CHAPTER-ONE: INTRODUCTION
Introduction
The
current business world is a globalized business world. Previously, the business
world was highly confined within the national borders of the countries. But in
the current times, the business world has crossed the national borders (Kotler
& Keller, 2012. When the business was restricted within the national
boundary, the global business market was highly production oriented and the
more an organization would produce the more they achieved their revenues and
profits as the competition within the national boarder was very limited. But
the age of globalization has created a unified global business floor where
there is no national border and all the business all over the world can enter
into any market all over the world (Goldstein & Lee, 2005). This is why the
competition has become cutthroat. In this situation, no customer is bound to
buy a product from a specific company as the sceptre of power has transferred
on the hand of the customers (Dev & Don, 2005). In this customer oriented
market, the organization which has the maximum customer segment and their
satisfaction, the more the organization is successful. If any company fails to
manage the high customer segment, growth and customer satisfaction, the
organization will lose the profit and growth and in a day it will be extinct
from the market. To be sustain, in the market an organization should manage the
best marketing, marketing strategies and marketing process to achieve growth
and survival in the highly competitive market (Kerin, 2012). So, it is highly
essential for an organization to formulate and apply the best strategy to
manage the current customer demand and attract new customer segment and to
achieve their satisfaction to be grown and sustain in the market. Current
proposed research will mainly focus on and critically analyse the marketing strategies.
To conduct the research, the proposed research will be conducted on the context
of Hilton Hotel and Resorts, one of the renowned and luxurious hotel chains all
over the world (Hilton Hotel and Resorts, 2014).
Organizational Background: Hilton Hotel and Resorts
In
the global tourism and hospitality business one of the most significant names
is Hilton Hotel and Resorts (Hilton Hotel and Resorts, 2014). It is one of the
most renowned hotel chains which were established in Texas in USA in 1919. Now
it has become one of the leading hotel chain has spread its business all over
the world. It is a flagship brand which is operated by individual operators all
over the world. The hotel has become the
coast to coast hotel chain in USA in 1943 (Hilton Hotel and Resorts, 2014).
According to the report in 2010, the organization was operating their business
in 78 countries. The organization has about the 530 hotels all over the world.
In 2013, the organization has expanded its business in Myanmar.
The
organization has emphasized on the business travel and leisure travel with the
location in the major city centres, near airports, convention centres and
vacation resorts to make them on the current successful position (Hilton Hotel
and Resorts, 2014). The organization has introduced the best guest loyalty
programs among their kinds. Additionally, to make their business successful the
organization made different partnerships with the assisting business like
airlines and car rental companies (Hilton Hotel and Resorts, 2014).
Problem statement
An
organization which is highly successful in the current competitive business
world has the strongest marketing strategies. The more an organization is
efficient to make and apply efficient marketing strategies, the more the
organization will earn profit and growth (Kotler & Keller, 2012. Hilton
hotel and resort is one of the leading marketers in hotel business all over the
world which has different marketing strategies which is highly related to their
growth and profitability (Hilton Hotel and Resorts, 2014). In the recent time
the organization is facing the lower growth trend which has diminished their
service sales all over the world and it has reduced their revenue and
profitability. Different market specialist and management people within the
organization have commented that the main problem is that the marketing
strategies within the organization are not working effectively (Hilton Hotel
and Resorts, 2013). Additionally, the global sales have reduced in the recent
years especially in the emerging market like Asia where Hilton hotel is being
beaten by the both local and international low cost service providers. This is
why they are losing their profitability and desired growth in this market. The
major problem is that they are losing their customers and they are unable have
the new customers as required to achieve their desired marketing goals and
objectives (Hilton Hotel and Resorts, 2013). So, the major problem relies on
their marketing strategies which are not working efficiently. To have desired
growth in the developed and growing market the organization must have to
identify the problems within their marketing strategies and the ways to solve
the problems.
Significance of the topic
In
the customer oriented globalized and highly competitive business, efficient and
effective marketing strategy is highly essential to be sustained and achieving
growth. If an organization fails to produce and apply the proper and efficient
marketing strategies it will fail to achieve the goals and objectives
(Goldstein & Lee, 2005). The current proposed research is highly crucial
for the organizations within the global hotel industry as it will analyse
different marketing strategic issues within the industry which may help them as
the guidelines for future marketing strategies (Kotler & Keller, 2012).
