Before any major changes are made in a business it is good to undertake market research to determine the effect the change will have on the business. Market research ensures that the business does not face for instance undergo financial problems because of poor research. The problems might arise from things such as high competition, lack of customers and as well being in the wrong business altogether. There are various ways a company can undertake market research. This can be through consumer market research or business-to-business market research. The importance of consumer marketing research will help the company to know the behavior of the consumers. Consumer behavior will determine how the product will be received in the market company because of the consumer preference and their buying habits, and also to some extend how income distributed among target consumers. Business to business research will enable the company management to reduce uncertainties that might arise after the business decision has been implemented. Therefore, the market research will assist the management team to put together the collected information and afterward decide on the best move to take. Hence through this, the company will develop a product that will correspond to the behaviors of the customers.We will write a custom The 4p’s Marketing Strategies Analysis specifically for you
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In marketing, the 4p’s (product, price, promotion, and place) combined enable the business to realize its objective. These are put together to make the marketing mix.
- Product: “Products are broadly defined as anything offered for attention, acquisition, use or consumption that is capable of satisfying needs,” (Sandhusen, 2000, pp320). Satisfaction comes from both physical satisfaction and psychological satisfaction. A customer who gets in a hotel and is served by a waiter and he feels that the waiter meets all the standards he prefers, such customer will have his food his stomach satisfied as well as the mind. But in case he is served by the untidy customer even if his stomach is satisfied his mind won’t be settled, Therefore, in catering business its not only a matter of providing food as a product but also make the product presentable. Hence the kind of products for Radisson hotels includes high-quality meals and all hospitality services. Some other recreational facilities and diets cater to different tastes.
- Price: this is the value of the product to be charged to the customers. The price of the product will mostly determine the number and type of customers who visit the business and also will set a pace with the other competitors. Therefore, a pricing policy is used to distinguish a company’s offering to the customers. The prices are usually low during the off-peak seasons. Even though they have peak season prices, the Radisson hotel company does not inflate them like other hotels.
- Promotion: this is the act of creating awareness to the customers about the existence of the products you are offering. Promotion can be done through public relations, carrying out advertisements, as well as through selling methods. The Radisson hotel offers its customers gifts and presents during festive seasons. This could include Christmas presents and special packages at lower prices. And also excellent services like saunas, conference facilities, and gyms.
- Place: this mostly talks about the channels of distribution of a product as well as the physical location of the business. The Radisson Hotels are located in most major towns in the world. They are also located within or near big towns strategically to attract clients. Wherever they are located, it is accessible and near the airports. This makes it efficient and easy to be accessed by businessmen, travelers, and other holidaymakers.
Determining the product to put on the market
In determining the product to put on the market, the company will have to design products that will meet customer satisfaction as well as the objective of the organization. A product design has an influence on determining the customers of the organization and the other 3P’s. To determine the company’s product, the marketing department has to analyze the resource requirement of the product and the potential or existing competitors in the market. To develop the product customers’ tastes and preferences should be a determining factor. The customers in the region will find most of our food stocks that are organically produced. In most instances, the product has to meet the needs of the customer. The marketing team should also examine the cost associated with the production and distribution of these products. This is because the cost will reflect the price that has to be charged on the product so that it covers the cost of production and have a profit margin on it. Product determination will also enable the organization to know how the product is used, and by whom.
Determining to price
Setting price is one of the most challenging but again more flexible of the 4p’s. When setting a price of the commodities, the company’s marketing team has to account for the costs incurred in the business how the customers perceive the set prices and how the effect of the pricing will trickle down to the competitors. Cost analysis is very important as it will show the best position that the base price can be set at. To set a price, the company has to look at its short and long-term objectives. Is it to attract customers first? Is it for promotional purposes? Is it to make the possible highest profit? Etc. Prices have a direct effect on sales, profit as well as the other 3P’s. A pricing policy is used to distinguish one firm’s offering from another. It will eventually create market share and determine the maximum profits of the firm. The most important thing is that the company should first break even. Then after obtaining a break-even point, Kudler should see a price that resembles the competitors. This is because if they put a slightly lower price, most customers might think that their products are of low quality hence opts for the competitors. On the other hand, if they set a higher price than the already existing competitors’, the customers will also shun it and go for an alternative cheaper restaurant. Therefore when the company sets a price at the level of the already existing competitors, they will get customers especially the curious who want to try their services. This will cause an effect on the other competitors since they will be forced to adjust their prices to attract more customers. And the price is more flexible than the 4p’s, firms can also now adjust their prices depending on the objective. The company can undertake the demand – competitive-based pricing.
