Marketing Plan fix
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professorsreviewonpaper.docxThis appears to be a good collection of bullet points for bringing in initial information for this section, Here are some points that should help you build out the Situation Analysis (this is also where the outline needs to provide guidance). First, you can use baseline (generally available) data and support the project with some important "generic" performance statistics, but you'll want to make sure you have details that are relevant to the property directly. Looking at what you've submitted for this assignment, there's still quite a lot of work to be done. The introduction hasn't yet been provided - keep in mind this is different from the Executive Summary. Here is what was requested in the instructions: "As an introduction to this assignment, provide a brief descriptive profile of the business, including a statement on its current marketing strategy, product offerings, target markets, brand positioning, value propositions and pricing approaches, significant marketing mix actions, market share performance, channel management activities, intermediary relationships, promotions mix elements and any other relevant results data that you consider important in setting the foundation for undertaking the plan's development." None of the information you've included has data to back up the statements. As you saw in the textbook (chapters 3 & 4), you'll want to gather insights through the marketing information systems (primary) - or, through your separate research (secondary) - on the details affecting the "situation" in which the Holiday Inn exists. The instructions also asked you to: "For this assignment, conduct an environmental scan, identifying and describing each of the micro and macro environmental factors that have influence on the hospitality, travel or tourism business you have selected for the marketing plan project. Include a SWOT analysis, listing, describing and evaluating the company’s overall strengths (S), weaknesses (W), opportunities (O), and threats (T), indicating why each item is considered as such." In the Environmental Scan, the Micro Environmental factors should reflect depth of detail - not just generalities. There are six factors in the Micro Environment that have to be reviewed and reported on: *Company *Competitors *Suppliers *Intermediaries *Customers *Publics You provide no detailed insight on company, competitors, suppliers, intermediaries and customers, plus publics is missing. A great deal more "facts" are needed to show actual performance and productivity, capture, positioning, partnerships and so forth. Company - Be sure to profile the property, including the entity structure, leadership and staffing (organizational chart), funding (ownership, underwriters, asset management, debt), operating resources (management company, brand), organizational culture, and purpose. In the Competitors section, you'll need to identify the primary, secondary and tertiary levels of competition. STR data should be reported here, along with competitive positioning, market share capture and competitive differentiation. Competitors could certainly be other hotels or alternative experiences (shared accommodations/AirBnB), but you'll want to designate which properties are the "same" or perceived to be the same, to be similar, or to be non-preferred, but acceptable options. Classify the degree of competitiveness by levels - 1, 2 & 3. There are also other considerations in competition. What alternatives are there for the target market to choose from to have the desired experiences (Condominium or executive suite rentals, hostels, inns, friends/family residences, etc.)? See pages 276-278 in the textbook. In the Suppliers section, you'll want to cover the broad range of companies and organizations that are involved in and that affect the marketability of the property. Suppliers could be categorized by the types of resources they provide to produce the hotel experience - this could be things like the franchise parent or alliance affiliation, FF&E, hard/soft goods vendors, ground transportation partners, logistics support organizations and so forth. Each type of supplier has impact on how the marketing decisions will be positioned. If you recall from your basic marketing course, there are upstream and downstream members of the supply chain, so you'll want to give consideration to both aspects. See pages 199-204 in the textbook. As far as intermediaries are concerned, you know that these are the distribution channels that are used to facilitate market reach. It involves those resources and organizations that help promote, sell and provide access to the hotel. This would include franchise, parent or alliance CRS, OTA's (you mention several of them), the GDS, tour operators, corporate executive assistants, associations, and clubs; plus organizations that support visibility for the property (like the Tourism Bureau, representation firms and other resource listing services). You can look ahead to Chapter 17 for details on intermediary channels. For Customers, you probably need to review the concepts and principles behind market segmentation. Here you'll want to identify or define who the current and potential customers for the property are (Market Mix - by segment type and percentage of contribution). Remember that there are consumer and business markets. Consumer markets have to be classified by their demographic, psychographic, behavioral and geographic characteristics - not in general terms. Business markets are segmented differently (Corporate, association, FIT, SMERF, etc.). This will be critical for setting the marketing strategy and tactics. So, a clear understanding of the hotel's current Market Mix (collection of target markets already being attracted) and the opportunity Market Mix (target markets that have potential but have not yet