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Savoy hotel - Essay Example

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Savoy hotel

This is one of the lowest global corporate tax rates giving the business additional capital to recapture the costs of renovation and expand service offerings. The UK Value Added Tax (VAT) increased from 17.5 percent to 20 percent since the Savoy closed and completed its reconstruction, this increased taxation rate is reflected in the pricing structure at the Savoy (Fairmont Hotel & Resorts 2013). Savoy must now retain 20% to comply with this legislation. Economic Forces The UK Consumer Price Index indicates rising prices for consumers at an inflating rate of 2.7 percent. Impacted products experiencing the highest inflation include fruits, bread, cereals and utilities (Peston 2012). This has implications for rising costs in the Savoy supply chain. The government is actively establishing a variety of austerity packages and making cuts in order to prevent a return to recession. Driving down the national interest rate impacts the wealth management portfolios of important target consumers. The Euro continues to gain against the British Pound, creating a favourable exchange opportunity for Savoy’s European clients. Social Forces Schiffman and Kanuk (2010) identifies that consumers often rely on first impressions and stereotypes when determining future repurchase intentions. This has implications for Savoy in terms of providing a positive servicescape and ensuring helpful and constructive initial impressions when working with guests. Growth in utilisation of the Internet continues in the UK, with many consumers using mobile technologies to access the Internet and social media (Arthur 2012). Mobile internet technologies becoming a significant part of lifestyle and social behaviour. Technological New consolidated technologies that facilitate more effective guest messaging and booking systems are now available for Savoy. Known as Adaptive Messaging, this technology has the ability to properly queue guest messages and retrieve all guest messages effectively in an environment that fields approximately 1,000 telephone calls daily (NMS Adaptive 2005). Technologies are also available that support the ability to sustain self-owned internal power systems that reduce reliance on the national grid and save financial resources. This provides opportunities for gaining a better reputation in areas of corporate social responsibility. Legal Booking systems online that require electronic signatures from customers serve as binding, legal contracts. New 2012 legislation now forces companies that use cookies when consumers are utilising a business’ website to gain permission before placing cookies (BBC News 2012). This has significant implications for data mining and tracking consumer behaviour. Environmental Hybrid vehicles are gaining prominence with many consumer markets that care about environmental sustainability. Savoy offers transport for many guests to airports or local commercial centres. Technologies are now available for businesses to recycle paper products and even food waste for transformation into biofuels. This, too, has implications for Savoy in maintaining a positive CSR reputation. 1.2 SWOT Analysis Strengths A very strong brand identity/reputation stemming from respected operations in the UK since 1889 Diversity of food and beverage services providing unique themes and performances to enhance guest stay The Savoy Cocktail Book illustrates the brand ...Show more

Summary

Marketing Exam BY YOU YOUR SCHOOL INFO HERE DATE HERE Marketing Exam 1.0 Key macro and micro environmental factors impacting Savoy Maintaining an understanding of what micro and macro-level factors impact business strategy development, competitive strategies and marketing tactics is necessary for the Savoy Hotel to ensure an appropriate market position…
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