404TH Marketing and Financial Management in Hospitality and Tourism CWK2 (Block 4)  Assignment Brief

Assignment Task

To complete this task, you must prepare an Individual Formal 2500 Word Report

To complete this task, you need to produce an individual report examining factors related to the potential financial performance and the marketing activities of St Mary’s Guildhall, Coventry. Showcasing Coventry’s rich heritage, St Mary’s Guildhall is embodied in over 700 years of history. St Mary’s Guildhall is one of the finest surviving medieval guildhalls in the country. It has been of great importance in the city since it was first built in the 1340s and continues to be an important venue at the centre of the community of Coventry today and for the future.

Marketing is a vital aspect to generating demand and creating awareness of new products and services. Tourism product development is used as a tool of regional economic development. However, considerable research and planning must be engaged before new products are developed to ensure sustainable development. To achieve this, multiple considerations must be made, not only in regard to improving customer satisfaction but also to the improvement of local tourism industry satisfaction, local people’s quality of life as well as environmental quality. Price needs to also be recognised as a multi-faceted concept and not just as a major determinant of profitability. Whereby an understanding of strategic price setting can attract certain markets and repel others. Pricing levels can also impact upon customer satisfaction by influencing value-for-money perceptions.

Source: Morrison, A. (2021) Marketing and Managing Tourism Destinations. (3rd ed.). Routledge 

Your report should include the following information: 

• Identify the link between customer relationships and business performance of the St Mary’s Guildhall, Coventry and its association with No Ordinary Hospitality Management (LO2).
• Discuss the indicators of financial performance and the potential financial performance of the St Mary’s Guildhall, Coventry(LO4).
• Assess factors that can impact on financial performance at St Mary’s Guildhall, Coventry.
• Describe different methods of pricing and marketing products or services in the tourism and hospitality industry (LO5).
• Assess and recommend methods of pricing and marketing of St Mary’s Guildhall, Coventry.
• Assess the use of capital investment and its relation to financial performance (LO4).

You will need to provide a reference list for your report using APA Referencing Style and ensure you cite your sources and refer to key points within your report. Please ensure that your report is supported by appropriate theories and concepts. Also, consider providing examples to support your arguments throughout your report. 

The assessment word count is 2500 words (+/- 10%). Please remember that the front cover, contents page, and reference list do not count toward your word. There will be a penalty of a deduction of 10% of the mark (after internal moderation) for work exceeding the word limit by 10% or more. This applies to the academic writing portion of the marks (20%).

Assessed Module Learning Outcomes

The Learning Outcomes for this module align to the marking criteria which can be found at the end of this brief. Ensure you understand the marking criteria to ensure successful achievement of the assessment task. The following module learning outcomes are assessed in this task:

1. Identify the link between customer relationships and business performance.
2. Evaluate the financial performance and the use of capital investment in a hospitality or tourism business.
3. Describe different methods of pricing products or services in the hospitality and tourism industry.Consider the operational aspects of food and beverage service to meet customer and regulatory requirements.