Chapter Twenty-One

1. Chapter Twenty-One The Marketing Plan

2. 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

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

4. External 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 Collection

5. 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

6. 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

7. 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 Mission and Marketing Position Statement (cont.)

13. 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

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