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Chapter 19 Next Year’s Marketing Plan

Chapter 19 Next Year’s Marketing Plan. “If you don’t have a competitive advantage, don’t compete .” - Jack Welch “ At Preferred Hotels & Resorts, we believe that the product preferences of affluent customers are as diverse as the consumers themselves .” - Peter Cass.

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Chapter 19 Next Year’s Marketing Plan

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  1. Chapter 19Next Year’s Marketing Plan

  2. “If you don’t have a competitive advantage, don’t compete.”- Jack Welch“At Preferred Hotels & Resorts, we believe that the product preferences of affluent customers are as diverse as the consumers themselves.”- Peter Cass ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  3. Chapter Objectives • Know why it is important to have a marketing plan and be able to explain the purpose of a marketing plan • Prepare a marketing plan following the process described in this chapter ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  4. Purpose of a Marketing Plan • Provides a road map for all marketing activities of the firm for the next year • Ensures that marketing activities are in agreement with the corporate strategic plan • Forces marketing managers to review and think through objectively all steps in the marketing process ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  5. Purpose of a Marketing Plan • Assist in the budgeting process to match resources with marketing objectives • Creates a process to monitor actual against expected results ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  6. Marketing Plan Sections • Executive Summary • Corporate Connection • Positioning Statement • Environmental Analysis and Forecasting • Segmentation and Targeting • Next Year’s Objectives ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  7. Marketing Plan Sections • Resources Needed to Support Strategies and Meet Objectives • Marketing Control • Presenting and Selling the Plan • Preparing for the Future ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  8. Section I: Executive Summary • Write it for top executives • Limit the pages to between two and four • Use short sentences and paragraphs. Avoid using words that are unlikely to be understood ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  9. Section I: Executive Summary • Organize the summary as follows: describe next year’s objectives in quantitative terms; briefly describe marketing strategies to meet goals and objectives, including a description of target markets; describe expected results by quarter; identify the dollar costs necessary, as well as key resources needed ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  10. Section I: Executive Summary • Read and reread the executive summary several times. Modify and change the summary until it flows well, is easily read, and conveys the central message of the marketing plan ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  11. Section II: Corporate Connection • Relationship to Other Plans • Corporate goals with respect to profit, growth, etc. • Desired market share • Positioning of the company or of its product lines ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  12. Section II: Corporate Connection • Relationship to Other Plans • Vertical or horizontal integration • Strategic alliances • Product line breadth and depth • Customer relationship management (CRM) ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  13. Section II: Corporate Connection • Marketing Related Plans • Sales • Advertising and promotion • Public relations and publicity • Marketing research • Pricing • Customer service ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  14. Section II: Corporate Connection • Corporate Direction • Mission Statement • Corporate Philosophy • Corporate Goals ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  15. Section III: Environmental Analysis and Forecasting • A marketing plan should provide a positioning statement of how the enterprise intends to differentiate – position itself in the marketplace ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  16. Section III: Environmental Analysis and Forecasting • Major Environmental Factors • Social • Political • Economic ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  17. Section III: Environmental Analysis and Forecasting • Competitive Analysis • Market Trends • Visitor Trends • Competitive Trends • Related Industry Trends ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  18. Section III: Environmental Analysis and Forecasting • Market Potentialshould be viewed as the total available demand for a hospitality product within a particular geographic market at a given price ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  19. Section III: Environmental Analysis and Forecasting • Market Research • Macromarket information • Industry trends, social-economic political trends, competitive information, industry wide customer data ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  20. Section III: Environmental Analysis and Forecasting • Market Research • Micromarket Information • Guest information, product/service information, new product analysis and testing, intermediary buyer data, pricing studies, key account information, advertising/promotion effectiveness ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  21. Section IV: Segmentation and Targeting • Segmentation Analysis is the selection of segments as the result of • Understanding what the company is and what it wishes to be • Studying available segments and determining if they fit the capabilities and desires of the company to obtain and secure them ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  22. Section IV: Segmentation and Targeting • Targeting • Begins by defining the mix of desired guests • support the positioning strategy of the company • support revenue management • Selected from the list of available segments ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  23. Section V: Next Year’s Objectives and Quotas • Objectives • Must be quantitative, time and profit/margin specific • Established after considering corporate goals, corporate resources, environmental factors, competition, market trends, market potential, available market segments and possible target markets ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  24. Section V: Next Year’s Objectives and Quotas • Quotas must be: • Based on next year’s objectives • Individualized • Realistic and obtainable • Broken down to small units • Understandable and measurable ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  25. Section VI: Action Plans: Strategies and Tactics • Marketing strategies and tactics employ advertising and promotion, sales and distribution, pricing and product • Must be custom designed to meet the specific needs of a company • Must allow companies to meet or exceed objectives ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  26. Section VI: Action Plans: Strategies and Tactics • Sales Strategies • Prevent erosion of key accounts • Grow key accounts • Grow selected marginal accounts • Eliminate selected marginal accounts ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  27. Section VI: Action Plans: Strategies and Tactics • Sales Strategies • Retain selected marginal accounts but provide lower-cost sales support • Obtain new business from selected prospects ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  28. Section VI: Action Plans: Strategies and Tactics • Advertising and Promotion Strategies • Select a blend or mix of media • Select or approve the message • Design a media schedule showing when each medium will be employed • Design a schedule of events ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  29. Section VI: Action Plans: Strategies and Tactics • Advertising and Promotion Strategies • Carefully transmit this information to management • Supervise the development and implementation of advertising/promotion programs • Assume responsibility for the outcome ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  30. Section VI: Action Plans: Strategies and Tactics • Pricing Strategies • Pricing is a function of marketing • Fencing isplacing restrictions on customer segments selected due to their perceived level of price elasticity ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  31. Section VII: Resources Needed to Support Strategies & Meet Objectives • Personnel • Other Monetary Support • Research, Consulting, and Training • Miscellaneous Costs • Budgets ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  32. Section VIII: Marketing Control • Sales Objectives • Sales Forecast and Quotas • Expenditures against Budget • Periodic Evaluation of All Marketing Objectives • Marketing Activity Timetable • Readjustments to Marketing Plan ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  33. Section IX: Presenting and Selling the Plan • Members of marketing/sales departments • Vendor/ad agencies and others • Top management ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  34. Section X: Preparing for the Future • Data Collection and Analysis • Marketing as a Tool for Growth ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  35. Key Terms • Competitive analysis • Environmental factors • Executive summary • Market potential ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  36. Best Practices • Preferred Hotels and Resorts Worldwide • Rittenhouse Hotel, Philadelphia • Seabourn/Windstar Cruises ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

  37. Key Terms • Market trends • Marketing objectives • Quotas • Segmentation analysis • Timetable ©2006 Pearson Education, Inc. Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ 07458 Kotler, Bowen, and Makens

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