Analysis Of Qt Sydney Hotel Marketing Mix Marketing Essay

Analysis Of Qt Sydney Hotel Marketing Mix Marketing Essay Marketing is often thought to be only selling and advertising. However, marketing consists of many other functions that can be seen far more important than just the exchange of goods. (Kotler Amrstrong 2004: 5) The American Marketing Association defines marketing as follows: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large. (Middleton et al. 2009: 21) The marketing strategies for the hotel industry are significant and can make an enormous difference between empty rooms and a superlatively booked hotel. The hotel marketing strategy should cover every area of marketing, advertising and its communication from online to direct in person face to face tactics. The business should try identifying its key target market, chalk out a meaningful marketing strategy and where it wants to position itself in the market. QT Sydney Hotel market Like the other hotels, QT Sydney Hotel targets people of sustainable age groups who can easily support themselves. Determining the right and meaningful target market is crucial. When defining a target market of a hotel such as QT Sydney Hotel, we can assume that the categorization can be done in three separate levels. The first level consists of customers who are willing to book a room and also have the resources to book the hotel premises. The second level consists of customers who have the resources to book the room but not necessarily the desire. The third level consists of customers who are not able to buy but if monitored can change their willingness and be able to book the hotel room later According to Mplans.com, the most important target market of the hotel should be professional visitors to the hotel from the following industries: Education, Travel trade and commerce IT industry; Automotive. Local businesses and countless firms can also be targeted for a full day use of facilities in the premises such as conference rooms, room nights for visiting executives and long stay professional guests. Market segmentation and the bases that QT Sydney Hotel uses Market segmentation recognizes that people differ in many ways like in their needs, attitudes and lifestyles. (Middleton et al. 2009: 97) Through market segmentation companies divide their market into smaller segments. All of the segments have specific needs and by dividing the market those needs can be met more efficiently with products and services that match their unique needs. (Kotler 2004: 239) There are many ways the hotel can use to segment its market. Different segmentation variables are used, both individually and in groups as a whole, in order to classify consumers into different segments. According to Kotler, four major variables that are generally used in market segmentation are: geographic, demographic, psychographic and behavioral variables. Geographical segmentation divides the market into different geographical units such as cities, regions, countries or climate and population density. By this way when a hotel is deciding in which areas to operate and market, they can direct their efforts to geographical differences in needs and wants of the people of that region. For example Sydney QT Hotel can pay attention to their premises in northern areas where it is colder and have a state of the art centralized heating mechanisms as compared to the hotel premises in the South. (Kotler 2004:239) Demographic segmentation is based on the market divided into groups based on age, gender, family size, income, profession, education, religion, race and nationality. This segmentation is one of the most popular and effective bases for segmenting customer groups for the hotel industry. This is wholly and exclusively because the customer wants are closely interrelated to its dependants such as income and age. (Kotler 2004: 240-241) Based on different variables further such as social class, lifestyle, and individual personality characteristics, psychographic segmentation is ones of its kinds for the hotel industry in which QT Sydney hotel operates. For instance, people may live in the same city, be of the same age but one of them can be a student while the other can be a businessman. This segmentation affects their lifestyles greatly and therefore also has an effect on the buying behaviors and renting rooms of the people. The hotel needs to tailor its strategy according to each different segmentation to yield the utmost benefits for the customers and the hotel itself. Behavioral segmentation categorizes the customers into categories based on their knowledge, attitudes, uses and responses to a product. This category of segmentation particularly has the benefit that are inexplicably linked to the hotel industry itself. When the hotel knows when and why the customers are bookings its premises and its rooms, they can relate their marketing tactics to it. For example some holidays like on Valentines Day or at Christmas people tend to book hotel rooms and halls for exclusive parties and social gatherings, the hotel can benefit maximum from the situation and prepare special offers and communications