The idea about promotion is mostly to inform the customers about the product, persuade them to buy, and also keep on reminding them about the existence of the product. The promotion of the company should be done both directly and indirectly to reach a wide range of customers. There should be increased publicity about the services the company will be offering, have a public relations manager who will be able to handle customer complaints directly and in the process, he will be promoting the company through the mouth to mouth activity. The company needs to reach its customers through promotions. Therefore, it is of great importance that the company develops a high-tech system to enable it to communicate with customers or promote its products. Advertising can take place through the media (print, radio, or television). The company, therefore, requires taking a reputable media house for its advertisement. The company can as well go ahead and have its printing system to enable print posters and other materials such as journals and magazines that can promote the industry.
The Radisson hotels and resorts company has set up a web that the customers can access the information about services offered and also make an order for reservation online. These web services also inform customers of the location of the hotels and the services offered. In the advertisement, branding is meant for improving the quality of a manufacturer’s product. “Advertising justifies its existence when used in the public interest. It is much too powerful a tool to use solely for commercial purposes” attributed to Howard Gossage by David Ogilvy. Ad tracking is a way of measuring advertisement effectiveness. Animation is a form of advertisement used which expresses more details and in usually in the computer since it is normally difficult to achieve with the actors this method becomes more effective. Energizer bunny is another advertisement whereby the room was filled with batteries, which seemed to be moving except the energizer battery this promoted market for the energizer battery. Frequency advertisement is whereby the advertisements are displayed on television such that the viewer will long to continue on the next movie even when the first one has ended. The viewer would enjoy that channel throughout. Some of the restrictions in advertisement include the burning of certain products in the advertisement this may cause the company owning the product to fall. Some television station is embarked by the government hence this brings reduction of advertisement strategy. The use of music previously and currently recorded also helps in promoting advertisement. This is because music artists are very creative and can easily pass messages from one point to another through media or physical action. It is a quick method of advertising products.
They are several firms internationally which are aimed at sponsoring sponsorship may be meant for different activity or goals e.g. an environmental you very consult friends of the earth, reinforcement foundation. Other sponsors include Age concern, British Heart Foundation; Help the Aged, which sponsors people e.t.c. There are some limitations in using publicity, first and foremost the information or message communicated must be accurate interesting, and timely e.t.c.Get your
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SWOT Analysis Radisson
- Global presence: the hotel is a multinational entity with outlets that enjoy the global dimensions. Each independent entity offers a modest and appealing aura.
- Radisson hotel has integrated technology which is so potent in terms of customer care relations and also for wedging massive online campaigns. This has increased its monetary portfolio and also better customer communication.
- Efficient booking services.
Radisson offers warm hospitality, based on its strategic location that is close to the shopping, theater, and museums. This atmosphere is so inviting and top-notch services are quite appealing to business and leisure travelers alike. Radisson’s mission to offering the finest personalized service and facilities ensures a memorable experience.
Radisson owns spacious rooms that offer luxuries and stunning views, these rooms have been integrated with high-speed internet infrastructure, spacious work desk, coffee maker, hairdryer, iron and iron, and ironing board.
Clients have an opportunity to enjoy full service onsite in Athletic Clubs that are staffed personnel trainers, and our indoor heated pool with waterfall and hot tub. Guests can also enjoy our 5000-gallon saltwater aquarium located on the lower level and three full-service shopping outlets located on the main level.
Groups & Meetings
The hotel offers state-of-the-art auditoriums for meetings and conferences for private events. These are held in the hotels spacious and elegant grand ballroom and reception foyers
- Terrorism is a potential threat that gravely hampers the existence of Radisson hotel. This has hampered the smooth running of the hotel industry bringing global attention to how terrorism can be devastating to such unscrupulous and heinous actions.
- The unpredictable climatic conditions pose some threats; this is evident with the increased water levels that might harm the well-being of their structures.
- Nonoptimal organization structure.
- Taxation variations.
Most of its establishments are located in remote places.
Marketing can therefore be considered as an activity that gets customers, serves them, and make sure the organization has secured them for their continued service. The function of marketing also entails coming up with a product, communicate it to customers, and make sure it gets to them. The Radisson company should develop a brand of product that will reflect the worthiness of the good. With a brand in place, it will always rekindle in mind of the customers that at a certain place, there is a brand of high quality. With such awareness with the consumers, the company will be able to develop a strong vitality of the product. Public relations which are part of the promotions are meant to amplify the image of a person or an institution. It is a function aimed at winning public understanding through settings up programs and procedures of an organization. A high level of science and technology in communication, such as broadcasting, satellites, and the Internet has enhanced the modern public relations industry that has been used by this company. The art of advertising products and services to sensitize customers on the same have played a major role in this policy of market communication. The effect of globalization is a factor to consider in public relations. This is because various regions all over the world have different cultures and practices, the economic structures vary from one country to another. The medium of publicity such as newspapers and electronics should allow information targeting a particular audience and their information should be tailored in winning the audience. Formation of Lobby groups; these groups are very influential both in public and government policies. They present a specific interest to the public.
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