Literature review
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INTRODUCTION Marketing and innovation are the major driving factors of every organization. Every product introduced in the market holds some benefit to the customer which is its value proposition and makes it unique [ CITATION Sin15 \l 1033 ]. Marketing requires understanding your company and the product offered to customer in a way that it makes you different from other competitors. Thus, the major goals of every Marketing person is to be distinctive and be the central brand in the segment they are serving [ CITATION Daw15 \l 1033 ]. Marketing is related to the awareness of knowing the demand instead of what the company is already making as its product. Due to a speedy growth in the Hospitality sector, a need has predominantly been arising regarding new marketing strategies by various enterprises, with an increase in competition and supply. Hence, Mergers and acquisitions have constantly been coming up with airline brands such as British-Iberia and AC Hotels (origin: Spain) and Marriott hotels, these joint ventures have been catering to major market concentration [ CITATION Nun13 \l 1033 ]. The restaurant business is widely affected with economic conditions thereby leading it to come up with various ideas to attract customers, to boost revenue and understand the needs and to optimize these, marketing strategy comes into play [ CITATION Jen15 \l 1033 ]. The strategy is knowing the needs of customer, fulfilling the need (providing the product), interacting and delivering it to the customer. The strategy is reliant on the marketing mix with a constant awareness of the needs of customer and analysis of approaches applied by tough competitors [ CITATION Mar09 \l 1033 ]. LITERATURE REVIEW Development of a marketing strategy initiates with the customer. A condition for the development of the awaiting marketing plan is the consideration of the target market the brand is going to serve [ CITATION Har00 \l 1033 ]. The trending phrase ‘markets of one’ has been followed, stressing on alteration of marketing campaigns to individuals. Segmentation is heterogeneous and it requires dividing the market segment into groups of consumers have some common characteristic, can be the buying behavior, needs, etc. [ CITATION Hea13 \l 1033 ]. From the various customer segments, the marketer should go for the segment which would benefit the most from the product offered, in turn being the most potential segment for the brand; studying a specific target market and making a profile of the same gives more effective outcomes of the marketing strategy applied [ CITATION Jor15 \l 1033 ]. To gain a sustainable position the requirement of understanding the segmentation and the distinctive features about your product and those of the competitors is vital, the attributes which drive your product distinctly from the other competitors help in positioning, the perception of the consumer’s mind towards your product [ CITATION Bai14 \l 1033 ]. After choosing the particular segment and positioning, the brand needs to decide the scheme of delivering the strategy to the customer which involves the application of marketing mix (a combination of product, place, price and promotion) aiming towards consistent benefit to the consumer resulting in organization’s objectives [ CITATION Hea13 \l 1033 ]. Marketing mix comprises of the main elements that need to be elevated in order to market a product the right way [ CITATION KSN15 \l 1033 ]. The product segment of the marketing mix completely depends upon the needs of the customers resulting in providing value proposition to the consumer [ CITATION Aam15 \l 1033 ]. Price is one such factor which is directly related to the profit and budget of the company and plays a vital role, price adjustment can change the whole marketing game of a brand [ CITATION Omo16 \l 1033 ]. Price is the value paid by customers in order to satisfy the needs using the product. The place sub-division requires finding the appropriate place and distribution channel which would automatically give a push to the profit gained by selling the product [ CITATION Mas15 \l 1033 ]. Promotion is to convey your specialty to the consumer and make the target segment aware of the product via advertising, radios, whatever helps you reach your treasured segment [ CITATION Lio15 \l 1033 ]. After the strategy’s delivery to the targeted segment, maintaining the sustainability of product value is essential which involves being updated with the needs of the segment leading to higher brand loyalty, thus, taking care of your old customers and attracting new ones at the same time. Download 80.8 Kb. Share with your friends:
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