For
Hilton Hotels and Resort, the proposed research is highly important as it is
losing its market growth, profitability and expansion opportunities and the
research will guide the organization to identify the problems of its marketing
strategies by reviewing these and recommend solving the problems (Kerin, 2012).
This will help the organization to formulate the best marketing strategies and
it will help the organization to achieve desired growth and profitability. In
this way, the proposed research is highly significant for the organization
(Hilton Hotel and Resorts, 2013).
For
me, the proposed research is highly important. The reason behind it is that the
research will help to understand more on marketing and marketing strategies.
Additionally it will help to apply the theoretical knowledge regarding
marketing strategies which has been gathered from the academic programs in the
practical organizational situation. Furthermore, it is an opportune ground for
enriching research skills and capacities.
Research questions
Based on the identified
problems in the marketing strategies within Hilton Hotel and Resort, the
following research questions have been developed to conduct the proposed
research:
ð What are the current marketing strategies of Hilton Hotel and Resorts?
ð What are the major problems of Hilton Hotel and Resorts?
Research Aim and Objective
Aim
The
aim of the proposed research is to review critically the marketing strategies
of Hilton Hotels and Resorts.
Objectives
The
objectives of the research to achieve the aim are like following:
Ä To investigate the current marketing strategies of Hilton Hotels and
Resorts
Ä To investigate the problems within the marketing strategies of Hilton
Hotels and Resorts
Ä To recommend for removing the problems of marketing strategies of Hilton
Hotels and Resorts
CHAPTER-TWO: LITERATURE REVIEW
Introduction
For producing a research work, it is necessary
for developing the theoretical benchmark or standard to analyse the primary
data collected for generating the research result. For developing the standard,
different previous literatures are reviewed and arranged in the literature
chapter of a research. In this chapter, different previous literatures
regarding the marketing strategies are indicated for the proposed
research.
Marketing
Marketing
is one of the most common words in the current business world as it is highly
linked with the market where a business runs their business. Normally, the
marketing is the approaches to offer products and services to the potential
customers (Dev & Don, 2005). More specifically, marketing is the process
for communicating values of a product or service to customers with a view to
sell the product is recognized as marketing. Marketing is the process which
links between the social material requirements and its economic pattern of
response (Goldstein & Lee, 2005). The needs and wants of the customers are
satisfied by marketing based on a long term relationships. More broadly, the a
set of process of creating, delivering, communicating values to the customers
and managing the customer relationships in ways that also benefit the
organization and its shareholders (Aaker, 2008).
Marketing strategy
For
making successful marketing of an organizational products and services,
marketing strategies are one of the most crucial issues. Marketing strategy is
the technique used by the business organization for choosing the target market
through target market analysis and market segmentation as well as understanding
the customer buying behaviours and providing them superior customer values
(Kotler & Keller, 2012). More clearly, the marketing strategies of an
organization are the strategies which combine all of its marketing goals in one
comprehensive plan. A marketing strategy will be developed based on the market
research and focus on the right product mix in order to achieve the maximum
profit potential and sustain in the market and it will be major fundament of
the marketing plan of an organization (Goldstein & Lee, 2005).
Benefits of marketing strategy
Marketing
strategies are the most important part of the business to be successful in the
competitive market. The reason behind it is that the successful marketing
strategy ensures the efficient focus on the real customer segment (Goldstein
& Lee, 2005). Based on the proper marketing strategies, a business can
efficiently define the market segment which is profitable for targeting by
them. By the marketing strategies the organization can understand the actual
needs of the targeted market segment can design the best products and services
for the organization to satisfy them (ILR, 2014). In this way; the organization
can easily satisfy the customers and in the current customer oriented business
world a customer can be successful with the satisfaction of the customers
(Forbes, 2014). By the proper marketing strategy an organization can define the
market gap where they will place their business. An efficient marketing
strategy will help an organization to analyse the market competition and find
out the position where the competitors are not successful or has not entered
(Dev & Don, 2005). This will be recognised as the market gap organization
place itself in this gape and success comes easily. Different successful steps
are possible by the use of the proper marketing strategies. It helps an
organization to achieve the organization goals and objectives through the
proper product design, pricing directions, efficient promotional activities and
location suggestion to be highly successful in the market (Aaker, 2008).
