PESTLE analysis and marketing planning for hotel new product development

¶ … Auditing Techniques to Justify Their Application

PESTLE analysis functions as an integrative and analytical tool the company can apply to arrive at decisions of pragmatic value. The justification of this auditing technique is that it enables the business to determine the industry forces as well as trends from all perspective and the manner in which they influence the operations of the business. More so, it will aid the company to ascertain the manner in which the forces and trends within the industry will impact the new product offering to be unveiled in the market.

CR 3.2 Importance of Marketing Planning

In essence, marketing is the practice in which a business makes the decision as to what it will retail, to whom, how and when, and thereafter undertakes it. Marketing planning plays a significant role in strategic planning. Marketing planning is important in detailing the strategic process, supporting the commercial strategic business plan of the organization. The marketing plan takes into consideration the financial and commercial data and information or the details of the strategy to be employed in sales, and is significant as it takes into account the resources available. In addition, it accounts for the market, the competition and projects the external factors that could have an impact on the future of the company (CIMCIG, 2010).

CR3.3: Check the new product development cycle

The new product development cycle encompasses a number of stages. The first stage is the conception or idea. Every new product offering begins with an idea. The conception of this product offering starts from the notion that owing to globalization, there is an increasing need for hotels to provide a home away from home and an office away from the office. The second phase is researching the market to ascertain whether the product offering will have demand. In this case, statistics from market research indicate that business travelers are projected to increase by 6%, which will heighten the demand for the product. The next phases are development and testing. This implies creating the hotel rooms that have the in-room conveniences and providing such amenities to a sample population of business travelers to obtain their opinion and reactions on the product offering. Analysis is the succeeding phase where the hotel will consider the manner in which the product will be launched and thereafter the final phase comes into fruition which is the introduction phase (Komninos et al., 2013).

CR4.1: Missing the explanation on ethical issues affecting in marketing planning State the importance and impacts of the marketing ethics

Marketing ethics is perceived as important because of the crossing point that marketing has with several different stakeholders. Marketing is a significant functional area in the business organization that offers a perceptible crossing point with not just consumers, but also other stakeholders, for instance, the media, investors, regulatory agencies, network affiliates, trade associations, in addition to others. It is imperative when addressing marketing ethics to be aware that it ought to be observed from an individual, organizational, and societal viewpoint. Ethical marketing practices and philosophies are essential building blocks in instituting confidence, which help form longstanding marketing associations. Strategic organizational decisions have to consider manifold and individual marketing ethics as they supplement each other interchangeably. Marketing ethics are a key part of marketing decisions in that they are ethically sound. The ethical unassailability of the marketing strategies positively mirrors on the choice of product, personnel, advertising, and quality and valuing -- as instances (Al-Haddad, 2014).

CR4.2: Not Ok! responses to misleading advertising were discussed briefly and more examples to ethical issues of the marketing mixes should be given

One other ethical concern with regard to promotion and advertising is deception. Deception is defined as a misrepresentation, inadvertence, or practice that is in the offing to misinform the consumer acting sensibly in the situations, to the consumer's disadvantage. It is deemed unethical for a company to overstate the features of a product or its performance. In this case, for Hyatt, the exaggeration of the attributes of the product offering could be advertising in-room services such as 20 Mbps internet connectivity whereas the actual internet connection is just 10 Mbps. Another aspect could be the advertising of unrealistic statements regarding the product offering. For instance, failure to have fax machines in the rooms or stating having ergonomic chairs when the rooms presented by the hotels are simply normal chairs with no back support (Majtan and Dubcova, 2008).