review day 1 ①marketing plan objectives examples included: research hyatt undertook to understand...

Review Day 1

①Marketing Plan Objectives• Examples included: Research Hyatt

undertook to understand competitors’ promotions impact on their customers; restaurant company that identified new market segments; ATU studies with restaurant company

Strategic Pricing for Hotels and Restaurants 2008

Fair Share versus Actual Share


Review Day 1

②Reviewed Basics of Marketing• 4 P’s 7 P’s 14 C’s (Ian Gordon)• Evolution of marketing• Key words in definition: evolving, right

customers, solving problems, time and place of their choosing, price willing to pay

③Contextual and Interactive Marketing• “Ding” “Knock Knock” “Niblefish”


Review Day 1

④The Purchase Cycle• How to move consumers through the cycle

⑤Marketing Myopia• Dated, but concepts still very relevant• Ritz Carlton movie

⑥Overview of Strategy• Tactics versus strategy• Strategic Checklist• Why Strategic Plans Fail


Review Day 1

⑦Building Blocks of Competitive Advantage⑧Value Chain Activities⑨Five Forces Model for Understanding

Competition • Goal is to negate the five forces

⑩Balanced Scorecard• Tying strategic goals to rewards• Are we doing the right things right


What To Do When Get Home

1. Undertake 14 C’s analysis for your property. Questions to ask: “how is your firm using each of the 14 C’s to advance the customer relationship? “What opportunities are available after taking the analysis?”

2. Examine your customers as they move through the purchase cycle. Ask “what are we doing at each stage to move the customer through the cycle?” “what barriers are inhibiting them” etc.



3. Ask, “what are our different customer groups?” “What are our customers really buying?” “What are we doing in operations to provide this?”

4. Undertake a balance scorecard in each department. Make sure each department’s goals tie into overall property goal’s

5. Examine how reward system of employees ties to overall strategy



6. Examine mission statements and vision statements for your firm. “Do employees know them?” “Do they act as a guide for behavior?”

7. Examine marketing plan using the strategy check list presented on slides 47 and 48

8. Take matrix of competitive advantage and fill in for each department; that is what actions is each department taking to build competitive advantage?


Value

Efficiency Quality Innovation Customer Responsive

Size

Infrastructure

Manufacturing

R&D

Marketing

Materials

Management

Human

Resources


Review Day 2

①Eight Trends②Tourism Trends in Europe③Citations on where to find other trend

information④Video Ritz Carlton⑤Video on Echo Boomers⑥Market Segmentation and Perceptual

MappingStrategic Pricing for Hotels and Restaurants

2008

Review Day 2

⑦Psychological Segmentation⑧VALS Segments⑨WOM – how to measure, its importance, and

how to create⑩BLOGS⑪Competitive Value Analysis


What To Do When Get Home9. (See other notes for 1-8)

Identify major sources for information on trends impacting your business. Some are listed in class notes, others need to be searched. For instance, here is Food Service Europe and Middle East

http://www.digitalflip.de/a4/fse0308/flipviewerxpress.html

10. Once sources have been indentified develop a systematic way to analyze and interpret. Basically, following diagram on next slide.




What To Do When Get Home11. Take the VALS survey. Which group are you? Which group

do you think are your customers? Develop a list of implications.http://www.sric-bi.com/vals/presurvey.shtml

⑫ Identify the different segments. For each segment take the customer through buying behavior model. Look for ways to move members through each component. If segments look for different things, how do we make this operational (e.g., think restaurant study?


http://www.sric-bi.com/vals/presurvey.shtml

What To Do When Get Home13. If you have a database, develop a scoring mechanism to

place a “value” on each customer.

13. Examine surveys you are currently using. Make sure you had questions that measure the following:

• Likelihood that customer will refer• Number of people who recommendation will be made• Percentage of those will come based on the recommendation• How many times customers visit in a certain time • Percentage of repeat guest


What To Do When Get Home15. For each communication vehicle you are using, identify the six stages

of the communication process identified on slide 167 of the notes.

15. Ask: How am I creating WOM at my property? Begin to develop strategies to create WOM. Look at each type of WOM discussed in class.

15. Undertake competitive positioning for your property and identify appropriate actions to improve your position.

16. Review notes on market research and read articles in notebook.17. Competitive Value Maps for each market segment – especially for

corporate accounts18. Examine Positioning Strategy

Strategic Pricing for Hotels and Restaurants

2008

review day 1 ①marketing plan objectives examples included: research hyatt undertook to understand...

Documents

actual sharestrategic

review day

right customers

cs analysis

customers restaurant

customer relationship

overall property goalsexamine

different customer groups