If
any organization has no proper marketing strategy, the organization will be
unable define the actual market segment which will be their target market. In
this way; the organization will be failed to have the proper identification of
the needs and wants of the customers and their product or service design will
be wrong (Forbes, 2014). It will not satisfy the customers and the customers
will not be attracted. In this way the customers will be lessened. As the
consequence the organization will lose profit and existence within the market
(Kerin, 2012).
Different marketing strategies
Within an organization
mainly four types of basic marketing strategies are used to deliver values to
the customers through the proper products and services (ILR, 2014). For the
successful market, an organization will be highly efficient to formulate, apply
and execute the strategies.
Product
or service strategies
An
organization delivers values to the customer through the products. For
producing the best product an organization for the first time define their
target customers and analyse the needs and wants of the customers and according
to the needs and wants the organization designs their products to satisfy the
customer demand to be successful in the market (Goldstein & Lee, 2005).
Price
strategy
Price
is the value collected from the customers in exchange to the utility of the
product provided to them. The organization to be successful in the customer
oriented market must be efficient to fix their product or service prices (ILR,
2014). There are major four strategies of pricing according to Porter which are
cost leadership strategy, differentiation strategy, focused differentiation and
cost leadership strategies. If any organization fails to chose the best pricing
strategy it will be failed to sell their product or services which will
generate loss and productivity for them (Aaker, 2008).
Place strategy
If
any organization fails to locate their products and services within the proper
location which is reachable to the target customer, the organization will lose
the customers. If any organization can locate the best product in best location
it will be highly successful as if a customer get a product in the shop close
to him/her with lower quality, he/she will buy it is the high quality product
is not available to him/her (Goldstein & Lee, 2005).
Promotional
strategy
The
marketing strategy which helps an organization to remove the knowledge lacking
of the customers regarding their product or services is called as the
promotional strategy. Different promotional strategies like advertisement,
personal selling, social marketing etc. are used to introduce product and
services with the target customers (Kerin, 2012).
Theories regarding marketing strategies
Marketing strategy development process
The
basic process to develop an effective marketing strategy includes different
steps which are understanding customers, analysing market analysing completion,
research distribution, defining marketing mix, financial analysis, revise and
reviews (Kotler & Keller, 2012).
Source:
http://www.easy-marketing-strategies.com/marketing-strategy-process.html
Strategic
tools
Different strategic
tools are used to develop marketing strategies which are SWOT and PESTLE for
environmental analysis, Porter’s five forces for completion analysis, Value
chain, BCG matrix and Ansoff’s Matrix analysis tools for marketing strategy
development (Aaker, 2008).
Characteristics
of efficient marketing strategies
The
best marketing strategy must be designed and based on the organizational goals
and wants to achieve the business success. If a marketing strategy is not
aligned with the organization objectives it will not be able to achieve the
success of the organization.
The
best marketing strategy will include the maximum innovation. Through the
innovation an organization will be able to define the best and ongoing
opportunities for the organization. It will help the organizational growth and
efficiency. If any organizational marketing strategy lacks of it, it will not
be able to satisfy the highly changing demand of the customers (Forbes, 2014).
The
best marketing strategies will help the organization to make better marketing
decisions to design products or services, product prices, promotion and
placing. It will help to select the best people to continue the business growth
and profitability (Goldstein & Lee, 2005).
A
successful marketing strategy will be efficient to beat the competitors,
flexible to adopt with the changing situation, consistent, proper resource
allocation and create competitive advantage for an organization. It will help
the organization to create effective and successful USP to attract customer and
to give them reason to buy a product or services from an organization (Dev
& Don, 2005).
CHAPTER-THREE: RESEARCH METHODOLOGY
A
research should be conducted based on a recognized and appropriate method as it
provides the credibility and validity of the research and the research result.
The research methodology is the chapter where all methods used in a research is
declared and detailed (Creswell, 2012).
