HOSPITALITY MARKETING
BUSINESS AIMS & OBJECTIVES
Versus Mandarin Oriental's
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There are marketing aims and objectives that are put in place so that a business can identify exactly what they want from their marketing campaigns. However these aims may differ by company, even within the same industry.
Mandarin Oriental hold contrasting aims to the vast majority of hotel groups worldwide as a result of their ethos of providing quality before quantity.
Typically, a business of any industry would wish to gain market leadership, or at least an increased market share, in some form or another. This is when a business lies in the top of the market with the larges market share for their product/service. This is usually measure through the volume of goods or the value of those goods.
For a business, it is beneficial that they become the market leader as customers will often have you as their first choice and you will have a whole range of supplier options as they would guarantee a large amount of sales for them too. However, for Mandarin Oriental, they are very customer orintated, more so than being business orientated meaning that they prioritise their current guests over the expansion of their business and looking at future profits.
For the company, the strive to delight their customers in as many ways as possible to enable return sales and loyal customers. This gives the brand a very posiitve perception.
Businesses all over the world spend millions of dollars to ensure that their brand is recognised and that certain demographics are aware that a specific business exists. Brand awareness is when a company increases how aware people/customers are of their products/services.
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If a company increases how many people are aware of the brand, then when people are looking for that good or service they are likely to choose that brand. It is apparent that Mandarin Oriental has far less brand awareness than a brand like Nike, or even a hotel competitor brand like Hilton. This is due to Mandarin Oriental not targeting the mass market, and more so targetng the higher-class demographics in order to be able to price high for their goods and services.
It is important for a business that they know what their customers think of their brand. There is no use of having high brand awareness when the perceptions of customers are a negative one.
It is important to know what customers think and keep a positive public perception of that business as if a business attains a bad image it may become costly to repair. There are many companies in today's society that wish to portray that they are fun, or easy going, or even action based. Mandarin Oriental have aimed to achieve the brand perception of quality. In fact I carried out a survey in two different demographics (students and adult business executives to see what the brand perception of different target markets are and how they differ. I have found that regardless of the demographic, Mandarin has manged to achieved a status of prestige, luxury and quality.
This is incredibly important for the company as it can conicide with their sales process and increase the number of sales made...