Also, with such technologies the customers are more highly informed, like never before.
Marketing is the principal undertaking by which links are forged between the customers and the industry. Therefore, it is evident that the marketing industry is constantly changing. Retail marketing has emerged as the need of the hour. The recent trends in marketing suggest that companies have greater accessibility to the end-consumer, eliminating the need for layers of middlemen. Consequently, retail marketing has been one of the fastest growing segments of the marketing industry. Recent developments in retail marketing in the hospitability sector suggest a very interesting trend. It is increasingly evident that many of the designer companies are seeking to penetrate the hospitality sector and to establish hotels in the commercial hubs like Dubai and London. Innovations in the business have led to increasing need for strategic planning for the purpose of effective assessment and monitoring of the business (Phillips & Moutinho, 1999).
Among many of the major trends, it has been observed that the affluent society is becoming more sensitive about choosing the products that they purchase. This is primarily because today’s customers are deluged with a variety of products and a massive amount of information. Customers can easily gain access to information about the products that they are interested in. Also, the number of firms have grown which compete for the same markets in the same industry. With such a wide choice of alternatives, customers tend to look for establishments that would provide the service with the greatest value added at the most reasonable cost. (Escalera, 2007).
With such trends prevailing in the industry it was inevitable that the designer companies like Missoni and Armani would attempt entry into the hospitality sector to create optimum value for the affluent society.