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Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Marketing Strategies
Chapter 7
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
HMS - Marketing Strategy
Marketing Strategy Marketing Environment Positioning Marketing Discipline/Strategy
Applications
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Marketing Strategy Focal Points
The Target Market The Core Positioning The Price Positioning The Total Value Proposition The Distribution Strategy The Communications Strategy
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Transition
Then Manage from
the top Operate in the
marketplace
Now Manage up and
down and across
Operate also in the marketplace
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Ten Major Marketing Issues
1. Shrinking margins2. Rising sales and promotional costs3. Growing retail power and shrinking shelf space4. Competition from store brands and generics5. Increased niche attacks
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Marketing Issues (continued)
6. More competition7. Labor, availability, and
competency8. Technological incompetence9. Declining brand/customer loyalty10. Media selectivity/segment fragmentation
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Current and Near Future Marketing
Technology embracing Global and local Electronic and personal Customized and flexible Diversity recognizing Perception driven
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Three Levels of Marketing Performance
Responsive Marketing Anticipative Marketing Need-shaping Marketing
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Marketing Approaches
Mass Marketing Target Marketing
Segments Niches Market Cells
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Marketing Management Marketing Management ProcessProcess
R STP MM I C
R = Research (i.e., market research)STP = Segmentation, targeting, and
positioningMM = Marketing mix (popularly know as the
four P’s, i.e., product, price, place and promotion)I = ImplementationC = Control (getting feedback, evaluating
results, and revising or improving STP strategy, and MM tactics)
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Ten Winning Marketing Strategies
1. Win through higher quality2. Win through better service3. Win through high market share4. Win through lower prices5. Win through adaptation and customization
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Ten Winning Marketing Strategies (continued)
6. Win through continuous product improvement7. Win through product innovation8. Win through entering high growth
markets9. Win through exceeding customer expectations10. Win through creating A better
perception
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Ten Winning Marketing Tactics
1. Win through ego appeal2. Win through discounting3. Win through couponing4. Win through value added offers5. Win through speed of delivery
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Ten Winning Marketing Tactics (continued)
6. Win through abundance of availability7. Win through convenience of purchase8. Win through the targeted awareness9. Win through the “Points of Encounter”10. Win through doing more for your
customer
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
The art of finding, developing, and profiting from opportunities.
Marketing
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
An area of buyer need and interest in which there is a high probability that a company can perform profitably by satisfying that need. number of buyers purchasing power desire to buy
Marketing Opportunity
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Main Sources of Opportunity
1. Supplying something in short supply
2. Supplying an existing product or service in a new or superior way3. Supplying a new product or
service
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Breakthrough Marketing
1. Finds new customers and segments
2. Finds new sales strategies3. Finds new pricing and financing solutions4. Finds new product features
“Executes any or all of the above with the best ‘perception’.”
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Strategic Gap ModelStrategic gap
New products
New markets for existing productsIncreased Market share
Years
Sales
0 1 2 3 4 5
}}}}
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
EXISTING MODIFIED NEW
MarketPenetration
ProductModification
New ProductDevelopment
GeographicExpansion
Modified ProductsTo New Markets
New ProductsFor New Markets
Segment Invasion Modified ProductsTo New Customer
Diversification
Markets
Building New Demand Matrix PRODUCTS
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Overallprobabilityof success
=Probabilityof technicalcompletion
XProbability of
commercializationgiven technical
completion
XProbability of
economicsuccess given
commercialization
(.24) = (.50) X (.65) X (.75)
New Product Launch Probability of Success
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Establish credibility and build trust
Create lifestyle associations
Establish awareness and create images
Stimulate repeat purchases
PR
Advertising, Events
Advertising
Sales promotion
Strategy Application Marketing Discipline
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Simulate trade participation
Reward frequency and loyalty
Create a sense of involvement
Reach a tightly targeted audience
Trade promotion Frequency
program
Events
Addressable media
Strategy Application Marketing Discipline
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Leverage social responsibility
Stimulate referrals Stimulate trial Make a news
announcement
Mission marketing
Club or affinity group
Sales promotion PR
Strategy Application Marketing Discipline
Hospitality Management Strategies ©2005 Pearson Education, Inc.By R.A. Nykiel Upper Saddle River, N.J. 07458
Marketing Scorecard
Market Share Customer Retention Customer Satisfaction Relative Product Quality Relative Service Quality