Assignment 3: Lodging Property Analysis
Outlined below are five steps that are used in a marketing plan. Select a lodging facility near your residence and analyze the property according to these five steps:
Analyzing property
Analyze the classification of property, purpose of establishment, overall interior and exterior condition, activities offered, geographic location, seasonal aspects, type of ownership, number and type of meeting facilities, and competitors in local area.
Targeting areas of promotion
Analyze the five possible sources of business (individual guests, conference and group meetings, travel agents and tour operators, the restaurant and lounge, and events that have taken place).
Determining markets and prospects
Where are the guests from? Are they business, pleasure, or commercial guests?
Setting the budget
Estimate the budget for media advertising, production expenses, brochures and collateral materials, direct mail campaigns, and miscellaneous promotion expenses.
Reaching target area<
Outline the promotional strategy for this lodging facility such as advertising in newspapers, magazines, travel guides or online. Describe the type of advertisement that is used for this lodging facility. Do you believe the type of advertisement used was effective? Explain.