been attracted) has to be determined in this phase of planning. Be sure to take a look at Chapters 6 & 7 in the textbook. For Publics, you'll need to go back and review how these are defined. This should include any group that has an actual or potential interest in or impact on the property's ability to achieve its objectives. The residents of the area where the hotel is located, and the business owners in the surrounding area are two of the most prominent. Any organization or group of individuals affected by the hotel's operations, such as contract or commissioned workers or representatives and so forth (there are many others), need to be recognized in this section. See the notation on stakeholders in the textbook (p. 56-57). With each of these micro categories, you'll want to identify the factors and explain how they are important to marketing the hotel. This can be brief, as long as it's descriptive. The Macro Environmental factors have to be addressed in the same manner. Of course, the demographic environment is considered differently here than in the customer/consumer section of the micro environment. (BTW, which couples have kids that are between the ages of 45-60 with stable jobs?) This should be a broader view of demographics, such as the demographic make up of the destination or metropolitan area, as well as the regions from which target markets can be drawn. You'll want to look at the shifts or evolutionary things that are taking place in age/generational composition, income, ethnicity, diversity characteristics, as well as other demographic variables. You may want to review Chapter 9 in the textbook for further insights that can help guide your thinking on this. In the Economic Environment section (not yet provided), this is supposed to take a broad view of the economic conditions that could have influence or impact on the hotel's marketability. The destination (business district) or metropolitan area's business and financial health, tourism volume (inbound), airport traffic volume - de-planing, cruise port embarkations, economic growth and stimulus, and the other economic aspects that affect consumer or corporate purchasing power, business performance and spending/purchasing patterns that facilitate or constrain the business. See pages 77-78 in the textbook For the Natural Environment, look at the phenomena on the grand scale. Things like global warming, as well as resource conservation, waste reduction, pollution, and controlling carbon emissions would likely be included. One example might be the push to reduce water usage/consumption because of declining water availability in South Florida. Another might be reducing runoff into the ocean which affects the proliferation of red tide. In the Technological category, there are a wide range of significant transformations taking place in how travel is booked, how consumers get information, how hotel operations function, how security and safety are maintained, how travel access is obtained or processed, and on and on. Just look at the evolution of the GDS and how it's continuing to be developed! In this section, you'll want to highlight the 'big picture" technological influences that could shape how travel experiences related to the hotel are organized, managed, engaged and executed. Most importantly, discuss what technological advances impact the marketability of the hotel (such things as advances in social and digital media). Take a look at pages 410-411 in the textbook. For Political-Legal (not yet provided), this incorporates the laws, regulations, governmental agencies and pressure groups that have influence. Consider what evolving policy and regulatory movements are taking place or could be possible in taxation, fees and access. Are there City, County, State or Federal Government regulations or laws that have to be considered in disclosure and consumer protection, and are there safety/security constraints that are evolving or planned for implementation? What about local regulatory controls? See pages 83-84 in the textbook. In the SWOT Analysis, you've identified several items in each category considered to be a strength, weakness, opportunity or threat. These need to be explained and there should be evidence that supports each item. This is one of the most extensive and important sections of the marketing plan, especially since it sets the foundation for what surrounds the property's ability to be successful. If you need/want further guidance on this, just let me know. I'll be happy to talk through it with you. Once you make the changes and update this assignment, let me know and additional points can be assigned
It's a concern that the Situation Analysis you've turned in for this portion of the project still doesn't incorporate the items highlighted in the feedback provided on what you submitted for Assignment #3. It isn't possible to set definitive goals and objectives until you have the current performance metrics identified, and you have the micro and macro elements that will set the foundation for what the marketing plan can potentially achieve. For example, you mention that the company is determined to maintain positive and steady growth, but you haven't indicated what the current performance levels are from which the growth will be measured. What is current revenue, profitability, market share and so forth? The growth must be quantified in overall terms, and - as the instructions specified - determined by market segment. This section was also to have presented the Djoumblat's mission statement ... which serves as the major force in guiding the marketing decisions. Where is this property located? It isn't listed in any of the B&B directories, OTA's or web searches. As expressed to you previously, if you'd like to have a conversation to talk through how to address this, let's arrange a call to go over what's needed in order to get this on track. I'm eager to help!
