Marketing Plan for Hyatt Hotels Corporation Marketing Plan

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Hyatt Marketing Plan

Situational Analysis

Environmental Analysis

Strengths

Weaknesses

Opportunities

Threats

Barrier to Marketing Planning

Marketing Planning

Product

Techniques for New Product Development for the Business Traveler

Marketing Mix

Products

Price

Distribution

Promotion

Ethical Issues

Budget

Implementation

Hyatt Hotels Corporations is a chain of hotels and one of the largest and renowned corporations in the hospitality industry. The corporation has been in the business for several years and has become a brand name amongst high-end hotels. The company is always keen on providing the best hospitality services to its guests. In particular, the company is keen on making the most of the increasing numbers of business travelers across the world. The company aims to provide the business traveler clienteles a 'home away from home' and an office away from their own offices. The product offering presented to the management team of Hyatt Industries in this case is the introduction of proper work office spaces within the rooms. This includes ergonomic chairs and desks, proper lighting, easy access to power outlets, fax and printing machines and of course the already established Wi-Fi. These in-room amenities will offer great convenience to all business travelers as they can easily work from their rooms as these work-conducive amenities are deemed necessary taking into account the nature of their jobs. An evaluation of the company's internal strengths and weaknesses and external opportunities and threats aided in undertaking a basis for this strategic analysis and marketing plan. The plan concentrates on the company's growth strategy, proposing ways in which it can exploit prevailing consumer relationships, and on the growth of new products and services targeted to specific consumers, the 'business travelers'. In addition, the marketing plan considers the barriers to marketing planning and the ethics that ought to be considered in its implementation.

Introduction

Hyatt Hotels Corporation is ranked as the 9th largest international hotel chain in the globe. The group of hotels specializes through being located in strategic interior city locations and offering service, first and foremost, to commercial and business individuals. The business operations of Hyatt Hotels Corporations comprises of several chains. The group of hotels boasts of several renowned brands with the Hyatt Regency Brand being the oldest one in the corporation. The Park Hyatt and Grand Hyatt were introduced recently. In addition, and more important in this case, the Hyatt place is designed as a service which offers luxury and hospitality services to the business traveler (Hyatt Hotel Corporation Website, 2015).

With the advancement in globalization, the hotel industry is constantly experiencing demand and visits from corporate travelers. The business travel market has come to be a lucrative in modern times. According to Alexandria (2015), business travel spending in the United States is anticipated to surpass the $300 billion mark by the end of this year. This marks a significant 5% increase from the previous year. Alexandria (2015) asserts that the coming year's stance expected an increase in economic activity and consumer confidence, with travel spending forecasted to rise by about 6%. Business trips are tipped to rise by three percent to an average of almost 40,000 extra business trips every day. Hyatt Hotels Corporation ought to make the most of this aspect. In order to lure and attract business travelers, it is imperative for the company to provide a home away from home and an office away from the office. The following marketing plan is purposed to present the senior management with a new product or service that is specifically targeted towards this group.

The product package presented in this plan is centered on 'in-room' conveniences. Having already introduced the package of free Wi-Fi to all guests of the hotel, this marketing plan intends on making the Hyatt brand a favored name amongst business travelers across the world. The product package is making the guest rooms within the hotel conducive to office work. In particular, it is recommended that the group of hotels should offer consumers the convenience of working at the comfort of their rooms and not necessarily having to go to the hotel business center to work. Therefore, the product package is the introduction of proper work office spaces within the rooms. This includes ergonomic chairs and desks, proper lighting, easy access to power outlets, fax and printing machines and of course the already established Wi-Fi. These in-room amenities will offer great convenience to all business travelers as they can easily work from their rooms as these work-conducive amenities are deemed necessary taking into account the nature of their jobs.

Situational Analysis

Environmental Analysis

1. Competitive Forces

The level of competition in the hotel industry is very strong not only on a national level but also on a global scale.

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The competition is about to increase further and become more intense to lure the business travelers. However, it is imperative to note that Hyatt Hotels Corporation has a competitive advantage, as it is one of the few large hotels to offer free Wi-Fi connectivity services to all its guests. The introduction of this product offering will accentuate the existing convenience services offered by the company and boost its chances against its rivals in the marketplace.

2. Economic Forces

Nationally and internationally, several companies in the hotel industry have been keen on being cost effective due to the state of the economy. This has been the case particularly for big hotels as the recession has largely affected the hospitality industry because of reduction in travelling. However, the business travel sector is anticipated to grow in the coming year due to the growth in the economy. This will offer the company a great opportunity to present its product offerings to these new potential in addition to existent clientele. Mass media advertising will have to be boosted by the company through planned investment in order to publicize the new product offerings to its consumer base across the world.

3. Political forces

There are no anticipated political influences, occurrences or events that could adversely affect the operations of the product offering being presented.

4. Technological forces

A major emerging technological trend involves connectivity. This not only implies just having Wi-Fi in the rooms of the clients. It incorporates new technological advances in the way of being able to connect all of the devices such as laptop and phones to the TV screen and also work with them in tandem. This necessitates suitable power ports and high speeds. Another advancement is ergonomics. This is having work spaces that consider the way in which the individuals sit in the working space to achieve the most productivity. For instance, providing seating furniture to reduce possibility of back pains and being able to easily move around the work place.

5. Sociocultural forces

In present day society, consumers have to optimize time for work or relaxation. The trademarks of successful products in the contemporary lie in the aspect of convenience and ease of use. In a nutshell, if the product offering does not save time and is not easy to use, consumers will most probaly overlook it. The working spaces will save time in moving around to the business centers to print or make conference calls. In addition, they will be easy to use as they increase connectivity and ability to relax within the room at the same time. Being in the information age, the free Wi-Fi for the guests and high speeds will only serve as a competitive advantage for the company.

SWOT Analysis

In definition, SWOT analysis is a helpful technique that is used for organizational auditing. This technique is employed to analyze and understand the strong suits of a company and the weaknesses to which it is susceptible. It also identifies the opportunities open to the company and the threats it faces. An organization can use this technique to ascertain whether an aspect is an internal factor and the manner in which it impedes benefits of the company, not only in the present state but also in the prospective future (Warner, 2010).

The following segment encompasses the SWOT Analysis of Hyatt Hotels Corporation.

Strengths

1. Renowned products

Its customers as well as the competitors in the hospitality industry know Hyatt Hotels Corporation for quality, dependability and reliable products and services. Through these quality products, the company has been able to maintain a stable and loyal customer base..

2. Heritage Brand of the company

One of the strengths of Hyatt Hotels Corporation is that it has created a brand name for itself since its institution. Since its establishment, the company is known for its specialization in providing the best hospitality products and services. Clients appreciate the brand and choose the company because of it.

3. Innovative Culture

One of the strengths that the company enjoys is the innovative culture that is preserved within the organization. Hyatt is always keen to implement ground-breaking and novel products in the hotel industry and the it has accrued continued benefits from attaining such creative ideas. For instance, Hyatt is one of the first hotel companies to offer free Wi-Fi to….....

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