2017/01/15 / marketing plans
/ Doris Mutinda
A business cannot do without having the correct marketing strategies. a marketing plan sample is therefore very important for any business.
Writing a Good Marketing Plan
After successfully starting a business, it is very crucial to understand the market and develop a strategy of staying ahead of the competition by developing a marketing plan that captures what your plans are. This plan should be followed to the later. I will give you an overview of what a market plan is, what its components are, and a comprehensive sample marketing plan for those in the hospitality business. A simple marketing plan is also provided.
Defining a marketing plan
A marketing plan is an all-inclusive manuscript outlining the business plan for marketing and advertising its products for the coming financial year. It covers the activities that the business will be involved in attaining the objectives of the business for a specific period of time.
What are the Components of a Marketing Plan
Most times people get mixed up in determining the type of information to include in a marketing plan. Your marketing plan should include almost all aspects of your business. It should start with an analysis of the current situation, the marketing objectives, creating a sales forecast, SWOT analysis, competitive analysis, and the expense budget.
A marketing plan sample for Hospitality Business
HOTEL X Marketing Plan
Executive Summary
HOTEL X is one Midtown Atlanta’s finest boutique hotels. Referred to as the grand dame of the Peachtree Street of Atlanta, this characteristically stylish hotel is located across the Fox Theatre and about 1.4 km from DragonCon 2016. It has a rooftop swimming pool, on-site banqueting, and unrestricted Wi-Fi. The guest quarters at HOTEL X contain big windows and vintage fittings. They 326 rooms are all equipped with a coffee maker and a modern flat-screen TV. A part of HOTEL X is The Livingston Restaurant and Bar, which serves epicurean cookery in a formal background. It also provides a living room area with a complete-service bar. The gym also offers gym services, with the gym full equipped with cardio machines and a perfect view of the city. Valet car parks and janitor services are offered at this well-known Atlanta hotel. This hotel is also valued for the best price in Atlanta. Guests are receiving more value for their cash when likened to other hotels in this city. Also, tantamount with the property are the great personal provision that visitors receive, and the widespread assortment of widespread business amenities accessible in comfortable settings. This hotel has high-class quarters and is pursuing commercial visitors with a two or three-night stopover obligation. The target business sections comprise the tourism sector, because of the contiguity of the hotel to Fox Theatre; the entertainment sector, in relation to travel trade visitors visiting the conferences at HOTEL X Halls and the IT sector. Distinguishing the category of business service presented, from that of the competitiveness, will help not only in improving HOTEL X brand but will entice recurrent business explorers, who need a greater level of individual service and acknowledgment than they can get at reasonable five-star hotel in Atlanta. This will offer HOTEL X hotel with a chance to influence its central capabilities as concerns examining the business itinerant in a comfortable environment.
Situation Analysis
HOTEL X is reliant on yearly contracted customers from the tourism industry, entertainment and IT sectors with assured room nights each year. This expanse of industry accounts for approximately 70% of the property’s proceeds. The present market is to some extent down, because of the economic recession and constraints that are made on commercial tourism within the U.S. This menace to the precarious business sector may be deliberated as short term or medium term, as suggestions of a reoccurrence to corporate travel are perceived. HOTEL X Hotel, ought to stay focused on conveying the best business packages, at reasonable rates, so as to grow the customer affiliation outside the one stay in the hotel. Economical room charges have been dropped vividly to appeal contract customers over the ensuing 10-12 months. HOTEL X Hotel’s existence in the present environment will be reliant on a recurrence commercial contract commerce and customer devotion to the trademark. The brand is required to keep on delivering on its capacity and standards consequently.
Mission
HOTEL X is devoted to offering its clients with the utmost value of package and principles. The hotel seeks to prioritize on their assurance of significance and quality. It continues to value their importance in the community and will put an effort to progress those associations and to reverence and safeguard the environment. The hotel continues to do their best to generate value for both proprietors and stockholders while venerating their brand standards and inspiring their employees to advance themselves in an atmosphere of faith, devotion, and inspiration.
Marketing Objectives
The marketing objectives are:
1. To achieve their growth objectives in the given period and financial plan.
2. To continue communicating their calculated goals to their prospective markets efficiently.
3. To offer a progressive lodging experience to all their clients.
4. To enlarge their markets and look for fresh markets for their products and services.
Competition
The hotel faces competition from other five-star hotel including Hotel A, Hotel F, Hotel Z, and Hotel M.
The Market
HOTEL X is a boutique 5-star hotel comprising 326 superfluity guest rooms and focusing on servicing corporate and business clients. It attends to the corporate community, and staying business tourist, in the town of Atlanta USA. Their main customers are contracted business customers coming from both worldwide and local markets from inside the travel profession, entertainment, and IT sections. The tactical position of the hotel is paramount to its achievement in these regions due to its closeness to the movie theaters. Of importance to the business, accomplishment is the level of client faithfulness and recurrence business that they receive on a yearly basis. The premise offers their visitors the most current practical business amenities, both in the quarters and within the hotel’s seminar accommodations. The clients have the feeling that they can go on with their dealings from within a less somber environment than can be achieved in the competitive hotels, where there is less individual acknowledgment. The guests like being addressed by their names when they check in and having the members of staff meet their precise requirements again and again. This is important in building the relationship past a first stay and signals the added value with respect to competitive amenities in the neighborhood.
