Research Paper on "Managing Hospitality Issues"

Research Paper 3 pages (1035 words) Sources: 2

[EXCERPT] . . . .

Third, these managers should conduct a comprehensive analysis of their establishments and market before making any financial and marketing decisions. This helps them in avoiding the selection of inappropriate strategies or making mistakes in attempt to generate more revenue.

Some of the major components of hospitality management addressed in the simulation include pricing, advertising or marketing, and product and/or service differentiation and positioning. These hospitality management components play a crucial role in financial and marketing decisions, which help in determining the success of a hospitality establishment. When making decisions in each of these areas, hospitality managers should consider various factors like the status of the business and rivalry in the market. With regards to pricing, managers may consider setting prices based on their product and/or service offerings, matching prices of competitors, reducing prices, or providing special ranges of prices. Advertising or marketing should primarily be based on the firm's target customers and market conditions.

According to Strauss (2009), product differentiation is the inclusion of certain attributes like price and quality to attract potential customers and make them perceive the product as desirable and different. On the contrary, product positioning is how the product or service is provided in the market through creating a desired image for the company. The relationship between product differentiation and positioning is that they are marketing techniques that focus on setting apart the product or service from those of rivals. Notably, each of these strategies focuses on creating an image of the brand on customers' minds. The repositioning of the product in the simulation did not turn out as expected because of the use of poor marketing strategies and messages to inform customers.

One of the major factors that influenced marketing is product life cycle, which is primarily defined as the typical phases a product undergoes through its lifetime. This process influences marketing through playing a crucial role in determining the visibility of a product in the market. For instance, the introduction of a product requires more money in order to create awareness while the reintroduction of a product does not require excessive costs. In the simulation, the product life cycle influenced the pricing and advertising strategies used by the firms. Pricing and advertising strategies in the simulation were partly determined by the costs of creating the product in each stage of its lifetime.

In conclusion, managing hospitality issues is a daunting challenge for many managers, particularly because of the increased rivalry in the market. This process requires consideration of various factors that are categorized in the establishment itself and the prevalent market conditions. Some of the major components in hospitality management include pricing, advertising or marketing, cost-cutting strategies, and product differentiation and positioning. The consideration of market conditions and factors help managers to develop the most appropriate strategies that give them competitive advantages over rivals and generate increased revenues for the firm.

References:

Reichel, A. (2006). Strategic Management: How to Apply it to Firms in the Hospitality Industry.

Service Industries Journal, 3(3), 329-343.

Strauss. (2009). Chapter 9 -- Differentiation and Positioning. Retrieved February 1, 2014, from http://www.siue.edu/~ehershb/MKTG466/Notes/Strauss_5e_09.ppt READ MORE

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