Product Analysis & Positioning of the Property.
Product Analysis & Positioning of the Property _______ Table of Contents (List sections 1-8 with page numbers) ? _____ 1. Product Analysis & Positioning of the Property ?? _____ a. Product Analysis for key property i. Identify property, address, location, & summary of features. ii. Written, unbiased self-appraisal to assess strengths & weaknesses of revenue & non-revenue areas as well as the intangibles (reputation & location). b. Positioning of key property in the market as seen by both the group and the business perspective. i. Directly compare yourself with competitors c. Type of Client / Guest (mix) i. Breakdown of the present guest base (business, leisure, base, medical, government, family, couple, etc.) ii. Demographics of each guest: age, sex, marital status, family size, income, occupation, etc. 1. Point of origin, or the feeder city or businesses, from which each guest arrives 2. Hotel: Average length of stay and the pattern of occupancy (revealing peak, shoulder, and valley periods). Restaurant: Average time of arrival, length of stay at the table, bar). 3. How guests get to the property 4. Sources of reservations 5. Lucrative market segments that should be targeted for future promotions d. Advertising, public relations & promotions 2. Environmental Analysis (SWOT) ?? _____ Complete one analysis for the property being researched. Include the bulleted chart in the appendix and refer the reader to its location; thus explaining each bullet and the rationale in this section. 3. Audit analysis: ? _____ a. Competition analysis I. Competitive fact sheets a. Number of rooms or seats / breakdown (beds/table tops) b. Location c. Overall reputation / quality d. Meeting / banquet space / service e. Restaurants / lounges f. Marketing g. Customer mix h. Positioning i. Performance record Hotel: separate analysis for each of the two researched hotels i. Competitive rate analysis (go online to various 3rd party OTA’s & property direct website) ii. Need fulfillment by market segment iii. Market share and fair share iv. Revenue per available room (RevPAR) v. Profitable guest groups served by competitors vi. Competitive benefit / advantage hotel enjoys vii. Weakness in competitive marketing strategies Restaurant: i. Competitive Menu Analysis ii. Profitable guest groups served by competitors iii. Competitive benefit / advantage restaurant enjoys iv. Weakness in competitive marketing strategies 4. Market Place analysis ? _____ a. Researches the property’s current position in the marketplace and review potential opportunities to promote the property. b. Identifies environmental opportunities & problems that can affect business. c. Marketplace factors: i. Changes in demographics ii. Positive / negative events in the community, region, state, & nation iii. Cost & availability of energy iv. Government regulation v. Cost of travel 5. Online Social Presence ? _____ __ Review sources (TripAdvisor & Yelp) to identify areas of concern for the property. __ Action Plan, to help resolve the 2-5 guest identified issues found through the web search. Plans must be SMART; chart must be in appendix. Use subtitles for each action. 6. Improvement Recommendations ? _____ __ Use the theory from the class and your experience to make SMART recommendations for realistic changes and improvements for the upcoming years marketing plan. Put the chart in the appendix and use subtitles for the 2-3 recommendations that are made. 7. References ? _____ ___ Centered title œReferences ___ One inch from the top of page ___ Double-space within and between entries ___ Alphabetize entries by authors’ or editors’ last names ___ Minimum One book / One Publication