Product differentiation plays a key role in a company’s marketing strategy and is essential to keep ahead in competition. Differentiation strategy helps in marketing the products stand out in a crowded market place; it can be significant strategy to implement, especially if products are very similar to that of competitors. Customers also desire for distinguished products as it helps them to make a purchase decision and acquire a product with modified features, higher values and ease in handiness that influences consumers to buy a product or service.
In line to this veteran concept of marketing, Sheraton also offers various membership benefits to achieve customer satisfaction and differ themselves with others. The hotel undertakes various differentiation strategies to differ themselves but it also bring in additional issues in front of management to maintain the consistency in its service offerings. The aim of the research is to investigate the product and service differentiation that is undertaken by Sheraton hotel. This study will assist in attaining information in the area of marketing strategies and what measures Sheraton has undertaken to achieve a competitive position in the market place.
This research report is conducted to acquire an in-depth understanding in the area of product differentiation and how Sheraton hotel manages to implement product differentiation and achieve a competitive position in the market. In this context a primary research was undertaken in Sheraton hotel to analyze the product differentiations strategies enforced by Sheraton. Interview was conducted among the employees and personnel’s of this organization to gain comprehension in the area. The main focus during the primary research was to acquire wisdom about the differentiation strategies adopted by hotel to manage the competition and the benefits acquired to management from this approach.
After the accomplishment of research, acquired data were analyzed with the help of thematic analysis and it was found that considerable amount of increase in sales of hotel has been acquired and hotel has been able to design a distinguish image in the market with the help of this approach and have achieve customer contentment as well.
Hence, in here it could be concluded from the findings that in today’s rising competition hotel industry needs to enforce differentiation strategy in its service offerings due to rise in competition. Differentiation in services helps in to survive the competitive market where there are many segments available, hotel have to make effective selection in which to operate and within this segment the product or service should be portrayed with its image.
A differentiation strategy is an organizational shift away from marketing and product development which is based on cost to put emphasis on high quality of business goods and services. The successful implementation of a differentiation strategy needs the involvement of various divisions from marketing to sales team. An effective execution of a differentiation strategy allows a business to charge more for a product because customers can visualize the organization as an industry leader.
In a competitive global business world, firms should consistently analyze their goods and services in order to serve the consumers in a better manner. Product differentiation is plays a key role in a company’s marketing strategy and are essential to keep ahead in competition. They are also required to have innovative spirit along with careful assessment. This strategy will probably include diverse attributes like quality and price, which helps in motivating the potential customers in order to perceive it as desirable and distinctive products as compared to the competitors (Ferrell and Hartline, 2010). Differentiation strategy helps in marketing the products stand out in a crowded market place; it can be significant strategy to implement, especially if products are very similar to that of competitors. A suitable differentiation strategy provides consumers reason to buy a product by pointing out subtle or less evident differences or advantages that buyers may not be aware of.
In today’s era companies need to offer products and services that stand out from competition to maintain the viability and reliability in their service offerings. In this respect product differentiation involves presentation of goods to consumers that the competitors does not with high quality goods or by offering some different design. This concept mainly serves two major purposes like it provides customers to choose the company’s goods over their competitors and allows charging a premium price from buyers. In current research report an assessment has been made on analyzing the importance of product and service differentiation in hospitality industry and a research would be undertaken in Sheraton hotel to acquire an in depth understanding in the research area.
Product differentiation strategies have become an important factor to design a strong image in market in front of customer’s eye. By differentiating the products companies can offer high end value to its buyers and valuable features that the consumers are looking for. This strategy enables an organization to acquire competitive advantage in the market and can compete with basic goods and provide the best value to customers as compared to other competitors (Roberts and Inman, 2007). Customers also desire for distinguished products as it helps them to make a purchase decision and acquire a product with modified features, higher values and ease in handiness that influences consumers to buy a product or service.
With rise in competition the hospitality industry needs to enforce a differentiation strategy in its service offerings as it will help them to survive in the competitive market where there are many verticals already available. This industry need to make a suitable selection in which to operate and within this area the product or service should be presented with its attributes (Parker, 2007). Product and service differentiation is the incorporation of diverse features with respect to quality or price of a good; it is done to encourage the intended consumers to show it as other and attainable and organizational objectives could be achieved.
Product and service differentiation implemented by hospitality industry is a marketing strategy that provides a platform for distinguishes among goods and services. Firms incorporate different ways to make a product look more attractive and unique in its quality with other competitor’s goods. The effective strategy for differentiation builds a competitive advantage to firm as customers see products of higher quality and different in nature (Pride and Ferrell, 2012). The present study is designed to gain acquaintance about the significance of marketing strategies in hospitality industry. In this context one of the leading factors i.e. product differentiation strategies adopted in hospitality industry and its benefits would be studied in the current research report. The study is about differentiation strategies and the manner in which it provides competitive advantage in the hotel industry. Due to intense competition in the hospitality industry where service offerings are easily being duplicated by other firms it becomes important to maintain a differentiation strategy in their service offerings as it provides long time benefits to the organization. This research report focuses on assessing the product differentiation strategy adopted by Sheraton hotel particularly when some of its hotels are located in places where it has to face stiff competition from other hotels.
The hotel in this study is situated near the airport and is a 4 star hotel which is having its presence all around the globe and is known for its world class offerings to its guests. Sheraton provides a range of benefits to its guests that are of high value and are available throughout to cater to the needs of their customers. The ultimate aim of this hotel is to please the guests by fulfilling their demands by offering some differentiated products.
The hotel consistently innovate its products and services especially in order to retain its guests for long term with the organization. Sheraton offers various membership benefits to achieve customer satisfaction and differ themselves with others. The hotel undertakes various differentiation strategies to differ themselves but it also bring in additional issues in front of management to maintain the consistency in its service offerings. The long term relationship with its guest has brought in several kinds of benefits to the hotel and also acts as a competitive advantage for the hotel.
The aim of the research is to investigate the product and service differentiation that is undertaken by Sheraton hotel. This study will assist in attaining information in the area of marketing strategies and what measures Sheraton has undertaken to achieve a competitive position in the market place. In order to achieve this aim, certain objectives are set and they are as follows:
The present research work progresses in an organized and sequential manner such that all the chapters are inter-connected and linked with each other. In other words, it can be said that the subsequent research work will proceed only after the successful completion of its preceding the chapters. The structure of the current report is explained below:
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