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Strategic Marketing for Hotels and Restaurants

Strategic Marketing for Hotels and Restaurants. Stowe Shoemaker, PhD Cornell University Executive Education Faculty University of Houston sshoemaker@uh.edu. Objectives. Introduce Strategic Marketing System Model – the Framework for the class

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Strategic Marketing for Hotels and Restaurants

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  1. Strategic Marketing for Hotels and Restaurants Stowe Shoemaker, PhD Cornell University Executive Education Faculty University of Houston sshoemaker@uh.edu Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  2. Objectives • Introduce Strategic Marketing System Model – the Framework for the class • Review definition of marketing and discuss the future of marketing • Review the buyer purchase model • Discuss how to calculate the life time value of the customer and the value of WOM and why this is important Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  3. Objectives • Discuss market positioning • Discuss a framework for developing a marketing plan • Review communication strategies Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  4. How to Reach Goals • Lecture • Case studies • Discussion • Group 3 day project: Develop a marketing strategy for Carvel Ice Cream Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  5. Carvel Ice Cream • Case to be presented the last day of class • Award for best group presentation: Cornell Marketing Strategy Contest • Participants will vote: • Incorporates class material (negates 5 forces model, SWOT, presents measures to show success, etc.) • Originality • Likelihood of success Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  6. not at all 1 2 3 4 5 6 7 does extremely well

  7. Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  8. The Marketing Plan Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  9. Some Possible Marketing Plan Objectives • Changes in marketing direction (defined by competitive set or business mix or both) • Defensive or offensive marketing moves • New opportunities (new market segments) • Other specific product line objectives (e.g., increase food, beverage, spa or other revenues) Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  10. Some Possible Marketing Plan Objectives • Market share objectives—overall and by market segment, such as geographic, demographic, psychographic, group, FIT, package, etc. • Pricing objectives (defined as an indexed value against other properties in the competitive set) • Sales and promotion objectives Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  11. Some Possible Marketing Plan Objectives • Advertising objectives (in terms of awareness and/or intention) • Channel, distribution and intermediary objectives, such as the percentage of business from travel agents • Research objectives Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  12. Handout on Template for a Marketing Plan Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  13. Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  14. Review Basics of Marketing Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  15. Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  16. The Concept of Marketing • Definition of Marketing: • identifying evolving consumer preferences, then capitalizing on them through the creation, promotion and delivery of products and services that satisfy the corresponding demand. This is doneby solving the right customers’ problems, giving them what they want or need at the time and place of their choosing, and at the price they are willing to pay. Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  17. 4 P of Marketing • P • P • P • P Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  18. Services versus Goods • Differences between goods versus services: • Heterogeneity • Simultaneous production and consumption • Perishability Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  19. Types of Products/Services • Search qualities • Experience qualities • Credence qualities Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  20. Continuum of Evaluation for Different Types of Products Clothing Jewelry Furniture Houses Automobiles Restaurant meals Vacations Haircuts Child care Television repair Legal services Root canals Auto repair Medical diagnosis Most Services Most Goods Easy to evaluate Difficult to evaluate { { { High in experience qualities High in credence qualities High in search qualities

  21. Tangibility Spectrum Salt  Soft Drinks  Detergents  Automobiles  Cosmetics  Fast-food Outlets Intangible Dominant  Tangible Dominant   Fast-food Outlets  Advertising Agencies  Airlines  Investment Management  Consulting Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D Teaching

