Marketing Plan with respect to Pricing Hilton Hotel (Research Paper Sample)
Marketing Plan with respect to Pricing Hilton Hotel,
This week you will continue your comprehensive marketing plan researching the SAME company that you researched in previous units. Again, utilizing the CSU Online Library, you will research the various elements of the marketing plan as it relates to this company. In Unit VII you will provide a comprehensive discussion of the pricing strategies of your company.
This section will provide a comprehensive look at the pricing strategies of your organization. Begin with a look at the overall pricing objectives used by your company. This might include profit orientation, sales orientation, or status quo orientation. From there, review the pricing policies and include a look at the flexibility of the pricing structure, prices over the product life cycle, and discounts or allowances. Review Chapter 16 in the textbook for a complete understanding of how companies utilize pricing strategies.
Does your company has a competitive advantage WITH RESPECT TO PRICING? The idea is to discuss whether your company has a competitive advantage with respect to how they price their products? Again, this section should only discuss whether your company has a competitive advantage with respect to price (product, promotion and place are discussed in other sections). Once you have stated your position, remember to include your rationale.
Your submission should be a minimum of two pages in length, double-spaced with a reference page and title page. References should include at least one additional, credible reference beyond the textbook. All sources used must be referenced; paraphrased and quoted material must have accompanying citations and cited per APA guidelines. Include the use of subheadings (this week consider Pricing and Competitive Advantage in Pricing).
Marketing Plan With Respect to Pricing (Hilton Hotel)
Being that the Hilton is a for-profit organization, the main objective when it comes to pricing is profit. However, before focusing on breaking even and eventually dominating the market, there has to be carefully selected pricing strategies that will ensure that the organization survives for long enough to start ploughing in profits. The good thing about pricing is that it is flexible and can be changed in reaction to competition, positioning, and other external influences that may affect Hilton hotel’s products and how they behave in the market. Looking at other components of the marketing mix, price is the only component that generates returns. This unique characteristic of price insists that pricing strategies have to be carefully treated in regards to how they will affect the objectives of the company and how long it will take for these strategies to actualise the organization’s potential (Hollensen, 2015).
The Hilton hotel’s first objective in terms of pricing will be profit oriented with both direct and indirect effects on profit being put into consideration. Achieving the status quo through the price will not be a main focus of Hilton hotel’s products being that the status quo in this scenario will be taken care of by other components of the marketing mix. All the prices will be set on the basis that they cover the cost of manufacturing the products and any other indirect effect on profit that may arise from ...
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