Market Analysis
| Market Analysis | |||||||
| 2012 | 2013 | 2014 | 2015 | 2016 | |||
| Potential Customers | Growth | CAGR | |||||
| Tourism Industry | 7% | 1,000 | 1,071 | 1,147 | 1,228 | 1,315 | 7.09% |
| IT Industry | 8% | 1,200 | 1,296 | 1,400 | 1,512 | 1,633 | 8.01% |
| Entertainment Industry | 10% | 1,500 | 1,643 | 1,799 | 1,970 | 2,157 | 9.51% |
| Total | 8.38% | 3,700 | 4,010 | 4,346 | 4,710 | 5,105 | 8.38% |
Market Trends and Growth in the Hospitality Business
The current market trends can be classified as corporate travel strategies, economic cutbacks, and local commercial trends. The corporate travel policies are as an outcome of numerous security concerns, as relates to moving in both local and worldwide markets. Over the past few months, some events have been canceled, affecting the exhibitions and overall visitation into the hotel, affecting the financial progression of the hotel. Some local people prefer holding meetings on their premises, which cuts on the local business inclinations. The rate of growth of the prospective markets has been stable over the previous three to five years. The tourism industry has developed by 7.5%, the entertainment industry at an average of 9.8% and the IT sector at 9%. Growth is expected to carry on at a sturdy speed in line with the developments in the region’s entertainment activities.
SWOT Analysis
SWOT Analysis
The following breakdown pinpoints the in-house strengths and weaknesses of the business and the openings and threats that the hotel is facing in the external setting. The business ought to work on improving their weaknesses. The managerial strengths must be emphasized so to take advantage of external prospects as they rise, and possibility plans conveyed to handle threats brought forth by the environment.
Strengths
• The hotel shows an assorted variety of service skills in management and the staff as well.
• The premise has a robust, participative culture.
• Its values are well conversed and vibrant.
• The brand standards well signified stimulating brand allegiance amid prevailing and new clients.
• The business has a robust status in the local market and commercial and tourism trade markets for consistency, great services, and excellence.
• The staff is dedicated and knowledgeable and is enthused and highly experienced. Well-skilled staff members are delighted with their hotel and venerate and endorse the brand ethics.
Weaknesses
• The distinction approach requires being more clearly conversed visibly, in native and nationwide markets.
• The periodic staff turnover necessitates constant training and alignment of fresh staff.
Opportunities
• There exists no direct and stiff competition no direct competition regarding the services offered, the experienced staff, and five-star ’boutique corporate property’ niche.
• There is a robust, and long-term connection with partners and clients.
• Repeat commercial business founded on personal provision and excellence, in a comfortable environment.
Threats
• There is a possibility for a competitive, international brand to come into the market with similar services and packages.
• There are fully equipped and serviced corporate rooms offering lesser daily charges.
• In the case of inflation, recovering from the recession period may take some time.
Marketing Strategy for the Hospitality Business
Marketing Strategy for the Hospitality Business
The hotel’s marketing strategy aim is to communicate the high-class set of amenities that are offered to visiting hotel visitors. The hotel endeavors to focus on their lodgers to the subjects of worth and value for their cash contrary to merely the end product costs related to their stay. The marketing plan will permit them to expose their brand principles, cultivate handy working associations with their clients and providers and to pinpoint the demands of their borders in an operational way. Sustained diversity and progression are two objectives have been set for themselves. Progress will come about by pursuing new regions of business in both indigenous and nationwide communities.
Value Proposition
HOTEL X provides the top, most tailored service for the commercial vacationer. The management includes business fundamentals in each room, like a nice desk, internet connectivity, access to wireless services, and offer accessible meeting lodgings with audio-visual and technological requirements as well as provide for lengthier meetings.
Marketing Mix
Place
Information concerning the product and provided services is availed to the clients through direct marketing, promotion through media channels, adverts, and personal selling. Channels of delivery comprise of travel agents and worldwide reservations structures.
Product
The hotel offers exemplary quality services along with great personal service, distinguished from competition eminence. The general brand approach has demonstrated to be a fruitful approach spawning high intensities of recurrent business.
Pricing
The pricing plan has been steady with the differentiation goal, to deliver additional value for a sensible level as opposed to offering discounts and de-valuing their packages and services.
The room rates are:
• Bed and Breakfast rates start at $274 per night
• Corporate Suite – $225.00 (maximum habitation 2 persons)
• Corporate double – $125.00
• Corporate Double Deluxe – $ 175.00
Promotion
The principal emphasis will keep on being mass communication using the Internet and print advertisements in trade periodicals. Direct mail promotions to current and potential customers will escalate as a cost effective approach to directed campaigning. Personal selling in the indigenous market will stay an imperative component of the marketing mix so as to keep on building long-term associations within the native community and create great levels of commercial activity. Public relations undertakings will keep on playing an essential part in the marketing mix, showcasing the hotel as a compassionate member of the society and contributing in substantial local events.
Financial Analysis/ Breakdown
The hotels yearly marketing budget is projected to be $100,000. The sales are expected to generate revenue of $1,172,925. The marketing overheads will be around 8.5% of the general revenue.
| Marketing Outlay Budget | |||
| 2017 | 2018 | 2019 | |
| Internet Marketing | $10,600 | $11,600 | $12,826 |
| Print Marketing | $21,000 | $23,100 | $25,410 |
| Media | $6,000 | $6,600 | $7,260 |
| Other Forms of Marketing | $21,000 | $23,100 | $25,410 |
| Total Sales and Marketing Overheads | $58,600 | $64,400 | $70,906 |
| Percentage Sales | 5.00% | 4.99% | 5.06% |
Implementation
All data will be examined on a constant basis relative to forecasts versus actuals, and the current marketing plan will be improved so as to react to and anticipate outdoor variations to the environment.