Marketing Strategy And Product Life Cycle Essay

Marketing Strategy And Product Life Cycle Essay

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Marketing Strategy and Product Life Cycle in Hospitality
As the marketing consultant for a hospitality management company, it is often my responsibility to define target markets for various restaurants and hotels. In fact, I have been tasked with creating a fictional hospitality operation, to utilize as an illustration to define a marketing strategy and target market. In addition, I must identify and analyze the product life cycle of an organization that has been in business for a minimum of twenty-five years.
First, the fictional operation will be a Bed and Breakfast business located in the heart of Dallas, Texas on the shoreline of the beautiful Lake Ray Hubbard. Furthermore, the establishment intends to begin providing, in addition to standard bed and breakfast expectations, spacious rooms that include free WIFI, a copy/print center, adequate desk space and lighting, surge protected outlets, and an in-house ironing facility (Attracting Corporate Travelers to Bed and Breakfasts, 2012). The Shoreline Bed and Breakfast has been in business for 2 years with a modest profit, which means it is in the growth stage of the product life cycle (Editorial Board, 2014, p. 209). In fact, during this stage, of the product life cycle, consumers have accepted the product and the competition may be developing techniques to capitalize on the demand in the area for Bed and Breakfast operations (Editorial Board, 2014, p. 209). As a result, The Shoreline Bed and Breakfast must maintain existing product quality while adding supplementary elements, preserve current product pricing, and focus new marketing promotions at a broader target market (Editorial Board, 2014, p. 210).
Second, in light of the added services, The Shoreline Bed and Br...

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...lities and the Hualuxe Hotels & Resorts, which specifically “celebrates the essence of Chinese hospitality” (About InterContinental Hotels Group Brands, 2015). In my opinion, this shows that their target market has changed by expanding their scope of travel, which means they are traveling to farther and farther locations and require the familiar surroundings with equivalent product quality at the final destination. The InterContinental Hotels Group is in the fourth and final stage of the product life cycle, which is the decline stage (Editorial Board, 2014, p. 212). Indeed, the brands lengthy history indicates it has loyal customers, but its addition of innovations indicates the targeting of new customers for the organization, which are clear signs of a business in the decline stage of the product life cycle (Editorial Board, 2014, p. 212).

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