to its customers. (Kotler 2004: 244) In hospitality industry these same segmentation variables can be used but there is also a wide range of subgroups that for example almost all of the hotels use. Hotels like Sydnet QT Hotel should usually use only one variable when segmenting these subgroups and that is the purpose of travel. By defining the purpose of hotels can classify many subgroups such as corporate/business clients, visitors on group package tours, independent and leisure vacationers. By acknowledging different segments a hotel can target their services more effectively. (Middleton et al. 2009: 97-99) Target Market coverage strategy Relationship marketing can be a unique form of marketing that emphasizes customer retention and their greater satisfaction and their value of money services. It shifts the paradigm focus from the recruitment of new customer to the retention and recovery of existing ones. Relationship marketing differs from other forms of marketing in that it recognizes the long-term value of customer relationships and extends communication. (Middleton et al. 2009: 92) When planning g a relationship marketing strategy hotel QT Sydney must take into account that not all customers want a relationship with the hotel. That is why it must be carefully considered which types of customers are usually more likely to repeat their visit to the hotel. While most hotel websites include Face book, Twitter and LinkedIn follow-us buttons, the ability to engage and convert anonymous visitors into customers is still an elusive goal for many. However, the hotels must try to engage their customers and facilitate them to yield the meaningful results and profits from the marketing strategy. As the hospitality industry is beginning to learn social media and its impact on their return on investment, they are venturing more into adapting to the newer technology and capturing the customers needs. The social media that is integrated in a natural way and is used to communicate with guests during the travel cycle is much more impactful.   Another most popular form of relationship marketing is to gather information from the customers about their stay and whether they had any complaints or suggestions for improvement. Internal marketing is also an extension of a marketing strategy that considers the importance of the service of the hotel employees while interacting with customers Better pricing strategy can be another tactic the hotel can use to penetrate in the market and attract more visitors and enhance the loyalty of the existing customer. It can also be linked to overcome the challenge of low customer seasons at the hotel. The daily rate could for example change based on the occupancy of the hotel or there could be a more efficient way of boosting the sales before hand when there are low customer flows coming to the hotel. Section 2 : Analysis of QT Sydney Hotel Marketing Mix The marketing mix is one of the major concepts in modern marketing and is often brought up in general discussions of marketing. Marketing mix is a set of marketing tools that a company uses to pursue its marketing objectives in the target market. (Kotler 2004: 56-57) When a company is making decisions on marketing they generally fall into four controllable categories known as the 4 Ps: product, (variety, quality and services) price, (payment period, discounts) place (location, channels and distribution) and promotion (advertising, marketing and sales) The main idea of marketing is to influence and persuade the consumer to buy and use the companys product or service. In order to get customers to do so a company uses the four Ps as a mixture in order to influence the demand for its products. (Kotler 2004: 56-57) In the hospitality industry just the hotel Sydney operates, the products are primarily designed to satisfy the needs and wants of business and leisure travelers/corporate executives. As part of the marketing mix for a hotel room can be seen as a product that the hotel sells to its customers. Although the hotel rooms can vary in quality or in services they offer and are based on the customers need to have the specific type of room. For example a businessman can have different needs from a hotel room (using a conference hall, meeting rooms , lounge for corporate meetings than a leisure traveler or even a corporate executive. In the hospitality industry the place of business is many times the key to success. A hotels location is important for visitors and therefore they usually examine carefully which hotel and where they choose. The location of the hotel affects the transportation possibilities, how accessible it is for example from the airport or the city center. (Bowie Buttle 2004: 26-27) Pricing decisions can greatly affect the the demand and profitability of the hotel . In a hotel setting such as the Sydney QT for example the hotel occupancy rates and special run time offers and discounts for new and existing key customers are crucial and require a lot of attention and careful consideration. Promotion is usually the function of most marketing and sales departments and it includes all the tools that a company can use to communicate with customers. A hotel can for example use different websites, billboards and social media to advertise their products and services and also use brand identification to their advantage. (Bowie Buttle 2004: 28) Brands help consumers to identify what the product or the company is, for example people relate the Hilton Hotel chain with luxury and good quality. They can link the Sydney QT hotel to the same category or even better as a multi-purpose hotel that caters to all of its market That helps the Sydney QT hotel when they are planning their marketing strategy. (Bowie Buttle 2004: 208)

