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Marketing assignment - analysis of lastminute.com

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Introduction

´╗┐INTRODUCTION Lastminute.com is one of Europe's leading online retailers of leisure and travel products and services. Founded in 1998 by Brent Hoberman and Martha Lane Fox. Appendix The Lastminute.com was founded in London by Martha Lane Fox and Brent Hoberman in 1998 to offer late holiday deals online. The founders were colleagues at media strategy consultants Spectrum. Lastminute.com is the UK?s leading online travel & leisure retailer. Lastminute.com offers its customers the opportunity to book flights, tickets, hotels and more through a one stop shop. From adventuring in the mountains to relaxing beach breaks, spa stays, theatre trips and dining, there really is something for everyone. At lastminute.com it?s an extended family of brands that offer everyone the widest choice of products possible. From holidays to hotels, car hire to business travel, providing all the travel options everyone ever need. The company has 480 employees around the globe. Ahead of its flotation in the share market the company has raised a further $31m from seven new investor such as BAA, Hotel Resorts, Sony music entertainment, Mitsubishi corporation finance, Vivendi?s viventures, Starwood hotels and Priceline.com. The company profit margin was 62,000 GBP at end of October 2012. The Lastminute.com has biggest market competitors upon arrival of Expedia, ebooker and TUI travels. Lastminute.com offer customer great online discount and deals, occasionally the company offer online competition for customers. Task 1a (I) DISCUSS CORE MARKETING CONCEPTS Definition and Explain There are many important aspects of marketing. Marketing can be defined as the process of creating, pricing, distributing and promoting goods, services or ideas to facilitate satisfying exchange relationships with customers. Basically, it involves creating the right product, at the right price, putting it in the right place with the right promotion in order to make your customers, or target market, happy. The sale of a product, service or idea can be thought of as an exchange. ...read more.

Middle

Constant modifications to work processes require investment in ongoing training. Constant product modifications also mean ongoing investment in new equipment and product iterations. âAlways study the strategy and the product of the competitor in the market. Without knowing the strengths and weaknesses of competitor, you cannot properly advertise or sale product in the market. âThe first and foremost thing that motivates a customer is the need for the product. Customer will satisfy their need by selecting the best available solution that they can find at the time they need it and you have to convince consumer’s that they need your product. Able to read customer’s mind what type of commodity is actually they looking for and should get some clue about their budget. (wiki.answer.com/1st hand out page2) Task 2 (a) SWOT analysis of Lastminutes.com Strengths 1. Excellent customer service 2. Award winning in online service 3. Easy to use website 4. Increasing revenue Weakness 1. Seasonal travelling 2. Increasing customer acquisition cost 3. Shortage of investment capital may limit expansion 4. Little entrepreneurial experience Opportunities 1. Increasing travel demand 2. Could diversify into a wider range of products 3. Repeat customers 4. Targets business travellers Threats 1. Many online competitors 2. New innovations of competitors (Lastminute.com website analysis) Task 2 (b) Explain how marketing research and market information can be useful to you as a marketing manager: Market research is an essential part to launching and running a successful business. The official definition of market research can be described as the systematic collection and analysis of data regarding the prominent attributes of the market you are targeting. This information often includes data relating to consumer behaviour, and competition. Market research enables you to offer your products or services that are focused and targeted to the right consumers. When time is spent doing market research you will often avoid costly mistakes and minimize your financial risks when it comes to your marketing. ...read more.

Conclusion

Lastminute.com has express their view about how peoples in Britain wanting to celebrate the best that England has to offer, Lastminute.com have been teamed up with Visit England to offer great last minute hotel deals for their customers to make the most of this summer. The Lastminute.com has launched its first Europe-wide integrated campaign to highlight its lifestyle product in the face of increasing competition in the market. The lastminute.com has outline stressed the time was right for a heavyweight campaign to set itself apart from rivals. The campaign aims to highlight non-travel products from theatre breaks to sports experiences such as indoor sky-diving, focusing on "unforgettable and inspiring moments". Around a third of revenue currently comes from lifestyle products. Cost of campaign The cost of campaign is very high number of demand especially on television, newspaper, website and Radio. It?s depending on how its company can afford to advertise. Promotional Methods There are two advertising techniques businesses may use: Below the line (BTL) and above the line (ATL). The technique and method a business decides to use to promote its product depends on a number of factors: Below the line (BTL) promotion 1. PR - public relations - when a business communicates directly with its public through press releases and speaking at conferences. 2. Sales promotions - such as 50% extra free, buy one get one free or coupons and gifts. 3. Sponsorship - where a business will pay to be associated with another product, person or event. Sportspersons are often sponsored by sports companies. 4. Direct sales - when a representative of the business will visit potential customers. Above the line (ABL) promotion 1. TV, Radio and Cinema - allows businesses to target a large group of people. 2. Newspapers - allow advertisers to reach specific groups of people. 3. The web - allows businesses to reach a large international audience at a very low cost. 4. Outdoor/transport -advertisements on the side of busses, outside shops and on billboards enable. (Handout information page 28) ...read more.

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