Answered Essay: 5. Pick 5 of the 8 Hard-Core Tactics for Market Domination, explain the 5 and give examples related to the hotel industry.

5. Pick 5 of the 8 Hard-Core Tactics for Market Domination, explain the 5 and give examples related to the hotel industry.

Expert Answer

Tactics to ensure Market Domination of the services or/and products that the organization offers:

  1. Create your own Niche.
  2. Develop your product or service.
  3. Identify external Forces.
  4. Provide Value and Solutions.
  5. Communicate with your markets.
  6. Establish Credible talent.
  7. Implement cost leadership strategy.
  8. Competitive analysis.

For the discussion, I am selecting the following strategies:

  1. Develop your product or service: Being in market only, is not sufficient proof that you have understood the market and the fact that you are serving the best to the customer. Develop an understanding of the mind of the customer and adjust the features and the core of the product and service to provide best value for money.
  2. Identify external Forces: A variety of external forces affect your market, including environmental, socio-cultural, demographic, economic, science, technology, legal and political forces. Identify each of them and their individual effect on your business. Understand and then address each of them, convert these to positive forces in your business advantage.
  3. Provide Value and Solutions: Very important to create a trust with the customers, prospective customers and other forces that effect your market, directly or indirectly. Answering customer requirements and resolving their problems in their queries helps build the relations which have longevity. Businesses thrive on such relations with the market. This shall lead you to understanding prime customer needs and help you to supply a better service.
  4. Communicate with your markets: Keep the website interactive with receiving and replying to the feedbacks and queries. Let these replies be insightful and frank. Let the employees talk on social media, remain active in industry magazines and keep contributing for the information of the prospective customers understanding the niche of their needs.

All this leads to a healthy relationship with trust between the organization and the customers and other outside forces.

  1. Establish Credible talent: It goes to the credit of the company, if they can establish credible talent in the eyes of the customers and the market. The organization should hire talented employees, should work on improving their skills, keep them happy, with the best quality of work and environment. Keep posting the pictures of the employees and the workplace, make the employees talk to the customers through social media etc. Writing staff on the industry news and sharing views enthuses prospective customers also to share and leads to free and healthy advertisement.
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