Interpretation and discussion of results Essay

A. The Correlation Matrices: A. 1. The Pearson Correlation Matrix for the Combined Sample Data: Leadership, as defined and measured in the Baldrige Criteria (Peacock, 2006) is related to the other items which could be interpreted as priorities or concerns of the respondents surveyed. In other words, the sub-items defining Leadership such as Organizational Leadership and Social Responsibility were significantly correlated with the sub-categories (Peacock, 2006) under the other items including Strategic Planning (questions 11 to 16), Customer and Market Focus (questions 17 to 21), Measurement, Analysis, and Knowledge Management (questions 22 to 28), Human Resource Focus (questions 29 to 39), Process Management (questions 40 to 50), and Business Results (questions 51 to 63). Those questions are contained in Appendix A. Under the Baldrige Criteria (Peacock, 2006), there are 10 indicators defining Leadership including visible involvement in managerial activities such as goal setting, directing and performance audit; communicating values and customer focus; behavior modeling and motivating and empowering personnel; which fall under the sub-item Organizational Leadership. Governance concerns such as accountability, transparency, disclosure and stakeholders’ interests; appropriateness and effectiveness of leadership system; addressing adverse social impacts of products, services and operations; monitoring ethical behavior throughout the organization and community involvement; meanwhile fall under the sub-item social responsibility. These indicators serve as basis for measuring the leadership scores in the Baldrige Criteria (Peacock, 2006). Despite the significant correlation of Leadership with the other major items in the Baldrige Criteria (Peacock, 2006); however, the data set evaluated was combined for both the Others Group and the Leaders Group. There were thirty-seven (37) samples from the Others Group and seven (7) samples from the Leaders Group. The correlation tests conducted tended to support the hypothesis that individuals who scored high in Leadership, Item 1, also score high in the other items, from Item 2 to Item 7. The results suggested that Leadership, as defined and measured in the Baldrige Criteria (Peacock, 2006) is related to the other items which could be interpreted as priorities or concerns of the respondents surveyed as shown by Table 1. Table 1. The Pearson Correlation Matrix for the Combined Data Leader-ship Strategic Planning Customer And Market Focus Measure-ment, Analysis, and Know- ledge Manage-ment Human Resource Focus Process Manage- ment Item 1 Item 2 Item 3 Item 4 Item 5 Item 6. Strategic Planning, Item 2 0. 510 0. 000 Customer And Market Focus, Item 3 0. 341 0. 023 0. 237 0. 121 Measure-ment, Analysis, and Knowledge Manage-ment, Item 4 0. 656 0. 000 0. 575 0. 000 0. 291 0. 056 Human Resource Focus, Item 5 0. 718 0. 000 0. 449 0. 002 0. 259 0. 090 0. 590 0. 000 Process Manage-ment, Item 6 0. 518 0. 000 0. 730 0. 000 0. 334 0. 027 0. 738 0. 000 0. 536 0. 000 Business Results, Item 7 0. 387 0. 009 0. 409 0. 006 0. 413 0. 005 0. 196 0. 202 0. 271 0. 075 0. 353 0. 019 Cell Contents: Pearson correlation p-value Although the Pearson correlation test conducted tends to support the hypothesis of correlation of Leadership with the other items for the combined data set of the Others Group and the Leaders Group; however this does not tell us if there is any difference between the Others Group and the Leaders Group. Hence, Pearson correlation test was then conducted separately; one, for the Others Group and another, for the Leaders Group. A. 2. The Pearson Correlation Matrix for the Others Group: For the Others Group, the statistical test showed that Leadership, Item 1, had significant correlations with all the items from Strategic Planning, Item 2 to Business Results, Item 7 except for Customer and Market Focus, Item 3. Leadership, Item 1, had the highest correlations with Measurement, Analysis, and Knowledge Management, Item 4 (r = 0. 705) and Human Resource Focus, Item 5, (r = 0. 725), Table 2. Table 2. Excerpt from the Pearson Correlation Matrix for the Others Group Leadership Item 1 Item Strategic Planning, Item 2 0. 508 0. 001 Customer And Market Focus, Item 3 0. 316 0. 057 Measurement, Analysis, and Knowledge Management, Item 4 0. 705 0. 000 Human Resource Focus, Item 5 0. 725 0. 000 Process Management, Item 6 0. 562 0. 000 Business Results, Item 7 0. 333 0. 044 Cell Contents: Pearson correlation p-Value.

