Applied Business Research for Star Gold Coast- myassignmenthelp

Question: Discuss about theApplied Business Research for Star Gold Coast. Answer: Introduction Organizational Background The organization which is selected for the study will be Star Gold Coast. This is completely a new hotel which is not yet developed. This is a six star and 17 storey hotel. The property should be including 50 luxury suites, a butler service for all the guests and a rooftop bar and restaurant having an adjacent terrace for dining outside. The top floor is suspended 67 metres above the ground level should be an infinity pool which will have an extension of 5 metres beyond the side of the tower (Kietzmann et al., 2011). This tower will be offering excellent views across the ocean. The new tower which will be developed should be representing the existing 5 star hotel in the resort. The five star hotel which is already there has around 598 rooms along with the new luxury swimming pool which is offering the groups private bungalows and cabanas. Problem Stated It is obvious that for developing and starting a new business in any sector is a bit difficult in this 21st century. With the high rise in competition in any filed or industry and the rapid fluctuations in the external environment is influencing negatively for any business to be started and competing with the existing businesses as well. The market environment is very much complex and there are various types of challenges to be introduced and evaluated for any new business to become successful in this tough marketing conditions. The hospitality industry is booming in the market as there is high demand for the hotels and the restaurants to be taken place (Kietzmann et al., 2011). For the new business to be successful in this market the hotel organizations are not doing proper marketing efforts for the marketing of their products and services which they will be offering to the customers. With the rise of technology and the rapid use of internet to be taking place, 70 percent of the hot els in this world are very much relied on the old marketing concepts and traditional marketing practices. Due to the poor marketing efforts and the traditional marketing practices, there is always a problem for the brand recognition as well the sales of the new hotels within the hospitality industry. It is obvious that the capital investment and the cost structure is also a problem for the new hotel to be able to become successful in this market conditions. The new hotel needs to be using conventional and modern marketing practices in order to have a hold in this competitive market. Importance of topic and its justification This research is based on the identification and evaluation of the challenges to be faced by the new business for entering and having strong position in this hospitality industry or market. The importance of this topic is that how the new business will be successful in this hospitality market ad what are the strategies they need to be developed in order to compete with the existing and branded hotels operating within the hospitality sector as well (Kietzmann et al., 2011). In this study it is came to be known about the branding and the different techniques which the new business will be implementing in order to become successful. Scope of the review This topic will be discussing about branding, social and digital media as the techniques for the marketing for the new business. This includes how cost is an important factor for the new business to be successful, advertisement. It should discuss on conventional and new marketing techniques and the relationships with other brands. It excludes from discussion the internal environment of the new hotel, customer satisfaction and ways of influencing customer satisfaction levels (Kietzmann et al., 2011). Literature Review Branding Branding is a very important and essential term to be used in business and especially for the new business to be able to become successful in this competitive market environment. The brand and branding are complex terms but they are somewhat different from each other. The brand is the way the customer will be perceived. The brand is basically a promise which the organizations make it to their customers. According to American Marketing Association branding is the tool by which there is a commitment and loyalty to be developed among the customers regarding the products or services which they should be using it. Branding is nothing but a symbol or the identity for the customers to perceive the products and services given by that specific organization only. Branding develops trust and respect for the products and services which the organization will be offering it to the customers. It is seen that with the increase in the competition people in this world have lesser time to look for many options and their selection becomes narrow (Powers et al., 2012). There are rise of infinite choices for the customers to be taken place and this makes them not be connected emotionally and loyalty gets disrupted for them as well. The new business should need to have constant efforts in developing their business as a brand. The hotel organizations who are in the way of making their business a brand can be able to differentiate easily from their competitors existing in the market as well. According to Bampo et al., (2008) branding brings in some of the advantages which might make the new business to be sustainable in the future. Branding will provide flexibility and enhances the credibility of any business. Branding will help in making new business to be much more established and provides stability in the business. Branding for a new business helps in understanding the perceptions and the needs of the customers who are involved in hotel business. Advertisement According to Wedel Kamakura, (2012) the advertisement is defined as above the line promotional technique which is used by most of the business organizations belonging to any sector. The advertisement takes up lot of