Marketing For Hospitality And Tourism By Philip Kotler

Summary 1
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Chapter three of the seventh edition of the book, ‘Marketing for Hospitality and Tourism by Philip Kotler and other authors,’ discusses the role of marketing in strategic planning. The chapter begins by analyzing the Red Robin’s strategic planning towards achieving financial performance and overall success that the restaurant chain enjoyed before 2010. Such a company and others observe various factors that enable them to succeed in a market and environment that faces rapid changes. First, is stakeholders such as customers, employees, suppliers and the community surrounding a business. The stakeholders necessitate recognition and satisfaction to promote the success of a business through the utilization of the balanced scorecard that assesses the value a company creates for all the stakeholders (Kotler, 2017, pp. 81). Second, is processes. Successful companies ensure the interconnection of all the different processes within the organization for smooth running. Third, is resources. Due to corporations observing a declining performance of resources they possess such as personnel and materials, they opt for outsourcing of some of these services externally to promote gaining maximum results. Finally, is an organization. The definition of an organization is through its structures, policies, and cultures, which are bound to change with the changing environment in a company. However, a hospitality company achieves success by ensuring its culture remains intact (Kotler, 2017, pp. 80-82).
The chapter further discusses strategic processes of defining four perspectives companies determine at the corporate level namely, the company’s mission, outlining goals and objectives, creating the business portfolio and setting up measures of marketing and operation of the company. These four perspectives, when efficiently developed, lead to the success of a c...