The Aspects and Ideas of Marketing - Essay Example

? Tourism and Hospitality Marketing Case Study Answer Marketing is a concept of promoting a product or service of an organisation in order to enhance its effectiveness within the minds of its target customers. Side by side, it is also used to improve the fame and brand image of the organisation in the market among other rivals. Moreover, by promoting or marketing a specific product or service, the organisation might create awareness of its features within its target customers, resulting in amplification of its brand value and equity in the market (Williams & Page, 2008). However, the aspects and ideas of marketing or promotion have been changing at a rapid speed due to the alternating demands of the customers. As a result, most of the entrepreneurs in this recent age desire to cope with the changing needs and requirements of the customers as well as marketing ideas. Nowadays, social media or online marketing is used for attaining the products and services of their choices. It is mainly due to the high craze for information technology within the target customers of the recent age. So, it is accepted as the most vital way of promoting any product or service of any organisation. Thus, from this it may be analysed that each and every generation or age group presents a unique style, experiences, values and demographics, thereby offering a high level of influence on the buying behaviours (Pires, 2006). In this regard, most of the companies of this age are targeting to approach multi-generational consumers so as to understand their behaviour and demands. Multi-generational or generational marketing acts as the practice of understanding the needs, style, values and behaviours of individuals within one or more than one particular group. This is done by the entrepreneurs or marketers to analyse the demands of the consumers, tailored according to their age groups. By doing so, a specific segment of customers is focused on by the organisation entirely based on the demographic and psychographic factors. As a result, the total sales of the organisation might be increased and result in amplification of its profitability and ROI in the long term. Concurrently, positioning of brands in the minds of the customers of an organisation might be effective. Consequently, the brand image and reputation might also be enhanced to a significant extent, which is extremely essential to sustain in the long run (Williams, 2006). Hence, due to these above mentioned advantages, the generational approach is adopted marketing in this recent age so as to remain competitive in the market among other rivals. At the same time, the level of reliability and trust within the minds of the customers also enhances, resulting in reduction of the switch-over rate. However, the generational approach to marketing comprises certain disadvantages as presented below. Always interested in the technologically advanced products or services The interest rate or demand for a particular product or service is extremely short term based Not at all loyal to the brands or the product lines of an organisation Switch-over rate is extremely high Highly influenced by word of mouth that is short-termed Highly influenced by friends’ or peers’ views and ideas Desires to experience innovative products and services of different organisations Therefore, due to all these disadvantages mentioned in the above paragraph, it may be inferred that the generational marketing approach is both advantageous and detrimental for an organisation in the long run (Cho & Woods, 2006). Answer 2 Sydney is the capital of the state of New South Wales, Australia. It is one of the most populous cities within Australia. It is located on the south eastern coast of the Tasman Sea. Sydney comprised a population of approximately 4.6 million in 2010. Besides, the city of Sydney also experiences a pleasant climate with a mild winter and warm summer along with frequent rainfall throughout the year. For this reason, the city remains cool in the entire year presenting a very good atmosphere to the tourists. It is mainly due to the presence of the ocean nearby, and so severe temperatures are not at all experienced within the city (Goldsmith, Pan, & Litvin, 2008). They chiefly occur in western suburbs only. The most attractive sites present within the city are Opera House, Royal Botanical Gardens, Sydney Harbor Bridge, Luna Park, Bridge Climb, Sydney Tower, Watsons Bay, and the sea beaches. Due to the presence of all these numerous areas of attraction, Sydney is highly preferred by people all around the world (Rempel, 2009). In order to market the destination of Sydney to an individual of generation Y, the strategy of word of mouth need to be utilised. This is because they highly believe in words and expressions of the peers, friends and other members of the group. Moreover, they are much influenced by word of mouth and the desire to experience various types of incidents and challenges of different regions. Therefore, the prime aim of this strategy is to attract a large array of customers of their group so as to enhance the range of profit margin and revenue (McCrindle, 2006). Moreover, with