Hospitality Marketing Writing Assignment Paper

Hospitality Marketing
Student:
Professor:
Course title:
Date:
Introduction
It is the goal of every business to make as high profits as possible being the sole intention for establish of all business entities. Introducing a new product always poses a huge challenge for every business. It is for this reason that businesses must strategize carefully and wisely. This is the only way to ensure that the business reaps maximum benefits from the market. Marketing mix involves combing all the aspects crucial in the market to ensure that the business stands a good chance in the market (Lamb, 2011). Some of the crucial aspects of the marketing mix include place, price, product and promotion better known as the 4ps of marketing. This paper takes an analysis of the marketing of a product known as the ‘Old Spice’. The analysis shall be done for both the United States market and one other foreign market of choice which is Canada.
Background Information
As more companies emerge in every sector, competition is getting stiffer. This has seen many companies come up with various strategies all of which are aimed at creating a niche. Further these strategies are meant to keep competitors at a distance. One of the strategies that is in use is private labeling. Private labeling involves selling goods of one company under the brand of another company. The main aim of private labeling is to compete against regional products and services of similar nature. Usually, privately labeled products or services are always more affordable than similar goods that are sold regionally.
Product
The name of the product is ‘Old Spice’. The name has been carefully chosen with an aim to attract the clientele in both the American and Canadian market. Although both markets are known to have an attraction towards new products, it is also know that spices, just like wines get better with age. People prefer a spice that has been in existence for years. It is not only better but it is also trusted, having been used over a long period of time. The name’ old Spice has therefore been coined deliberately for purposes of creating validity and believability.
The label and logo are also carefully chosen to ensure that they do not clash with any other brand in the market with a similar name. In the Canadian market, there is another product that bears the same name but has a different logo. There will be no problem because the other product that is in the market is wine while this is a cooking ingredient.
Product Features
The features of the product and which make it sound out form similar products is that extracted purely from natural extracts. Unlike most spices whose most ingredients are processed, Old Spice is extracted from nature. This reduces the risks that are associated with other spices such as causing diseases of the heart.
In terms of packaging, the product will be packed in various sizes to meet wide and varying needs of clients in the market. Further, the packaging will conform to the set standards within the market and under law. This will be to enhance quality and to ensure that the end product released in the market is not compromised. Packaging will follow the stipulated rules and standards set for the sector.
Channels of Distribution
Beside retail distribution, the product will also be available online. Since it is new product, the product will physically hit the market in the United States. The Canadian market will access the product online. Choice of these forms of distribution is in order to meet the large number of clientele. This is also to establish the most appropriate method to employ for the new product (Bowman, 2010). Being a new product, it may not be immediately clear the most appropriate method to use for distribution. Using various methods will help establish the most effective.
The pricing of Old Spice will be relatively lower as compared to similar products in the market. This is intended to give the product an edge especially because it is new in the market. The reduction of price however, shall not be too low so as not to compromise on the cost of production and thereby the profits of the organization.
The Strategy
The organization seeks to employs several strategies aimed at pushing successfully Old Spice into the market. It is expected that after an undetermined period of operating online business for the Canadian market, the organization will eventually set physical base in the country. The company, however, wishes to use the online platform to access the response of the Canadian market before embarking on a heavy investment towards the same.
Further, the organization also seeks to come up with other products that will complement Old Spice. The organization will also seek to have various points of distribution such as warehouses. This is to ensure that the products will be made available when needed. One of the 4ps of marketing mix is lace (Klapdor, 2013). It means that a product ought to be where it is need when needed. The organization will hence ensure that there is availability of products in the market. Scarcity of products in the market when needed pushes clients to look for an alternative product. Making a product available when it is need is an excellent way to ensure that the market responses well to the product.
Generation Y
The current generation cannot be overlooked in their ability to dictate the direction that a market takes. It is of great importance that the business finds a strategy in which they can easily connect with this generation. Generation Y not only dictates trends in the market but also form quite a big number of consumers in any given market. One way in which the company can easily connect with this generation is by using the social media. This is because the social media is a platform that is popular among those of generation Y.
Use of communication platforms such as Facebook and Twitter, the business can easily put out the new product. Using these channels will ensure that generation Y is able to easily capture all the items that the store has to offer. Through these platforms, the store can introduce forums in which people can make suggestions and recommendations. Questions can also be asked and answered online and this will ensure a more efficient and satisfactory service. Use of these platforms will en...