The Component B re-assessment is an individual business report in which students must develop an elementary marketing plan that builds upon the marketing audit undertaken for the Component A assessment

Running head: MARKETING AUDIT ON A HOTEL 1

MARKETING AUDIT ON A HOTEL 5

Marketing Audit on a Hotel

Student`s Name

Professor`s Name

Institution Affiliation

Presentation Date

Marketing Audit on a Hotel

Successful running of any business requires that there is an effective understanding of the business. The environment of the business is a key factor when aiming to become a successful enterprise in an area. As a result, there must be an effective analysis of the environment, understand all the prevailing factors so that his business can be able to run smoothly. Therefore, in this case, I shall be providing a summary of some of the efficient ways that should be followed when conducting a market audit for a hotel in the market.

Setting of Goals

This is the initial step that must be followed when analyzing the market of any business enterprise. As the management team, you must have goals that you are aiming to achieve after a certain period (Choudhary, 2019). Therefore, such goals must be highlighted and used to solve some of the prevailing problems in the business. For instance, the goals in a hotel sector can be such as:

· To increase the number of consumers for the accommodation and restaurant services offered by the hotel.

· To increase the region that is being served by the hotel, this might be increasing the number of branches into other regions to have an increase in the number of customers served.

· To increase the ability to retain clients especially when there has been a decrease in the number of customers retaining.

· To increase assets under the management and increase the referrals for the hotel.

Therefore, with such goals in place then the management should be able to conduct an effective PESTLE analysis of the external environment to ensure that the set goals can be achieved by the use of available goals (Mak & Chang, 2019).

Political Factors

This is critical for any business in which we must be able to analyze how the current government and political atmosphere influences the economy and daily businesses. This involves both federal and state levels. Policies set on the following issues must be considered:

· Taxation laws

· Labor laws

· Trade restrictions

· Political stability

Economic Factors

These are the factors that are unique to the economy and affect the normal running of business directly. These are such as;

· The exchange rates

· Interest rates

· The property prices

Social Factors

· These daily issues that influence how the business runs, they are the demographic factors in a place. For instance, the population of the place and their consumption pattern;

· The growth rate of the population

· The social behavior patterns such as means of communication

Technological Factors

Technology has become a critical factor in any business and the hotel depends on advances made in technology to execute various duties. For instance, outsourcing of services, ordering, and delivery services in the hotel sector depend on technology and this must be considered. Therefore, factors such as mobile internet, the emergence of artificial intelligence, and research and development in the region must be considered for effective decision making.

Legal Factors

These are the laws that are directly related to the running of the hotel business such as permits, and taxes required.

Environmental Factors

These are all the factors influencing the running of the business. They might be climatic, natural and even sustainability measures required in running of the business (Mokliak, Hyrka & Myronenko, 2019).

In summary, through consideration of all these factors in the initial setting up a business, the management team should be able to make the most appropriate decision regarding the running of the business and meeting the set goals.

References

Choudhary, N. (2019). Strategic Analysis of Cloud Kitchen-A Case Study. Management Today, 9(3), 184-190.

Mak, A. H., & Chang, R. C. (2019). The driving and restraining forces for environmental strategy adoption in the hotel industry: A force field analysis approach. Tourism Management, 73, 48-60.

Mokliak, M., Hyrka, А., & Myronenko, I. (2019). Features of modern strategic control of enterprise marketing activity. ЕКОНОМІКА І РЕГІОН Науковий вісник, (3 (74)), 65-70.