Modern Concepts of Marketing in the Hospitality Industry

Modern Concepts of Marketing in the Hospitality Industry Modern concepts of marketing date back to the 18th century. Industrial revolution provided systems and infrastructure that allowed producers to manage the distribution of goods via the expanding mass media. Furthermore, mass production led to separation of goods and consumers.Advertising We will write a custom essay sample on Modern Concepts of Marketing in the Hospitality Industry specifically for you for only $16.05 $11/page Learn More Competition for customers increased in the early 20th century causing greater focus on strategies for communication and advertising to persuade customers in crowded markets. In the 1950s, markets underwent significant saturation, which triggered intense competition for customers and led to the development of modern marketing strategies. The need to adopt diverse marketing strategies in the hospitality industry arose as the industry expanded to incorporate mass tourism, package travel and new concepts on restaurant services, which led to increased competition. Comprehension of consumer needs, identification of market segments and selection of appropriate tool for marketing is crucial in hospitality marketing. Market analysis provides business entities within the hospitality industry with information that facilitates adoption of strategies to attain strategic goals (Powers 28). Properly formulated market analyses provide a clear understanding of the target market and potential competitors. Maximization of the impacts of marketing activities depends on the comprehension of factors that influence consumers to buy a hospitality product (Hsu et al. 65). Marketing strategies that create consumer value and facilitate business entities to retain consumers increase profitability. In the hospitality industry, a company with effective and efficient marketing strategies successfully sustains a cycle of quality products, triggers consumer needs, and guarantees satisfaction.Advertising Looking for essay on bu siness economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Analysis of consumer needs should highlight that the marketing strategies in use guides consumers in decision-making and do not pose threats to a company’s reputation. A business entity with proper comprehension of consumer needs can plan effectively on intervention measures that guarantee profitability in both the short-term and long-term (Reid 75). In addition, understanding consumer needs allows a company to target specific groups using hospitality products specifically designed for those groups. Market segments in the hospitality industry are distinct by unique characteristics that depict their role in matters such as price sensitivity and growth opportunities (Hudson 132). Therefore, business entities keen on determining profit potential and mistakes relating to a business venture must analyze individual market segments. Proper evaluation of market segments provi des information on the disparity of primary demand between segments of interest. Companies within the hospitality industry seek marketing tools with great impacts on consumers. An effective marketing tool should pay attention to the needs and preferences of consumers and facilitate high levels of satisfaction. Customization of hospitality products and services is one aspect of paying attention to consumer wants (Knowles et al. 48). A company that makes consumers feel appreciated safeguards profit maximization.Advertising We will write a custom essay sample on Modern Concepts of Marketing in the Hospitality Industry specifically for you for only $16.05 $11/page Learn More An advertising tool that is affordable to consumers significantly influences marketing activities. Brochures and magazines available to consumers on daily or weekly basis attract attention towards a company. Arguments on the effects of relationships between human resources and practices in the hospitality industry highlight the importance of strategizing on the management of human resource to guarantee quality services and the profitability derived from a hospitality product (Kusluvan 41). Customer satisfaction depends on human resource practices relating to training and communication. Satisfied customers have allegiance to a company and boost marketing activities by engaging in personal marketing. A company that does not address consumer needs increasingly loses its market share to competitors and may eventually have to exit the industry. Hsu, Cathy H. C., and Thomas F. Powers. Marketing hospitality. 3rd ed. New York: J. Wiley, 2002. Print. Hudson, Simon. Tourism and hospitality marketing a global perspective. Los Angeles: SAGE, 2008. Print. Knowles, Tim, Dimitrios Diamantis, and Joudallah Bey Mourhabi. The globalization of  tourism and hospitality: a strategic perspective. London: Continuum, 2001. Print.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Kusluvan, Salih. Managing employee attitudes and behaviors in the tourism and  hospitality industry. New York: Nova Science Publishers, 2003. Print. Powers, Thomas F., and Clayton W. Barrows. Introduction to the hospitality industry. New York: Wiley, 1999. Print. Reid, Robert, and David C. Bojanic. Hospitality marketing management. 3rd ed. New York: Wiley, 2001. Print.