyatt.com, 2020. About Hyatt. [online] Hyatt.com. Available at: <https://about.hyatt.com/>
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