Review Day 1 ①Marketing Plan Objectives Examples included: Research Hyatt undertook to understand competitors’ promotions impact on their customers; restaurant company that identified new market segments; ATU studies with restaurant company Strategic Pricing for Hotels and Restaurants 2008

Fair Share versus Actual Share Strategic Pricing for Hotels and Restaurants 2008

Review Day 1 ②Reviewed Basics of Marketing 4 P’s 7 P’s 14 C’s (Ian Gordon) Evolution of marketing Key words in definition: evolving, right customers, solving problems, time and place of their choosing, price willing to pay ③Contextual and Interactive Marketing “Ding” “Knock Knock” “Niblefish” Strategic Pricing for Hotels and Restaurants 2008

Review Day 1 ④The Purchase Cycle How to move consumers through the cycle ⑤Marketing Myopia Dated, but concepts still very relevant Ritz Carlton movie ⑥Overview of Strategy Tactics versus strategy Strategic Checklist Why Strategic Plans Fail Strategic Pricing for Hotels and Restaurants 2008

Review Day 1 ⑦Building Blocks of Competitive Advantage ⑧Value Chain Activities ⑨Five Forces Model for Understanding Competition Goal is to negate the five forces ⑩Balanced Scorecard Tying strategic goals to rewards Are we doing the right things right Strategic Pricing for Hotels and Restaurants 2008

What To Do When Get Home 1.Undertake 14 C’s analysis for your property. Questions to ask: “how is your firm using each of the 14 C’s to advance the customer relationship? “What opportunities are available after taking the analysis?” 2.Examine your customers as they move through the purchase cycle. Ask “what are we doing at each stage to move the customer through the cycle?” “what barriers are inhibiting them” etc. Strategic Pricing for Hotels and Restaurants 2008

What To Do When Get Home 3.Ask, “what are our different customer groups?” “What are our customers really buying?” “What are we doing in operations to provide this?” 4.Undertake a balance scorecard in each department. Make sure each department’s goals tie into overall property goal’s 5.Examine how reward system of employees ties to overall strategy Strategic Pricing for Hotels and Restaurants 2008

What To Do When Get Home 6.Examine mission statements and vision statements for your firm. “Do employees know them?” “Do they act as a guide for behavior?” 7.Examine marketing plan using the strategy check list presented on slides 47 and 48 8.Take matrix of competitive advantage and fill in for each department; that is what actions is each department taking to build competitive advantage? Strategic Pricing for Hotels and Restaurants 2008

ValueEfficiencyQualityInnovationCustomer Responsive Size Infrastructure Manufacturing R&D Marketing Materials Management Human Resources Strategic Pricing for Hotels and Restaurants 2008

Review Day 2 ①Eight Trends ②Tourism Trends in Europe ③Citations on where to find other trend information ④Video Ritz Carlton ⑤Video on Echo Boomers ⑥Market Segmentation and Perceptual Mapping Strategic Pricing for Hotels and Restaurants 2008

Review Day 2 ⑦Psychological Segmentation ⑧VALS Segments ⑨WOM – how to measure, its importance, and how to create ⑩BLOGS 11Competitive Value Analysis Strategic Pricing for Hotels and Restaurants 2008

What To Do When Get Home 9.(See other notes for 1-8) Identify major sources for information on trends impacting your business. Some are listed in class notes, others need to be searched. For instance, here is Food Service Europe and Middle East s.html 10.Once sources have been indentified develop a systematic way to analyze and interpret. Basically, following diagram on next slide. Strategic Pricing for Hotels and Restaurants 2008

What To Do When Get Home 11.Take the VALS survey. Which group are you? Which group do you think are your customers? Develop a list of implications. 12Identify the different segments. For each segment take the customer through buying behavior model. Look for ways to move members through each component. If segments look for different things, how do we make this operational (e.g., think restaurant study? Strategic Pricing for Hotels and Restaurants 2008

What To Do When Get Home 13.If you have a database, develop a scoring mechanism to place a “value” on each customer. 13.Examine surveys you are currently using. Make sure you had questions that measure the following: Likelihood that customer will refer Number of people who recommendation will be made Percentage of those will come based on the recommendation How many times customers visit in a certain time Percentage of repeat guest Strategic Pricing for Hotels and Restaurants 2008

What To Do When Get Home 15.For each communication vehicle you are using, identify the six stages of the communication process identified on slide 167 of the notes. 15.Ask: How am I creating WOM at my property? Begin to develop strategies to create WOM. Look at each type of WOM discussed in class. 15.Undertake competitive positioning for your property and identify appropriate actions to improve your position. 16.Review notes on market research and read articles in notebook. 17.Competitive Value Maps for each market segment – especially for corporate accounts 18.Examine Positioning Strategy Strategic Pricing for Hotels and Restaurants 2008