ABOUT MARKETING THE COSMOPOLITAN IN LAS VEGAS

History of company’s core products/services
The Cosmopolitan was started in the year 2005 on the west of Las Vegas with two towers (Miller 1). It has hotel units, rooms, casino, restaurant, fitness centre, theater and a meeting room. The casino is located on the town’s strip. The pool has been used for relaxation, day clubbing and night clubbing. From the time of its start, it has been providing plenty of services to people from different walks of life and it has been possible to acquire a large client base through the satisfaction of the different customer needs (Miller 2). The Cosmopolitan rooms have been admired by many tourists from different parts of the world and the enterprise has been increasing its sales volume over time. The guest houses have been preferred by many clients for a period of time and this has necessitated the need for the best services to be provided (Miller 3).
The casino has been an admiration of many tourists who visit Las Vegas and this has resulted in the in the increase in the level of returns to the company (Lombardo 1). This was the best site for the provision of the entity’s services. The extended duration of time for which the Cosmopolitan has been in operation has made it possible for the right customer attention to be maintained (Lombardo 2). Most of the tourists who visit the hotel have found it necessary to use the fitness centre during their free times and this has been a positive move in maximizing the level of customer satisfaction. The theater is used by many who come to watch different actions from a number of actors who are out to entertain the crowds (Lombardo 3).
Who are the stakeholders?
Customers
A number of tourists from different parts of the world and within America have been determining the volume of clients that visit the Cosmopolitan (Howard 16). These are the groups of people who come to the facility for a number of objectives and it has been necessary to ensure that the kind of services that they gain from the entity are for the best interests of their entertainment (Howard 17). The different categories of clients who normally visit the resort come in for a number of objectives and the management is ready out to ensure that the best services are offered.
Employees
The Cosmopolitan has ensured that it has the best pool of human resources who are out to ensure that the provision of the right services is at its best (Cannon 1). The company ensures that right away from the time of the selection procedures, the right kinds of people are shortlisted and this makes it possible for the right attention to be awarded (Cannon 2). At different times during financials year, the management fills in the vacant positions for the members of staff who have left the organization for any reason.
Shareholders
The Cosmopolitan is owned by a group of shareholders who provide the necessary funds for the different business activities (Benston 1). At the end of any accounting period, the stakeholders expect a dividend payment which is supposed to be a consideration for the funds that have been advanced to the company (Benston 2). They move in to ensure that the manner in which the funds that they have provided to the company are used for the right reason.
Suppliers
The Cosmopolitan needs a number of goods from the particular entities and the company’s management is out to ensure that their relationship with such entities is maintained at its best (Miller 8). Credit durations are useful in ensuring that the availability of funds is always maximized to the company’s advantage. Different suppliers have different credit periods and this makes it possible for the normal business of the Cosmopolitan to be advanced (Miller 9).

A SWOT analysis

Strength
The Cosmopolitan has a strong client base that has been loyal to the company’s services (Lombardo 6). It has been in the market for a long time and this makes it possible for the extended creation of value to be maximized. The shareholders have also been providing the right volume of capital that is to advance the company’s operations in the right dimensions (Lombardo 7). The human resources owned by the company also make it possible for a continued customer satisfaction to be maximized.
Weaknesses
The company has not focused on new methodologies of providing the best services and this makes it possible for the other players in the same industry to out do them (Howard 20). The kind of market segmentation that exists in the market can not be adequately addressed by the Cosmopolitan (Howard 21). Different consumers are in demand of different services that may not be available from the company.
Opportunities
The increased demand for Casinos has been going up lately and the demand for their services has been increasing (Cannon 4). Such increased levels of customers have been making it possible for the hotel to adjust the provisions of its services in ensuring that all those who seek for their services are given the right attention (Cannon 5). The different classified products that are part of the hotel’s menu have been adequately considered in ensuring that consumer concentration is maximized.
Threats
New hotels and Casinos have been coming up in Las Vegas and the market concentration has been increasing overtime (Miller 12). New players in the same industry are able to provide better services and this makes the Cosmopolitan’s services to disregard by many (Miller 13). Staff exits have also been making it hard for the entity to address the customer needs adequately.
Marketing plan of how I will improve the marketing strategy of the Cosmopolitan with the application of appropriate marketing principles
Market penetration
The Cosmopolitan needs to come up with the right strategies of ensuring that the services that they are offering at any particular time are well understood by the different customer groups (Lombardo 11). Adequate advertising strategies need to be well carried out so that the different products are well communicated to the many groups that are in need of the Cosmopolitan services. Advertising makes it possible for the different customer groups to adequately have a clear idea of what to expect from the company and this results in the best considerations for their purchasing needs (Lombardo 12). The different alternative services to be advanced at any particular time call for a careful understanding that is supposed top be useful in bringing the services closer to the people.
Market development
Market segmenting by the Cosmopolitan is useful in the growth of the company’s products (Howard 25). The focus need to be done on the different aspects of the service provision which is supposed to be for the benefit of all the stakeholders who at one point are critical in the business direction that is to result in the most valuable marketing decisions (Howard 26). The different needs of the many customer groups need to be addressed from a professional point of view.

Product development

The existing products from the Cosmopolitan need to be more innovative so that any new group for the client base is well considered (Cannon 7). Those who use the company’s services for the first time must be well conversed with the manner in which the expected gain is to be for the better of their life. Focus needs to be made in the way in which the expected benefits of the many kinds of products are to be utilized (Cannon 8). New skills need to be advanced in ensuring that every single item of the product line is well addressed in the provisions of the bets services.
Diversification
The Cosmopolitan in Las Vegas needs to understanding the manner in which a variation in the services that they offer are to address the different needs of the many customer groups (Benston 14). Diversification considers the market segmentation aspect that will address the issue of meeting many customer needs. In the hospitality industry, it is necessary that a variation exists in the manner in which every one of the services is to be adequately provided in the right quality and quantity. It has been necessary that a progressive approach be applied in the many categories of the products that are to be advanced to the different customer categories (Benston 15). The human capital is to play a key role in the manner in which the market segmentation comes up with the customer focus for the benefit of all he stakeholders within the Cosmopolitan.
Conclusion/ success predictions
The Cosmopolitan needs to consider its human resources to be the most valuable asset that it can posses. All the marketing strategies need to be centered in the provisions of services with efficiency and effectiveness (Miller 15). The right training procedures on the employees should be facilitated from all dimensions of career development for the right attention to be maintained in the provision of Casino and hotel services by the entity (Benston 17). The cosmopolitan should also ensure that they maximize profits at the lowest cost possible.

Works cited