As per the principles of marketing, organization should maintain effective promotional activities in order to introduce the brand in the market. People belonging to different geographical boundaries would be aware about the ingredients as well as reliability of products with the help of an effective promotional activity. Providing the superior quality of products and services to the employees is not the primary objective of a particular business organization. In order to gain the brand identity the marketing executives have to invest certain amount of budget for the promotional activities. This particular study has provided an in-depth overview on how Ritz-Carlton has followed some of the major principles of marketing for providing an excellent customer services. In addition by utilizing various tools of media Ritz-Carlton has launched their product concept in different geographical areas beyond going the market of US. In order to satisfy the needs and demands of the customers Ritz-Carlton has appointed all the experienced staffs who are well trained and well dressed with proper etiquettes at their workplace.
Background of the Organization
Ritz-Carlton Boston is one of the most prestigious US based luxurious companies especially recognized in the hotel industry. This particular brand after starting their journey in the year 1983 has implemented numerous marketing strategies and policies for drawing the attention of customers from different geographical markets (Jobber & Ellis-Chadwick, 2012). This particular five star hotel not only provides superior quality of products to the customers. At the same time, the organization has appointed well trained employees who are having excellent sense of service quality. On one hand, the employees always tend to decorate the room by fresh flowers; on the other hand, the staffs intend to maintain proper gesture while entertaining and welcoming the clients (Sheth & Sisodia, 2015). The entire staff members are bound to wear formal dress for maintaining a discipline and organizational behavior at the workplace. Every single customer belonging to different geographical boundaries is equally important to them. Employees like to treat every visitor with respect as well as dignity (Armstrong et al., 2014). Therefore, customers belonging to various religious backgrounds and attitudes tend to show their interest in using the products of Ritz-Carlton Boston. However, dealing with around 35,000 employees Ritz-Carlton Boston has decided to provide an effective training at the workplace to every single employee for maintaining their professional outlook in front of the guests.
After expanding the entire process of business in different geographical markets, the business experts of Ritz-Carlton Boston have decided to appoint the employees from diver culture and background for maintaining workplace diversity. In order to enhance the professional skill and competency level of the employees, the business experts have provided an effective training to every single staff for developing outlook towards the guests. However, these kinds of training method have helped the staffs of Ritz-Carlton Boston for maintaining a proper gesture towards the guests (Nowak et al., 2015). In order to provide the required services the employees of Ritz-Carlton Boston do not think twice to fly at Singapore even. From this particular case study, it has been analyzed that in order to purchase a special type of egg and milk for the client, the service provider of Ritz-Carlton Boston has flied to Singapore. Therefore, fulfilling the needs and demands of the customers are one of the major parts of business organization (Pride et al., 2012). While selecting the business strategies and policies the marketing executives have focused on satisfying the demands of various customers belonging to different geographical markets.
Current Market Conditions of the Organization
As per the current market scenario Ritz-Carlton Boston has placed a recognizable position among all its competitors. Before analyzing the market conduction of Ritz-Carlton Boston, an effective stakeholder analysis has been conducted based on which comparative analysis has been made among other hotels as well (Izvercianu, Seran & Buciuman, 2012). An effective comparative analysis has been conducted in order to evaluate the current market scenario of Ritz-Carlton Boston. While analyzing the current market condition of Ritz-Carlton Boston, the business experts can follow some of the most effective steps that are as follows:
Identifying the Top Competitors
Some of the most recognizable hotels in US include Bellagio, The Venetian Resort Hotel Casino, Hilton Anatole are some of the most prestigious brands occupying a predominant place in the realm of US as well as all over the world. People belonging to different geographical markets tend to show their interest in using the products and services of Bellagio. In order to give a current market threat the business experts of Ritz-Carlton has decided to implement those employees within the service process who are efficient enough in handling the needs and demands of customers (Hastings & Domegan, 2013). Their way of room decoration, treating guests, their gesture towards the clients are completely different from most of its competitors. Employees are very much professional to make a strong rapport with the customers. Automatically, the service providers have created a distinct impression on the current market amidst large number of its competitors.
Evaluating the Customer Feedback
After gathering the feedback of the customers from different sources it can be evaluated that the customers have provided positive feedback regarding the service quality of Ritz-Carlton. While using the services, the customers do not have to wait for a long time while using the the premises. At the same time, the customer service executives are flexible enough in dealing with all kinds of people. The customers belonging to different geographical markets can easily purchase the products of Ritz-Carlton due to the language flexibility. The customer service executives are flexible enough in maintaining both verbal and non-verbal communication with the help of which the service providers can communicate with different levels of customers (Lilien, Rangaswamy & De Bruyn, 2013). On the other hand, people who are having linguistic barrier do not have to face any difficulty in purchasing the service of Ritz-Carlton due to their flexibility in customer service system. After evaluating the entire customer feedback it can be analyzed that Ritz-Carlton has occupied a recognizable place in the market of hotel industry.
