1253020
| Pregunta | Respuesta |
| Market Opportunity | The chance for a business of expanding into a new product and/or market. Roger Williams perceived the hotel business as under provided and hence saw a market opportunity in founding a new hotel. The Imperial. |
| Diversify | A growth strategy where a business spreads risks by expanding into new products and markets, away from its traditional business. Roger Williams’ founder of The Imperial represented diversification away from his existing investments in the primary sector. Implementing Option 3 would also allow The Imperial to diversify by having a direct stake in the safari’s industry. |
| Corporate Image | The view of a company held by its customers, employees and other major stakeholders. The Imperial enjoyed a positive corporate image initially but it is now suffering from being outdated and requiring refurbishment. |
| Promotion | Also a HR term – promotion in marketing refers to the forms of advertising or getting the message about the business to the public. The Imperial, if following Option 2, would seek to promote itself as a business class hotel. |
| Market share | Percentage of sales in a market that is held by one brand or a business. It can be measured in volume (units sold) or value (revenue generated). The Imperial was facing shrinking market share on account of the opening of new luxurious hotels in Mombasa. |
| Secondary market data | Information collected from second hand sources such as government statistics or market research reports, all of which are relatively easy to access. Martin’s use of secondary market data from Kenya National Bureau of Statistics and other tools helped him to realize that The Imperial could attract new type of traveller interested in safaris and cultural tourism. |
| Marketing audit | A systematic examination and review of the current position of firm’s marketing in terms of its strengths and weaknesses as well as where a firm stands in its relation with customer and competitors. It was used by Martin Kimathi, along with secondary market data to identify a new market segment of tourists to cater to – the ones interested in safaris or cultural tourism. |
| Position map (perception map) | Also referred to as a perception map, this is a visual aid used to show customers’ perceptions about the product or brand in relation to others in the market, against variables such as price and quality. A position map was used by Martin Kimathi to help him realize the new types of travellers that The Imperial could tap into. |
| Marketing challenges | Concerns to a business arising fro changes in the target market or from the emergence of new competitors leading issues of market share or product perception. The Imperial was facing long-term challenges on both fronts. |
| Reposition | Means to change the perception of a business from the opinion of its customers. This may be achieved by altering the marketing strategy to change the brand image. If Option 1 is adopted, the renovation of the hotel will upgrade its image and services on offer and therefore reposition The Imperial to its former place as “the” premier hotel in Mombasa. |
| Decline phase | The decline phase of the product life cycle occurs when sales of a business start to fall. The Imperial was in the decline phase of its product life cycle. |
| Product life cycle | The product life cycle of a business measures sales over time. A typical product life cycle has the following phases: Introduction, growth, maturity, decline. The Imperial is in the decline stage of its product life cycle and therefore the hotel’s occupancy rates have fallen. |
| Marketing | Marketing is the process through which customers’ needs are predicted, identified and satisfied in a profitable way. The marketing process can be broken down into the 8 Ps: product, price, promotion, place, packaging, physical environment, process and people. If Option 1 is chosen, The Imperial needs to invest in its marketing to re-launch the newly renovated hotel. |
| Brand name | A brand name is a name given to a firm’s products, which usually represents the image of the business. Currently the brand name The Imperial portrays a colonial style hotel, which is in need of renovation. If Option 1 is adopted then it may be necessary to rebrand the hotel by changing its name and appearance. |
| Customer | A customer is an individual or organization, which purchases a good or service from a business. If Option 1 is adopted, the hotel will attract the same customer types after the renovation. Option 2 would attract business travellers, whilst Option 3 would attract customers interested in safaris. |
| Product | A product is the output of a production process, i.e. a good or service. In the case of The Imperial the product is the hotel itself and the services it offers. If Option 1 is adopted it is hoped that the renovation will create an improved product in terms of the physical environment and the services on offer to its customers. Option 3 would involve an additional product that generates revenue for the hotel – safari tours. |
| Market research | Market research is the process through which the needs and wants of customers are predicted and identified. It involves collecting both primary and secondary data. In Option 3 it is claimed that Kamau Onyango can predict market trends without carrying out any market research but by using intuition. |
| Market trends | Market trends are changing demands for goods and services within a market. In Option 3 it is predicted that different types of holiday customers want different holiday experiences. |
¿Quieres crear tus propias Fichas gratiscon GoConqr? Más información.