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MKT101A: Marketing Fundamentals-Metrics Proposal And Deliverable

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  • Course Code: MKT101A
  • University: Laureate International Universities
  • Country: United States

Question:

Learning Outcomes Addressed
 
a) Describe the marketing concept
b) Outline and apply the elements of the marketing process.
c) Identify and explain the macro and micro environmental factors impacting the marketing of a business or industry.
d) Demonstrate an ability to incorporate new trends to solve marketing problems and apply communication skills.
e) Describe key marketing metrics used to evaluate the effectiveness of a marketing plan.
 
 

Answer:

Monitoring and Controlling Systems/Tools 

  • Competitor Analysis- This helps in the proper identification of the different competitors in the market along with evaluating the different strategies which helps in determining the strengths and weaknesses which is relative to the those of the own product and service of the company. This is the critical element for the marketing plan of the own company.
  • Marketing Spend per Customeris the first aspect which is required to be considered by Travelodge Hotel. The acquisition cost of the customers can be calculated by separating the different costs by the customer’s number who are acquired in period the money was spent. Travelodge Hotel needs to analyse the market spending which will help them in analysing the sales and revenues of the company (Fulgoni, Pettit & Lipsman, 2015, p.366).
  • Customer Acquisitionis the other aspect which is required to be analysed by Travelodge Hotel in Sydney as this will assist in evaluating the combination with analysis of the value which is being provided by the different customers on the hotel (Farris, Bendle, Pfeifer & Reibstein, 2017).
  • Brand Awareness is the other aspect which is required to be taken care by Travelodge Hotel in which this can be seen that the brand has created a major aspect which helps in managing the different operations in a well-organized technique and manner.
  • Customer Feedback is other aspect in which the after sales survey plays a major role in managing the different kinds of operations more efficiently. The feedback of the customers is essential in nature which aids in analysing the different types of approaches which will assist in managing the productivity of the entire organization.  
  • Customer Retention is the first aspect which is required to be taken care by Travelodge Hotel in which this will help the hotel in increasing their sales and gain competitive advantage. The retention of the customers is essential in bringing more increase in the overall reputation of the hotel.
  • Customer Perception is the other aspect which is required to be taken care by Travelodge hotel as the perceptions of the customers in the entire competitive market is required to be identified through surveys and analyse the behaviour and the nature of the purchasing power of the individuals in an effective manner as well (Liang, Gao, Zhang & Guan, 2015, p.1044).
  • Repetitive Purchases is the last aspect under customer feedback as the feedback which will be gained by Travelodge Hotel will provide them a brief overview on the different purchases of the different kinds of products and services provided by them. Furthermore, this is essential in nature for the company to understand the nature of behaviour of the customers to gain more knowledge and change their preferences accordingly as well (Sisodia & Sheth, 2015, p.320).
  • Cost Analysis:The cost analysis can be described as a useful tool which can be used as an effective monitoring and controlling system. Costs form an essential aspect of an organization and as large amount of costs are invested in the marketing plan, it thereby becomes crucial for any organization to ensure that they are successfully able to engage in the cost analysis which will then go a long way in estimating the success of the marketing deliverables in financial terms (Schulze, Skiera & Wiesel, 2012). This then helps the financial managers in analysing whether the initiative as taken by the organization was worth the costs or not. This section will present three metrics which can be used to evaluate the success of the marketing plans.
  • Return on Investment: The return on Investment acts as a useful tool which goes a long way in ensuring whether adequate returns have been received with respect to the given investment. Hence, the returns on investments will be measured for the marketing activities to understand the success of the organization.
  • Sales Incurred: The sales incurred after the marketing activities have been completed can assist in the understanding of whether the organization has been successful in its marketing activities or not. If the sales after the marketing activities increases, then it will be successful
  • Conversion Rates: Lastly the customer conversion rate also acts as an effective metric which goes a long way in understanding whether the customer has been able to convert the potential customers into the actual customers (Mintz & Currim, 2013).After this conversion rate has been measured, the cost incurred on each customer can be evaluated successfully.
 

Marketing Deliverable 

The marketing deliverable which can be analysed by Travelodge Hotel is the introduction of the artificial intelligence by using the voice recognition technique that will be helpful in handling the dissimilar aspects in a well-organized manner.

The second marketing deliverable which can be opted by the respective hotel is biometric authentication which will be enable the different users or the customers of the hotel. The transactions which are being made by the different individuals in the hotel or the restaurants are technologically advanced and this will be beneficial for the overall success of the firm.

Proper implementation of the CRM tool can be done by Travelodge hotel which will be helpful in gaining the different insights to the behaviour and preferences of the customers in the hotel. The entire aspect can be done with the help of the different surveys and this will help in meeting the different expectations of the customers.

Lastly, the virtual tour of the hotel of the hotel is essential in nature which helps in managing the different kinds of activities in an effective manner. While the customers book the hotel, this can be seen that take people on the virtual tour of the hotel in an effective manner.

 

References

Farris, P., Bendle, N., Pfeifer, P., & Reibstein, D. (2017). Key marketing metrics: the 50+ metrics every manager needs to know. Pearson UK.

Fulgoni, G. M., Pettit, R., & Lipsman, A. (2017). Measuring the Effectiveness of Branded Content across Television and Digital Platforms: How to Align with Traditional Marketing Metrics While Capturing What Makes Branded Content Unique. Journal of Advertising Research, 57(4), 362-367.

Liang, X., Gao, Y., Zhang, H., & Guan, X. (2018, July). THE USE OF MARKETING METRICS BY CHINESE FIRMS: A SURVEY OF CURRENT PRACTICES. In 2018 Global Marketing Conference at Tokyo (pp. 1032-1044).

Mintz, O., & Currim, I. S. (2013). What drives managerial use of marketing and financial metrics and does metric use affect performance of marketing-mix activities?. Journal of Marketing, 77(2), 17-40.

Schulze, C., Skiera, B., & Wiesel, T. (2012). Linking customer and financial metrics to shareholder value: The leverage effect in customer-based valuation. Journal of Marketing, 76(2), 17-32.

Sisodia, R. S., & Sheth, J. N. (2015). Marketing Reform: A Meta-Analytic, Best Practice Framework for Using Marketing Metrics Effectively John U. Farley and Praveen K. Kopalle. In Does Marketing Need Reform?: Fresh Perspectives on the Future (pp. 320-324). Routledge.

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