  22. 7 P of Marketing • P • P • P • P • P • P • P Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  23. Customer Categories of offerings Capabilities of firm Cost, profitability and value Control of process Collaboration within firm Customization Communications Customer measurement Customer care Chain of relationships Capacity management Competitors Cost to the customer Fourteen C’s of Marketing Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  24. Carvel Ice Creamand the 14 C’s • Identify as many of the 14C’s in the case. Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  25. The Evolution of Marketing Knowledge Relationships Profitability Brand Relationships Frequency Programs Targeted Promotions Sales Strategic Tactic “Price” driven, segmented, transaction based. Added value to product, support price, customized, strengthen brand. Knowledge, Help support VAR in loyalty Push traffic, no targeting, discounts, little measurement. Still push, discounts, some measurement. Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  26. Interactive Marketing • Refers to any activity that uses the Internet to advertise and sell goods and services to consumers, business, or nonprofit organizations and government • Marketer’s Toolkit by Harvard Business School Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  27. Contextual Marketing • Give the customer what she wants and make it useful and accessible so she can take action when it matters to her • Widget: widgets are basically little websites that display directly on the Dashboard, rather than in a web browser. Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  28. Examples of Contextual Marketing: Widgets • Movable mini-applications used by consumers to craft custom experiences • http://www.clearspring.com/docs/introduction • http://www.kickapps.com/platform/ Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  29. Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  30. Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  31. Ultimate Travel Widget Ultimate Travel Widget Travel Widgets presents the "Ultimate Travel Widget". Now you can book your Hotels, Air, Cruises, Hotel and Air Packages all in one widget. No more clutter of 3 or 4 widgets to fill up your Dashboard. The Ultimate Travel widget utilizes World Choice Travel, a Travelocity company, so you can book with confidence. Air fares are compared with 28 sites. Hotels from over 20,000 locations and every cruise line can be searched for reservations. The 4 tab interfaces allows you to toggle quickly from section to section. World wide travel and many currencies supported. Download the Ultimate Travel Widgets today and start traveling right from your dashboard. http://www.jadewatertravel.com/Ultimate_Travel.zip Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  32. http://www.nimblefish.com/ Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  33. Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  34. Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  35. The Purchase Cycle WOM Brand Advocate Repeat Purchase Satisfaction Loyalty Circle Trial (Initial Purchase) Dissatisfaction • Barriers • Switching costs • Perceived risks • Lack of information Complain Switch Need Recognition Awareness/ Search/Evoked Set Why Switch? Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  36. Marketing Myopia • Management defines an industry, or a product, or a cluster of know-how so narrowly as to guarantee its premature senescence. • Examples: railroads, should be transportation; oil business, should be defined as ?; buggy whip manufacturer should be defined as? Hotel business defined as ? Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  37. Selling Focuses on the needs of seller; Preoccupied with need to convert the product to cash “you get rid of it, we will worry about the profits” Marketing Focuses on the needs of the buyer; Satisfying the needs of the customers by means of the product and the whole cluster of things associated with creating, delivering, and finally consuming it. Sales versus Marketing Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  38. Selling What is offered for sale is determined by the firm Marketing Marketing minded firms try to create value-satisfying goods and services that consumers want to buy What is offered for sale is determined by the buyer Sales versus Marketing Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  39. Reasons for Marketing Myopia • The belief that growth is assured by an expanding and more affluent population • The belief that there is no competitive substitute for the industry’s major product • Too much faith in mass production and in the advantages of rapidly declining unit costs as output rises Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  40. Reasons for Marketing Myopia • Too much faith in mass production and in the advantages of rapidly declining unit costs as output rises • Preoccupation with a product that lends itself to carefully controlled scientific experimentation, improvement, and manufacturing cost reduction. Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  41. Reasons Examined by Looking at Three Industries • Petroleum • Automobiles • Electronics Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  42. Overview of Strategy and Competitive Advantage Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  43. “Alice: Will you tell me please, which way I ought to go from here?Cheshire Cat: That depends a good deal on where you want to get to.Alice: I don’t much careCheshire Cat: Then it doesn’t matter which way you go.” Lewis Carroll, Alice in Wonderland

  44. Strategy • “The science and art of military command as applied to overall planning and conduct of large‑scale combat operations” • “The determination of basic long‑term goals and objectives of an enterprise and the adoption of courses of action and the allocation of resources necessary for carrying out these goals” Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  45. Strategy versus Tactics • Objective: Increase revenues by being perceived as hotel of choice • Strategy: Provide greater value • Tactic: Always have their reservation and room ready; call them by name; make sure they receive their wake-up call; focus on dimensions of service quality Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  46. Levels of Strategic Planning • Corporate-level strategy • Focus on long-term viability • Business-level strategy • Focus on overall theme of the company and its position • Functional-level strategy • Focus on improving day-to-day operations Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  47. Strategy Checklist • Is it identifiable and clear in words and practice? • Does it fully exploit opportunity? • Is it consistent with competence and resources? • Is it internally consistent, synergistic? • Is it a feasible risk in economic and personal terms? • Is it appropriate to personal values and aspirations? Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  48. Strategy Checklist • Does it provide stimulus to organizational effort and commitment? • Are there indications of responsiveness of the market? • Is it based on reality to the customer? • Is it workable? Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  49. Why Strategic Plans Fail • Inadequate preparation of line managers • Poorly defined business units • Vague goals • Inadequate databases for action planning • Substandard linking of strategy with other control systems Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

  50. Competitive Advantage Strategic Marketing for Hotels and Restaurants (c) Stowe Shoemaker, Ph.D

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