Human Resource Accounting - 8122 Words

Journal of International Business and Cultural Studies Human resource accounting and international developments: implications for measurement of human capital Maria L. Bullen Clayton State University Kel-Ann Eyler Wesleyan College Abstract Human Resource Accounting (HRA) involves accounting for expenditures related to human resources as assets as opposed to traditional accounting which treats these costs as expenses that reduce profit. Interest and contributions to growth in HRA have been evident in a number of countries. The strong growth of international financial reporting standards (IFRS) is an indication that the environment for international financial accounting is one that potentially encourages the consideration of alternative†¦show more content†¦Brummet, Flamholtz Pyle (1969) focused on HRA as a tool for increasing managerial effectiveness in the acquisition, development, allocation, maintenance, and utilization of its human resources. The authors’ work represented one of the first attempts to develop a system of accounting for a firm’s investments and studied the application of HRA in R.G. Barry Company, a public entrepreneurial firm. The early work in HRA provided inspiration for the next phase of early HRA development, basic academic research developing measurement models. Interest in HRA was evident in the many studies conducted since its inception, as noted in Sackmann, Flamholtz Human Resource Accounting, Page 2 Journal of International Business and Cultural Studies Bullen (1989), Flamholtz, Bullen Hua (2002), and Flamholtz,Kannan-Narasimhan Bullen (2004. Human Resource Accounting and International Financial Reporting Standards In recent years United States GAAP has been moving toward adoption of more complex measurement methods in financial reporting compared with the traditional historical cost approach to asset measurement, including a focus on the measurement of the time value of money and present value calculations. Meeting, Luecke Garceau (2001, p. 57) indicate that in many cases the expected cash flow approach is a better measurement tool than traditional methods, and that CPAs should use it to report asset and liability values in the absence of specific contractualShow MoreRelatedHuman Resource Accounting -Conceptual Framework3297 Words   |  14 Pagesâ€Å"Human Resource Accounting – an intangible asset : Comparative Correlation analysis of disclosures in Annual Repor ts† 1. Introduction: In present scenario, despite the global change, Human Resource Accounting is major issue for research analysis in management. 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Evolving of Characters in Jane Austens Pride and...

Evolving of Characters in Jane Austens Pride and Prejudice In Pride and Prejudice, Jane Austen creates a unique environment which allows her characters to evolve and to transform. One of the characters, Elizabeth Bennet, the second daughter of Mr. and Mrs. Bennet, faces challenges that impact her decisive demeanor. Likewise, Fitzwilliam Darcy, Elizabeth’s love interest, confronts many obstacles which come against his character as well. Through several key experiences, both Elizabeth and Darcy undergo internal transformations – Elizabeth’s quick judgments become humbleness while Darcy’s arrogance is replaced with humility. Early in the novel, Elizabeth is quick to judge and criticize others. Elizabeth rapidly judges†¦show more content†¦In addition, Elizabeth’s early judgment of Miss Bingley and Mrs. Hurst cause her to sever future opportunities of amiability with the two by declaring that she could never like them (25). Before his transformation, Darcy exhibits arrogance and pride. Darcy’s behavior at the Meryton ball, in particular, reflects his arrogance. Although many people at the ball initially esteemed Darcy for his wealth, â€Å"his manners gave a disgust which turned the tide of his popularity.† (14). More specifically, his manners contained characteristics that were â€Å"haughty†¦and fastidious† and â€Å"were not inviting.† (21). Because Darcy’s pride restricts him to dance a mere four times, he further insults the Meryton assembly by failing to interact socially (154). While at a ball at Bingley’s estate, Netherfie ld, Darcy reveals his arrogance through his rude behavior toward Mr. Collins, a cousin of the Bennets who has close ties to Darcy’s aunt, Lady Catherine de Bourgh. Although Collins speaks to Darcy without proper introduction, Darcy does not conceal his arrogance and shows irritation â€Å"at being so addressed.† (92) Entertaining Collins with only â€Å"distant civility,† Darcy’s rudeness increases as his patience with Collin’s speech diminishes, eventually leaving Collins with only a slight bow (92). Darcy accentuates his arrogance by taking great pride in separating Jane andShow MoreRelatedFeminist Analysis Of Pride And Prejudice1397 Words   |  6 PagesMarch 2016 Feminist Analysis of Pride and Prejudice A revolution, a rebellion; literature allows us readers to identify the new up and coming behaviors that stray away from the formal traditions and bringing out the individualism in characters. Whether it’d be on a piece of paper or in actual society, it is very unusual and extremely rare to see a women of the Regency era to even have an opinion or even small judgement. In Jane Austen’s romantic novel, Pride and Prejudice, the traditional role of womenRead MorePride And Prejudice By Jane Austen1717 Words   |  7 Pages Bennet, one of the major characters in Pride and Prejudice, is eager to find her daughters a husband. In the countryside, you usually don’t see many people or in Mrs. Bennet’s case, a potential husband for one of her daughters. To her liking, she discovers news of a wealthy man who rented a manor not too far, so this is her time for one of her daughters to ingratiate with him. Pride and Prejudice, written by Jane Austen, concentrates on on e’s pride and their prejudice to another, interfering with