Ritz Carlton Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Ritz Carlton analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Ritz Carlton marketing mix, help the brand succeed in the market. Let us start the Ritz Carlton Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Ritz Carlton Product Strategy:
The product strategy and mix in Ritz Carlton marketing strategy can be explained as follows:
Ritz Carlton is one of the leading hotel chain brands in the world offering high class services. What Ritz Carlton offers to its customers, is a supreme and memorable experience. It aims to offer the finest of personal services and professional expertise in hospitality so that its customers can enjoy their stay in the warmth and refined ambiance as a part of its marketing mix product portfolio. It tries to differentiate itself from the others in terms of services offered. Not only does Ritz Carlton provide spacious rooms, private baths, and other comfortable accessories, but it has also tried to constantly upgrade its service by improving their ambiance, environment, and service. The result is the added attention towards extensive flowering in public areas, banquet halls, conference rooms, gourmet cuisines, spas and other accessory facilities like paid car service, travel guide etc. In an attempt to revolutionize the hospitality sector especially in the hotel chain segment, it is planning to offer its Yacht collection by 2020.
The Yacht capable of catering to 300 guests is well equipped with 150 suites with private terrace and other luxurious amenities like elevated dining. Ritz Carlton company plans to organize a 7 to 10-day voyage across beautiful locations and their current chain of hotels is a dream destination for weddings and other celebrations. Ritz Carlton hotels always look forward to something unique in their service and they have also come up with a unique spa experience for its guests which involves a unique blend of local flavours and unparalleled competencies. With the digital era setting in, it has jumped into the bandwagon with their own app that allows guests to check in before arrival, reserve restaurants or halls, request valet service and even check out. Frequent Ritz Carlton guests are encouraged to link their reward accounts with the app such that they can keep a track of their updates as well as activities.
Image: Wikimedia
Ritz Carlton Price/Pricing Strategy:
Below is the pricing strategy in Ritz Carlton marketing strategy:
Ritz Carlton offers high class services at a premium. The US-based hotel chain has positioned itself as a luxury hospitality chain helping its customers creating memories.
Due to this premium positioning, their target customer segment involves business executive, celebrities, national and international sportsmen, leisure travellers, corporates and mostly the upper middle class and the upper section of the society. Since Ritz Carlton is known for its premium services, the company has adopted a premium pricing strategy. It serves the people who never mind shelling extra amount of money in pursuit of comfort and luxury. Thus the brand looks forward to upgrading itself in terms of services and has successfully maintained its position within the elite class of the society.
Read more about Ritz Carlton
Ritz Carlton Place & Distribution Strategy:
Following is the distribution strategy in the Ritz Carlton marketing mix:
Beginning its journey from the United States almost a century ago, the Ritz Carlton hotel chain has come up a long way in creating a name for itself as one of the premium hospitality brands in almost 30 countries. From its headquarters at Maryland, United States, it has branched itself to premium locations in the countries like India, China, Japan, Qatar, Morocco, Egypt, Spain, UK, Mexico, and Malaysia.
While considering the location of its launch, it employs a dedicated team that looks for site-related decisions and their location decisions is influenced by proximity to airport or central part of the premium of locality.
Ritz Carlton Promotion & Advertising Strategy:
The promotional and advertising strategy in the Ritz Carlton marketing strategy is as follows:
Ritz Carlton uses several media channels to promote its services. Being a highly premium brand the chain of restaurants heavily rely on word of mouth publicity to promote itself. aims at satisfying its guests in terms of products and services who in turn recommend others to be a part of this experience and the chain goes on. Apart from the official website, Ritz Carlton try to increase their visibility by advertisements in travel magazines with catchy taglines. In countries like India, they host big events and conferences like the IPL auction and by being the official venue partner they increase their brand visibility. Through its app, it also provides vacation packages and other incentives like reward points involving complementary stay, upgrading room to promote itself.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Ritz Carlton.
People:
Operating in the premium segment, Ritz Carlton hires its staffs from the most elite sectors of the country be it the business persons or the managers or the chefs and the other staffs. They are trained to get aligned with the philosophy of the brand so that they can serve their customers to the best of their abilities. Their people strength include staffs from receptionists to the butlers, from the laundry service man and bell boys to the manager and chefs.
Process:
They ensure the entire process goes smooth enough to provide their customers the much needed comfort that they seek in Ritz Carlton. From check in to check out, they have identified several customer touch points and they continuously look to serve them through those touch points. The brand looks to improve the service time, service quality by continuously receiving feedback from its esteemed guests and try to explore more customer touchpoints to create a memorable stay for its guests.
Physical Evidence:
The Ritz Carlton group of hotels boast of its ambience, facilities and before and after sale service to its most esteemed guests. They offer the state of art interiors, comfort, accessories like the toilet equipment of the finest class to their guests. Being a premium brand, the group believes in serving their guests with the finest quality dishes in terms of food and the best of the comforts so that they can retain the premium segment of customers. Hence this concludes the marketing mix of Ritz Carlton.
About Ritz Carlton:
Ritz Carlton is one of the biggest names in hotels and hospitality industry. Whenever the image of a luxury hotel with glamor and elegance comes into the discussion, the obvious name Ritz Carlton that crops up.
It is a majestic experience equipped with world-class facilities to cater needs of the most premium segment people and the name is none other than Ritz Carlton or professionally referred to as the Ritz Carlton Hotel Company LLC. Originally owned by the American parent hotel and resorts chain The Marriott International, they have been involved in the hospitality and tourism industry for over 100 years with a vision “ to inspire life’s meaningful journeys.”
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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