Successful hospitality companies know the vital importance of constantly watching and adapting to the changing environment. The marketing environment offers both opportunities and threats. The marketing environment is made up of a microenvironment and macroenvironment factors. The Macroenvironment are the larger societal forces that affect the entire environment and are defined as any force outside of a company’s employees, leadership, and business strategy, that can affect an organization's performance and can be considered an external influence. All businesses are exposed to the outside world, which means decision-making by the company is influenced frequently by factors outside of its control. Companies analyse environmental forces and design strategies that will help the company avoid the threats.
Students will be required to prepare a briefing report on the role of situational analysis of the contemporary marketing environment for hospitality organisations within Australia. This report will focus on the macroenvironment.
• Economic Conditions
• Society and Culture
• Political and legal
This assessment addresses the following subject learning outcomes:
a. Identify and understand the critical elements in the planning and execution of an applied marketing research based project to investigate and solve marketing problems;
b. Exhibit a contemporary understanding of existing and emerging marketing methodologies including those relating to branding, advertising and promotion, digital media, consumer behaviour, relationship marketing and strategy development
c. Exhibit an understanding of the global environment and dynamic marketing trends
d. Participate in team decision making and planning to determine and plan effective marketing strategies within specific environments and resources
e. Produce persuasion based marketing programs using all elements of the marketing mix across multi-media and design interactive communication subjects
f. Develop a set of criteria to continuously monitor marketing opportunities, to measure marketing success and to determine strategic adjustments in accordance with organisational objectives.