HTM 253 Lecture 1: HTM253 Chapter 2
25 Jan 2019
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HTM253 Chapter 2
Developing your Market Plan
Marketing vs. Sales
Marketing:
o The plan which sales is based
o Focused on market analysis
o Focus on long-term trends and strategies for growth
Sales:
o Focus on field and desk work to sell to the consumer
o Volume and quotas
o Short-term considerations
Marketing Mix
Product (intangible/tangible)
Place (how accessible is the product to the market?)
Promotion (persuasion and communication)
Price (room rates/food price/meeting room charges)
The Marketing Plan
o Forces you to think ahead
o Should cover a three-year period
o “Sales committee approach”
Four Steps –
1. Conduct Market Research
2. Selection of Target Market
3. Establishing Objectives
4. Reviewing/Monitoring the Plan
Conduct Market Research
o Property analysis
o Competition analysis
o Marketplace analysis
Target Markets + Positioning
o Start with markets you already serve
o Select those that show greatest expansion potential
o How do you differ from the competition?
o What perception of your property do customers have?
Objectives + Action Plans
Objectives – realistic/specific, should be developed for each market segment and revenue center
Action Plans – developed to meet the objectives (center of marketing plan), each
segment/revenue center should have its own plan
Document Summary
Marketing: the plan which sales is based, focused on market analysis, focus on long-term trends and strategies for growth. Sales: focus on field and desk work to sell to the consumer, volume and quotas, short-term considerations. Place (how accessible is the product to the market?) The marketing plan: forces you to think ahead, should cover a three-year period, sales committee approach . Four steps : conduct market research, selection of target market, establishing objectives, reviewing/monitoring the plan. Conduct market research: property analysis, competition analysis, marketplace analysis. Objectives realistic/specific, should be developed for each market segment and revenue center.