the help of this strategy, the brand image and reputation of a tourist group might also be enhanced, thereby generating a strong position for itself in the market among other rivals. In this vein, the revenue of the tourist organisation might also be increased, which enhances its rate of sustainability in the market in the long run. For these underlining reasons, the strategy of word of mouth is used for attracting the individual of generation Y towards the tourist destination of Sydney (Mason & et al., 2007). Creative or tactical marketing is a sort of marketing activity intended to fulfil the objective by utilising various types of marketing tools and techniques such as emails, newsletters, flyers, DVD, CD, letters and many other things to attract numerous customers. In doing so, the objective of the organisation to enhance its rate of profit margin and revenue might be attained. In order to enhance the scope of creative or tactical marketing, social media might be utilised (Martin, 2005). Different blog and article posts might be presented regarding the beneficial aspects of the place. In this way, the information about the attractions of the tourist place of Sydney might get expanded to individuals and might increase its demand among other destinations (McCrindle, 2005). In addition, images might also be posted in a community so as to attract new members within the community. New customers might become attracted towards the tourist destination of Sydney, thereby enhancing its reputation and portfolio. The popularity of the tourist destination is enhanced and results in amplification of its image and values. Moreover, by words of mouth of the peers and friends, more individuals might get attracted as generation Y highly depends on the friends and peers. In this way, the portfolio of the organisations operating in this sector of tourism and hospitality might get enhanced, which is extremely effective for any organisation in this competitive economic situation (Jeannet & Hemmessey, 2005). If the number of tourists is increased in the city of Sydney, it may be stated that this strategy is effective. Along with this, due to increase in the total range of customers, the profit margin and ROI may also be enhanced to a certain extent. Therefore, by analysing all these aspects, the effectiveness of the strategy may be evaluated as compared to others (Kumar & Lim, 2008). Hence, it can be stated that the strategy to be used needs to be decided only after reviewing the attitudes, habits, values and beliefs of the individual of a group. Otherwise, it may be an utter failure. Answer 3 Individuals of Generation Y are highly attracted by the words and expressions of the peers or friends, so it is recognised as one of the most essential requirements. An individual displays a high level of concentration on the advice and ideas of the peers of the group and so by using this strategy, the individual may be attracted towards tourist products. This may also prove effective in enhancing the profit margin and image of the place or product (Etz, 2005). The revenue and brand value of a tourist place or product can also improve as compared to any other destination. Along with this, the reputation and equity of the tourist destination or product can be enhanced, which is extremely essential to retain its dominance in the market. As a result, the level of sustainability can also be improved in the market among other rivals (Demoor & Zhang, 2006). Word of mouth is also known as viral marketing, as it comprises a very low cost but yields a high level of success. Moreover, numerous individuals find the referrals to be very much credible rather than the promotions made by other media. This is because of the general buzz presented by the individual for and against the virtues of a product or service. This helps the customers to decide whether to purchase the product or service of the organisation. It also helps in presenting positive and negative reviews of the products and services, resulting in making it more profitable. So, word of mouth is an extremely essential weapon or technology in this age of globalisation (Chesbrough & et al., 2008). Apart from this, with the help of word of mouth, one can get some sort of recommendations as well regarding its effectiveness. And it can prove to be profitable only if error-free positive reviews are attained from the customers, resulting in making the industry more credible in the eyes of the public. Moreover, if an endorsement is done with the right person, it would surely prove profitable for the organization in future. Thus, word of mouth marketing might surely attain success for the organisation and attract a new range of consumers towards the brand or product, resulting in the amplification of its profit margin and revenues. Therefore, it is a highly effective strategy as compared to others in this modern age. References Chesbrough, H. et al. (2008). Open innovation: Researching a new paradigm. New York: Oxford University Press. Cho, S., & Woods, R. (2006). Measuring the impact of human resource management practices on hospitality firms’ performances. 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