Planning + Execution=Success Business-Marketing-Action Plans S.W.O.T Analysis Strengths-Weaknesses-Opportunities-Threats Comp Set Analysis vs. Market Analysis
Oct 21, 2014
Planning + Execution=Success Business-Marketing-Action Plans S.W.O.T Analysis
Strengths-Weaknesses-Opportunities-Threats Comp Set Analysis vs. Market Analysis
Business & Marketing Plans
Everything goes back to your overall Business Plan• Marketing Plan + Action Plans x Business Plan = Overall
Goals• What are your Goals? Are revisiting them regularly?
(Monthly) • Team Goals: What would you like to see the hotel
accomplish?• Individual Goals: What are you working for?
• Your every day routine is a component that plays a HUGE ROLE
• How are you planning, organizing, communicating & branding?
Business Plan OutlineSummary Business concept Current situation Key success factors Financial situation/needs
Vision Vision statement Milestones
• What is your Mission Statement? • Keeps you focused & organized• Revisit (Daily, Weekly, Monthly)
• Know your current situation • What’s realistic to accomplish?
Envision Success “Constructive Daydreaming”
Overall Game Plan Vision-see ‘big picture’
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2
3
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Strategy Implementing strategy
EXECUTION!
Market analysis The overall market Changes in the market Market segments Target market and customers Customer characteristics Customer needs Customer buying decisions
Competitive analysis Industry overview Nature of competition Changes in the industry Primary competitors Competitive products/services Opportunities Threats and Risks
Comp Set
• Know your Surroundings • Know your Competition • Know your Market
Attractions• Know your Key Demographic
Marketing and Sales Marketing strategy Sales tactics
Guerilla Marketing Advertising
Partnerships Promotions/Incentives On-Line Presence
3rd Party Websites
Action Plans: (Revisit Monthly) Top 4-5 Target Market Groups Goals: S.M.A.R.T
Aggressive but Attainable Build off of previous year
Time Sensitive Revenue & Time Specific ‘X’ Amount Rooms (how?)
Accountability Who is responsible? Why? Date to be completed Delegate to others=Team Effort
Action Plans (Coralville Example) Leisure
1-4 Guests (Walk-In Traffic) Word of Mouth, Market Trends, Advertising
Corporate Negotiated Rates based on LOS & Frequency Own your area! Businesses within 10-20 mile radius
University of Iowa/UIHC (Hospital) Key Departments of Interest Partnerships, Referrals & Constant Hotel Needs
Government American Legions, VA Hospitals, Fed Rooms, D.O.T
Groups & Tours Sporting Events in the Area (Annually) Bus Tours-Companies