Luxury Vibes AKJM Inc Bed & Breakfast Marketing Plan

Length: 5 pages Sources: 6 Type: Marketing Plan Paper: #85639432 Related Topics: Hospitality Industry, Target Market, Product Life Cycle, Brand Image Published November 03, 2022
Excerpt from Marketing Plan :

AKJM Inc's Bed & Breakfast; Luxury Vibes Marketing Plan

Question 1

The brand image constitutes the brand's perception in the minds of the customers that includes elements such as the idea of the company, beliefs, and the impression the customer holds regarding the brand. Luxury Vibes bread and breakfast varies from its competitors by offering customers a unique experience, one similar to a vacation yet offering a family setting feeling, making the company a high-end one. Luxury Vibes offers services that match those of a five-star hotel and integrate auxiliary services such as individual drives to the mountains, access to the beach, infinity-edge swimming pool, and one-of-a-kind spa services. Luxury Vibes's main competitors are luxury hotels and motels; however, it differentiates itself from its competitors through the identified auxiliary services (Rusmahafi & Wulandari, 2020). The provision of a family-like setting creates a relaxed environment, unlike in luxury hotels, motels, and resorts that customers perceive as more official premises. Conversely, Luxury Vibes is perceived as a more relaxed but high-end bed and breakfast that allows both active and passive engagement in their entertainment, unlike in luxury hotels, motels, and resorts where entertainment is passive.

Prestige pricing will be adopted to reflect the quality of the services rendered at Luxury Vibes. This approach is contrary to typical introductory pricing strategies, which depend on the market conditions and are often average compared to competitor pricing to attract customers (Zhou & Gupta, 2018). However, in the hotel industry, pricing is perceived as a determinant of the quality of services rendered; thus, offering an average price might create a negative brand image where Luxury Vibes is perceived as a subpar bed and breakfast. Since the product is in the introductory stage of the product life cycle, some of the considerations that will be taken into account are low revenue generation since the acquisition of customers takes time (Prasad et al., 2019). To attract customers and generate sales, offering customers discounts and incentives, such as a 15% discount and free spa treatments, to new customers will attract customers who seek luxury services and increase the customer lifecycle at subsidized prices that would otherwise be average in the luxury category. This strategy is suitable for individuals between 25 and 70 years who earn at least $70,000 since it is the buying ability and might be commenting more often than not where they might require services such as those offered by Luxury Vibes.

Due to changes in demand with seasons, the price will range between $200 and $300 per night depending on the season; the lower price point will be applied when there is low demand and the high price point when the demand is high (Rusmahafi & Wulandari, 2020). The competitors of Luxury Vibe's prices are within this range, and the application of a 15% discount or inventive to customers would result in…27", 2022). Italy is ranked fourth internationally in the number of rooms and has recorded increasing rates of overnight stays. Therefore, Italy offers a unique opportunity where Luxury Vibes can leverage its brand equity during entry. Italy enjoys political stability and has a per capita income of $42,270. As such, there is a high buying ability among the local and international tourists. Notably, the country also hosts international competitions, such as Formula One, which attracts international tourists.

The business model of Luxury Vibes is at an international status, making it adaptable to different markets. The culture in Italy varies in cuisine, but the traveling culture is synonymous. Consequently, the catering will be adjusted by recruiting chefs locally. Italy's culture is synonymous with most cities in developed countries. According to the European Consumer Centre (ECC), the only specification is there has to be a charge for cancellation of reservations that also applies in leading luxury hotels across the globe. There is pervasive reliance on the internet to meet customers' needs. Therefore, the internet mediums, such as the website and social media, will still be used for marketing purposes. Further, the target demographic in this region is similar to that in the U.S. the pricing of services will be subject to the demand mechanism within the luxury category of the industry in Italy ("Hospitality Industry in Italy 2022 - 27", 2022). Notably, since the B&B aims to run at a five-star…

Sources Used in Documents:

References


Beritelli, P., & Schegg, R. (2016). Maximizing online bookings through a multi-channel strategy. International Journal of Contemporary Hospitality Management, 28(1), 68-88. https://doi.org/10.1108/ijchm-07-2014-0326


Hospitality Industry in Italy 2022 - 27. Mordorintelligence.com. (2022). Retrieved 14 June 2022, from https://www.mordorintelligence.com/industry-reports/hospitality-industry-in-italy.


Pearce, D. (2009). Channel design for effective tourism distribution strategies. Journal Of Travel &Amp; Tourism Marketing, 26(5-6), 507-521. https://doi.org/10.1080/10548400903163046


Prasad, R., Jha, M., & Verma, S. (2019). A Comparative study of product life cycle and its marketing applications. Journal Of Marketing and Consumer Research, 63. Retrieved 14 June 2022, from https://www.researchgate.net/publication/344411993_A_Comparative_study_of_product_life_cycle_and_its_marketing_applications.


Rusmahafi, F., & Wulandari, R. (2020). The Effect of Brand Image, Service Quality, and Customer Value on Customer Satisfaction. International Review of Management and Marketing, 10(4), 68-77. https://doi.org/10.32479/irmm.9939


Zhou, L., & Gupta, S. (2018). Marketing research and life cycle pricing strategies for new and remanufactured products. Journal Of Remanufacturing, 9(1), 29-50. https://doi.org/10.1007/s13243-018-0054-x


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