1.) What is the marketing mix?
The marketing mix is a tool used by marketing professionals in the business environment to strategize different marketing techniques. These strategizes are price, product, place, and promotion also known as the 4p’s. All marketing offers will contain a mix of all of the 4p’s there can be different amounts of each in the mix and it can be altered to suite the customer.
2.) Suppose you work for a major hotel chain. Using Porter’s five forces model, explain what you need to consider with regard to each force. Ch. 2.2
If I worked for a major hotel chain there would be several things to consider in regards to Porters five forces model. I would have to consider the competitive rivalry who are the competitors are there any on the same level and if so what do they have that we don’t? Next I would consider if there were any up and coming hotel chains that might be a threat to my hotel if so where are they, what is the quality and can they be compared to my hotel? I would also consider if there were substituted products in the market that might be more affordable but offer less to the customer. The bargaining of power for suppliers would also be something to consider some consumers might be partial to a certain supplier or they can simply be more affordable to my chain. Also the bargaining of power for buyers what do buyers think of what our hotel is offering? If buyers aren’t satisfied they will go elsewhere. This question is crucial because this is what is keeping our hotel relevant it makes you or it breaks you.
3.) Discuss how conducting a SWOT (strengths, weaknesses, opportunities, threats) analysis helps a firm (or an individual) develop its strategic plan. Ch. 2.6
A SWOT analysis is crucial to bringing all the aspects of a business into perspective and helps the business owner understand how they measure up to their competitors. This analysis can help the business prosper by showing them their strengths and weaknesses. The SWOT analysis can give a competitive edge to businesses by helping them determine their competitive advantages.