Chapter Twenty-One The Marketing Plan

Marketing Plan Outlines the steps that guide specific action for the coming year Requirements: It is workable It is realistic and flexible It should have measurable, achievable goals

Development of the Marketing Plan Begins with the mission statement State what worked well in the past and broad objectives for the year

Data Collection External environment Internal environment International and domestic industry trends Various external impacts Recognize factors that will affect your business Data on potential competitors, even in times of market change Keep in mind new customers and ways to attract them Internal environment Current data on occupied rooms by market segment Listing of strengths and weaknesses

Data Analysis Environmental and market trend analysis Competitive and demand analysis Property needs analysis Creation of new business Capturing competitors’ business Internal analysis Market analysis

The Mission and Marketing Position Statement The marketing position statement is a broad statement of objectives at the unit level. Write or re-write after situation analysis completed Encompasses one year Is the “position” in the eye of the consumer

The Mission and Marketing Position Statement (cont.) Opportunity analysis Lays the groundwork for tackling opportunities Objectives and methods Establish objectives and how they will be accomplished Usually directly measurable Action plans Develop and achieve each objective Made yearly and updated quarterly The marketing forecast Difficult, but need an educated attempt

The Marketing Budget U.S. hotel average: 4.5-5.5% of gross revenue Selling not advertising Differences by property type Return on investment Essential conclusions

Marketing Controls Match performance against desired results Use benchmark measurements Establish a feedback system Make changes as needed