Sales & Marketing

Twitter icon
Facebook icon
Google icon
LinkedIn icon

Market share

The market share is a useful indicator that helps identify the various positions (according to inventory, sales, or revenues) of one company towards its direct or indirect competitors. The calculation can be a broad industry scope or a set of companies similar in product offerings, category, geographical location, or target markets.

Value pricing

Value pricing is a marketing tool that bases product prices primarily on the consumer’s perception of value for a given product. The application of value pricing is an effort to satisfy consumer demand for value without decreasing the quality of the product (Hayes and Huffmann, 1995). There are several value pricing strategies that a hospitality firm can apply, such as everyday value pricing, bundling, and special offers at given times.

Strategy marketing planning and the marketing plan

Strategic marketing planning is a management tool used to help to determine where an organization is going and how it is going to get there. The strategic planning process attempts to address three core questions: 1) Where are we? 2) Where do we want to be? and 3) How are we going to get there? Typically, the process is organization wide or focused on a major function such as a division or a department. At the corporate level, managers use strategic planning to determine in what businesses the company should compete. At the Strategic Business Unit level, strategic planning is focused on how to compete within the industry.

Soft branding

The term ‘soft branding’ in the hospitality industry refers primarily to a branding strategy of independent hoteliers whose objectives are to preserve their unique differentiation and management styles, while acquiring immediate positioning, branding trust, and status through third party branded affiliations.

Secondary data

Secondary data consist of information that is obtained from existing records of past data collection or from an outside source. This is in contrast with primary data, which are collected for the specific project at hand. Secondary data may be obtained internally from a company’s existing records or through external sources. Internal sources in the hospitality industry may include resources such as guest registration records, point of sale systems, internal financial reports, forecasting and budgeting reports, and hotel management’s daily reports.

Sales promotion

An activity, material, or technique that stimulates interest, trial, or purchase by offering added value to or incentive for the product to resellers, sales people, or consumers. Promotion activities are generally other than advertising, publicity, and personal selling. There are at least four types of sales promotion activities in the hospitality industry.

Revenue management

The most simple and commonly used definition of revenue management is ‘the business practice of selling the right inventory to the right customer at the right price at the right time so as to maximize total revenue’, profit, and market share. With the emergence of Internet travel Web sites, the definition may be extended to include ‘.through the right channel.’ More over, the above definition truly describes the objective of revenue management.

Request for proposal

A request for proposal, or RFP, is an invitation to submit a competitive bid soliciting hospitality services and/or products. It specifically details the major needs and requirements for meeting services or provides description of products to be procured. The document typically lists specifications and application procedures to be followed and serves as a precursor to a legal agreement.

Public relations

Public relations refers to building good relations with the hospitality or tourism company’s various publics by obtaining favorable publicity, creating and sustaining a strong corporate image, and dealing with unfounded rumors, stories, and events (Kotler, Bowen and Makens, 2002). Public relations by its very meaning connotes dealing with the public; however, the public takes many different forms of groups who may have some relationship with hospitality or tourism organizations.