Marketing managers have used the term marketing mix for a long time. The concept of the marketing mix has gained universal acceptance. It is important for hospitality marketing students to understand this concept, both conceptually and strategically. A successful hospitality organization is one that focuses on the needs and wants of the consumers and markets the product-service mix of the operation. Management of this type of operation involves integrating the components of the marketing mix into a marketing program that will appeal to potential consumers and meet the goals and objectives of the firm. The following will introduce the components of the marketing mix.
The Traditional Marketing Mix
Ted Levitt famously said A product is not a product unless it sales. Otherwise it is merely a museum piece. These words ring true to any marketing manager when trying to decide the best way to market and promote a product to consumers. Harvard Business professor Neil Borden identified a number of company activities that can influence a buyer. Any company should be able to prepare its own long list. Borden suggested that all those activities constitute a marketing mix and should be planned in concert for maximum impact. Professor Jerome McCarthy further defined the marketing mix as consisting of The Four Ps: product, price, place and promotion. The four P framework calls upon marketers to decide on the product and its characteristics, set the price, decide how to distribute the product and choose methods for promoting the product.
PRICE: The price component refers to the value placed by a firm on its products and services. Some of the decisions involve pricing the product line, discounting strategies, and positioning against competitors.
PRODUCT: This component refers to the unique combination of goods and services offered by a firm to consumers. "The key to budget travel is to approach in front. When it occurs to family trips, globetrotting, well-deserved holidays and/or going to see new locations we have never been before, the truth of expense and budgeting is often in the back of our heads. Organizing and spending our travel budget correctly is a priority for most families. Minimizing consuming and expenses, while still savoring your vacation to its fullest, is the key to confirmed success and fiscal obligation. Your pocketbook and family will thank you! The thought regarding protecting money while journeying is simple: Even if your personal budget is highly small, you can still take a break and enjoy life! Simply put, life is just too short to never step out of the door or leaving the homestead! Also thinking about that while traveling, regardless of whether on a finances or not, even the smallest of things can all add op to a huge vacation or travel bill!..". The product includes both the tangible and intangible elements of the service offering. Product decisions involve product attributes such as quality, the breadth and mix of the product line, and services such as warranties and guarantees.
PLACE: The place component refers to the manner in which the products and services are being delivered to consumers. This component is sometimes referred to as distribution, and it involves decisions related to the location of facilities and the use of intermediaries. In addition, the marketing of services includes the decision regarding customer involvement in the production process.
PROMOTION: This component refers to the methods used to communicate with consumer markets. The promotion mix includes advertising, personal selling, sales promotions, and publicity. These are the vehicles that can be used to communicate the firms intended messages to consumers. The decision for promotion involves the amount to be spent on each component of the promotion mix, the strategies for each of the components, and the overall message to be sent.
To achieve success in marketing a hospitality operation, a manager must closely examine and understand all of the components of the marketing mix. To be successful, these components must be combined into well-conceived marketing programs and managed properly. There is no magical formula that will guarantee success. If there were, no hospitality operation would ever fail or go out of business. Yet each year, many hospitality operations fail because they are not able to combine the elements of the marketing mix into effective marketing programs, or they fail to implement them properly.
References:
Bowie, D., & Buttle, F. (2004). Hospitality Marketing: An introduction. Burlington, MA:
Elsevier Butterworth-Heinemann.
Lockyer, T. L. (2007). The International Hotel Industry: Sustainable Management. : Haworth
Hospitality & Tourism Press.
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