Reference no: EM133203711 , Length: 5 slides.
Assignment: The Marketing Metrics in Restaurants & Hotel Industry Presentation
To maximize effectiveness, marketing managers must focus on the needs and wants of their target markets. The needs of a firm's target market shape the basis for the development of the 4Ps. This relationship explains why marketers must maintain close, positive relationships with consumers and consistently alter or adapt offerings to meet current and future needs. Failing to respond to changes in consumer demand appropriately could provide an entry point for competing organizations to gain market share. Marketing managers should listen to consumers and respond by providing consumers with practical solutions to their problems.
As with many aspects of business management, marketing managers need to ensure strategic initiatives are productive and successful. One way of accomplishing this objective is to develop and measure goals that are Specific, Measurable, Achievable, Relevant, and Time-bound - i.e., SMART goals. By measuring performance and outcomes, marketing managers can adjust strategies to keep firms on track.
1. Instructions: Create a PowerPoint presentation (5 to 6 slides in length with speaker notes) to explain and demonstrate marketing changes taking place within the restaurant and hotel industries as a result of COVID-19.
2. Performance Measurement: Provides clear, specific details regarding how recommendations will be measured. At least one performance measurement metric for each SMART goal and a detailed rationale for each SMART goal should be provided.
3. Conclusion: Reviews key points and discusses future implications of the plan. Describes metrics Marketing would use to measure the results of the plan.
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