There
are three main research methods can be used in a research which are
qualitative, quantitative, and hybrid research method (Gray & Guppy, 2007). For the current proposed research a mixed
structured research method will be used. The reasons behind it are that the
qualitative research method will produce the in-depth research data but the
data are tough to measure and in some situation the method is inappropriate to
use (Creswell, 2012). The quantitative research method produces measurable data
but in some situation research issues requires in-depth research data which
cannot be produced in this method (Mertens & McLaughlin, 2004). But hybrid
method will help to produce the desired and appropriate research data where
both the research method is appropriate. This is why the hybrid research method
will be used which is the combination of both the qualitative and quantitative
research method (Gray & Guppy, 2007).
For
the current proposed research both the primary and secondary type of data will
be used. The primary data will be collected through a well-designed survey
questionnaire with open ended and close ended questions. For investigating by
the questionnaire, a sample population of 50 people will be selected from the
related positions and place (Gray & Guppy, 2007). In this research some
ethical issues will be carefully maintained like avoidance of plagiarism, data
protection, privacy of the interviewees and ethical data use, protection and
storage. The major weakness of the research will be the limited time constraint
to conduct the research (Creswell, 2012).
TIME SCALE FOR THE RESEARCH
|
CHAPTER
|
DETAIL
|
TIME
|
|
One
|
Introduction
|
22-03-2014
to 31-03-2014
|
|
Two
|
Literature
review
|
01-04-2014
to 10-04-2014
|
|
Three
|
Methodology
|
11-04-2014
to 15-04-2014
|
|
Four
|
Data
collection and analysis
|
16-04-2014
to 30-04-2014
|
|
Five
|
Discussion
|
01-05-2014
to 10-05-2014
|
|
Six
|
Conclusion
and recommendation
|
11-05-2014
to 20-05-2014
|
|
|
Documentation
and submission
|
21-05-2014
to 27-05-2014
|
REFERENCE
1. Hilton Hotel and Resorts, (2014). Globally motivated. Individually
focused. [Available at:
http://www.hiltonworldwide.com/development/performance-advantage/hilton-worldwide-sales/].
Accessed: 01-04-2014
2. Hilton Hotel and Resorts, (2014). Hilton Performance Advantage
Benefits. [Available at:
http://www.hiltonworldwide.com/development/performance-advantage/]. Accessed:
01-04-2014
3. Hilton Hotel and Resorts, (2014). Development: For every opportunity,
there's a Hilton Worldwide brand. [Available at:
http://www.hiltonworldwide.com/development/]. Accessed: 01-04-2014
4. Hilton Hotel and Resorts, (2013). Annual report: 2012. [Available
at:
http://www.millenniumhotels.com/content/dam/Millennium/CIR/Finance/c107358CCL_2012.pdf].
Accessed: 01-04-2014
5. Kotler, P. & Keller, L. K., (2012). Marketing Management 14e.
London: Pearson Education Limited
6. Dev, C.S. & Don, E.S., (2005). "In the Mix: A Customer-Focused
Approach Can Bring the Current Marketing Mix into the 21st Century". Marketing
Management 14 (1)
7. Kerin, R.A., (2012). Marketing: The Core. Ryerson: McGaw-Hill
8. Goldstein, D. & Lee, Y., (2005). "The rise of right-time
marketing". The Journal of Database Marketing & Customer Strategy
Management 12 (3): 212–225
9. Dacko, S.G., (2008). The advanced dictionary of marketing. London:
Prentice Hall
10. Baker, M., (2008). The Strategic Marketing Plan Audit. London: Pearson
11. Aaker, D., (2008). Strategic Market Management. London: McGaw-Hill
12. Forbes, (2014). 4 Principles
of Marketing Strategy in the Digital Age. [Available at: http://www.forbes.com/sites/gregsatell/2013/04/16/4-principles-of-marketing-strategy-in-the-digital-age/].
Accessed: 01-04-2014
13. ILR, (2014). 5 Benefits of a Great Marketing Strategy. [Available
at: http://ilgresults.com/5-benefits-of-a-great-marketing-strategy/#axzz2xZFtGrYz].
Accessed: 01-04-2014
14. Creswell, J. W., (2012). Qualitative inquiry and research design:
Choosing among five traditions (3rd ed.). Thousand Oaks, CA: Sage.
15. Gray, G., & Guppy, N., (2007). Successful surveys: Research methods
and practice (4th ed.). Toronto: Harcourt Canada.
16. Mertens, D. M. & McLaughlin, J. A., (2004). Research and evaluation
methods in special education. Thousand Oaks, CA: Corwin Press.
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