expenses for any business organizations so for advertising to be selected as the medium of making the business successful in the market, they need to spend a lot of money over it. It is not quite possible for the new business to advertise their products and services or a regular basis as they do not have the high expenses and capital to be invested on the marketing. Advertising is an essential tool for the active promotion of the products and services as this will help in connect 6the customers emotionally and psychologically as well. Advertising is also important in recognising and the evaluation of a brand which will make the new business to be successful in the market. Berthon et al., (2012) argued that branding is not that easy to be made for new business against the existing businesses which has taken its high size and shape in the hospitality sector. So it is obvious that for a new business to be able to compete and become successful in the market need to do comprehensive and innovative advertisements for connecting with the customers properly and for bringing stability in the new business as well. Cost The costing and control is also important factor in making the new business to become successful in the market. The costing is always an important issue and there is the development of an effective planning to be developed for preparing a budget for the new business to become feasible in this tough marketing environment. There is the need of effective and comprehensive budget planning to be developed by the individual having high experience in the finance profession. According to Ahmed Rafiq, (2013) costing and control is linked with each other and there is always a balance to be developed between cost and control for the success of a new business. New marketing techniques According to McDaniel Gates, (2013) it is the need for the new business to adopt new marketing techniques by which they can develop branding and be able to promote their products and services effectively to the targeted customers. The new business should also keep on eye of the budget for the marketing they would be doing so that they can be able to distribute their investments i9n other activities as well so that the operations and stability could be able to develop. According to Tiago Verssimo, (2014) referrals could be one of the most important and new technique which is used by the new business for develop branding and for developing a network. Webinar is another new form of marketing method. In a webinar a seminar will take place online. There is the presentation and demonstration of the overall business activities as well the other activities to be introduced for the new business to have its mark in this market as well. The next could be the polls where the audience views and opinions are analysed so that the new business will have an idea of their targeted customers preferences and perceptions. Conventional Techniques According to Ahmed Rafiq, (2013) the conventional marketing techniques could be the traditional marketing practices which have not been used by the organizations operating in this globalized world now. The conventional marketing techniques will be involving the print media including the advertisements at the newspapers, billboards, flyers as well as leaflets. There are other forms which include the radio and TV commercials for the promotion of the products and services. Social Media and Digital According to Stephen, (2016) the email marketing is said to be the co0rbnerstione of the digital marketing. In email marketing there is the need of capturing the contacts information for the additional marketing to be done. This helps in connecting and developing leads for the new business to be able to cope in this market. According to McDaniel Gates, (2013) content marketing is the other digital method of marketing. In the content marketing, this is said to be the process by which the individual and attractive content to be generated for attracting the target audience. In accordance with Stephen, (2016) the social media also has a great influence in the marketing of the products and services for the new business. The social media marketing will be involving the Facebook advertising where there are ads which are digitally produced are given on Facebook. These ads will help in attracting the targeting audience and for analysing their online behaviour. Relationship with other brands It is useful that for the new business to be successful and for competing with the other brands, they emend to develop an alternative strategy. The strategy is that the new business should be able to develop strong and healthy relationships with the other brands (McDaniel Gates, 2013).This should help in making the new business to get the attention of the target audience. Conclusion It is evident from the study that there is the need of the effective and comprehensive marketing practices which should be useful in the success of the new business in this market. It is evident that with the high rise in the competition and the continous fluctuations in the external environment, the new hotel business is under immense pressure for coping as well as for developing the brand in this market. It is seen that the most of the new businesses are not been able to stray on their marketing efforts and cost is an important factor for the new business to make new and proper marketing efforts for the business. This is concluded that technology and the internet is a useful medium for the new business for not been able to indulge and develop its power and might as they could not be able to use the internet and the technology effectively. The capital has been the predominant factor here which is actually making the new business to become vulnerable if not sourced and guided properl y. It is evident from the study that the new business need to spend so much of time in using and developing the modern marketing practices so that it should be implemented as well. 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