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Hospitality marketing - Essay Example

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Why are each important? How can these building blocks be utilized in marketing techniques? Is price a building block of competitive advantage? Why or why not? Discuss, providing relevant hospitality examples.
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Download file to see previous pages Quality is the first competitive advantage building block, which is defined as the manner in which a product is perceived by the market in relation to competitor products. Superior quality gives a product a competitive advantage compared to competitor products. Superior quality includes reliability, durability, quality design, and image. Quality is essential because customers prefer organizations which are reputed for offering superior quality products.
The second competitive advantage building block is efficiency, which is defined as the rate at which an organization carries out its operations. Superior efficiency means that the organization will produce and market a large number of products within a short duration using minimal amount of organizational resources. Superior efficiency is necessary because it enables an organization to produce and supply products when demanded; hence, sustaining its supply chain. Third on the list of the building blocks is customer responsiveness. This can be described as the manner and speed in which the organization meets customers’ needs. An organization with superior customer responsiveness is that which is quick to act on customer needs and ensures that they are satisfied. This is vital because it enables an organization to always meet the needs of its customers.
The last principal building block of competitive advantage is innovation. This can be described as undertaking strategic activities to find new and better products, and new work routines that will increase the organization’s efficiency. Innovation is critical because it enables the organization to keep up with the ever-changing tastes and preferences of the customers. Therefore, an innovative organization has a competitive advantage in the industry because it has the potential of offering products which have not been produced before.
Building blocks can be utilized in marketing techniques in various ways. To ...Download file to see next pagesRead More
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