Analyzing the Market Demand of Products as well as Services
As per the current market scenario the products of Ritz-Carlton has already created huge market demand. The decoration of the rooms, their luxurious beds, interior has already drawn the attention of the customers (Ennew, Waite & Waite, 2013). At the same time, the incident of wheel chair and egg has drawn the attention of different customers from various geographical boundaries. Various media vehicles are the primary sources with the help of which the product and service quality of Ritz-Carlton has been promoted in the international market. As a result, customers belonging to different geographical boundaries have gathered an in-depth knowledge and idea about current market position of Ritz-Carlton.
The Market Position of Organization
In order to know the market position of the organization, the marketing and sales development team of Ritz-Carlton has conducted an effective market survey for collecting necessary feedback of the customers. After collecting an in-depth market analysis it can be analyzed that the customers have provided both positive and negative feedback regarding the product and service quality of Ritz-Carlton. As per the opinion of a particular group of customers, Ritz-Carlton should use the tools of social media more effectively in order to launch the products in the global market. In most of the Asian countries the customers are not very much accustomed with the advancement of technology (Sferle et al., 2012). Therefore, the marketing managers could have focused on using offline media as well for positioning their brand in the market. Therefore, on one hand, Ritz-Carlton has spread their widespread wings in the market of US due to the social media promotional activities. On the other hand, Ritz-Carlton’s market position in the Asian countries is not very much significant as the target customers are not advanced in technology (Wood, 2012). Therefore, the current market position of Ritz-Carlton varies from one country to another. On the other hand, comparing the market position of other organizations is one of the most effective ways of analyzing the current market position of Ritz-Carlton.
Target Market and Market Segment
Before designing the products and service process the marketing managers of Ritz-Carlton have been instructed to segregate the target market as per geographic, demographic and psychographic market segmentation.
Geographic Market Segmentation
As per the geographic market segmentation, the marketing managers of Ritz-Carlton have targeted various geographical locations of US. At the same time, the marketing managers of Ritz-Carlton intended to expand the entire business process in other geographical locations as well beyond going the regional market of US. The other geographic location includes Europe and Asia. This particular brand will be launched in numerous geographical areas of Asian countries with the help of which the number of target market can be increased automatically (Sheth & Sisodia, 2015). UK is constituted with large number of developed areas where the people are economically high. In those areas the business process of Ritz-Carlton can be run successfully. The customers would be able to afford the price easily. Ritz-Carlton being one of the most recognizable luxurious hotels of US tends to draw the attention of premium customers primarily. As a result, the service providers do not have to face any kind of difficulties in setting the product price.
Demographic Market Segmentation
As per the concept of demographic market segmentation, the customers are selected as per gender group along with their level of income status. People belonging to high level of income status would be able to afford the price of Ritz-Carlton due to their luxurious accommodation. After establishing their business in the market of US, the marketing managers have decided to fix high price due to the high level of economic status to the target customers (Kim et al., 2012). After expanding the same business in the Asian countries, the marketing managers should change their demographic strategy as per the economic level of country. In addition, both the male and female customers have been targeted as demographic t decided to be demographic target market.
Psychographic Market Segmentation
Psychographic market segmentation has been conducted as per the cultures, beliefs and attitudes of the target customers. The business experts have designed the products and services in such a way that people belonging to different geographical markets would like to show their interest in purchasing it (Tiemanc et al, 2012). The service providers are well disciplined with proper dresses as well as gesture. They never show their biased attitude towards any specific culture or belief. As a result, people belonging to different geographical boundaries are flexible in using the service process of Ritz-Carlton.
Marketing and promotion is one of the most effective ways to introduce the brand in the global market. The role of an efficient marketing manager is to form promotional strategy and policy based on which customers of different geographical boundaries can be attracted. This particular study has provided an in-depth analysis about the importance of marketing and promotion in order to segregate the group of target market. Before designing a particular product as well as services the business experts have to collect the view of customers for knowing their current needs and demands. With the changing process of business environment the needs and demands of the customers are changing gradually. Therefore, business experts would have to deal with customers in such a way that they tend to show their interest in purchasing the products of Ritz-Carlton. However, in this particular study the current market condition of Ritz-Carlton has been evaluated by analyzing the market position of its other competitors. While evaluating the competitors’ market position it has been analyzed that Ritz-Carlton has already become a major market threat for its innovative service process. The service quality of this particular organization is so innovative and systematic that customers have showed their high level of importance in using the products and service process of Ritz-Carlton. In this specific study, the target market segmentation of Ritz-Carlton has been conducted based on which the business experts have designed their products as well as services.
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