Essay About Market Needs And Riverview Hotel Marketing Plan

Riverview Hotel Marketing Plan –
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Riverview Hotel
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2.1 Market Needs
The Riverview Hotel offers value and benefits to our clients, over and above the standard of
our facilities and affordable rates. We seek to provide our guests with an exemplary personal
service, and level of recognition that they have come to rely upon. We provide our guest with
a luxurious, relaxed environment within which to conduct their business.
An environment which they cannot find at our larger, more impersonal competitors. Our
guests need to know that they can develop a relationship with the hotel that will ensure
efficiency, value for their money and reliability in supplying them with the support they need,
when they need it. The Riverview Hotel operates in a city with a very strong sense of
community, and we want to stay an integral part of that community.
2.2 The Market
The Riverview Hotel is a boutique 5*+ hotel comprising 35 luxury guest rooms and specializing
in servicing business and corporate clients. It serves the business community, and visiting
business traveller, in the city of Notown USA.
Our key clients are contracted corporate clients originating from both international and
domestic markets from within the travel trade, automotive and IT segments. The strategic
location of the property is key to its success in these areas due to the proximity of the
Exhibition Halls, Overall Motors and Silicone Hill, USA.
Key to our business success is the level of customer loyalty and repeat business we receive on
an annual basis. We offer our guests the most up-to-date technical business facilities, both
inside the rooms and within the hotels conference facilities.
Our guests feel that they can conduct their business from within a less austere atmosphere
than can be experienced in our competitive properties, where there is less personal
recognition. They appreciate being called by name when they arrive, and having staff
remember their specific requirements, time and again. This is key in developing the
relationship beyond an initial stay and evidences our added value in relation to competitive
properties in the vicinity.
Table: Market Analysis
Market Analysis
2005 2006 2007 2008 2009
Potential Customers Growth CAGR
Travel 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%
Automotive 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%
Riverview Hotel
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Travel
IT Industry
Automotive
Market Analysis (Pie)
2.2.1 Market Demographics
Market Geographics: Notown, USA is a suburb of Seattle, Washington, with a population of
150,000.
Market Demographics: The community is made up predominantly of households having two to
four children, either at home or away from home, with at least one parent/guardian having
attended college.
Market Psychographics: There is a strong small business ethic in the community, and many
family-run enterprises have been prospering for generations. There is also a strong sense of
community and a high level of awareness as regards to caring for the environment.
Market Behaviors: Businesses in the area choose to support one another wherever possible, be
remaining loyal to long standing relationships with customers and suppliers. This acts as a
means of investing in, and supporting the community structure, rather than shifting alliances
to large newcomer suppliers, despite the potential cost savings involved.
This attitude supports the brand principles of the Riverview Hotel, which has had a presence in
the city for 15 years, and is well supported by local business requirements for rooms,
conference facilities and catering business functions.
Based on research carried out in 2001, more than 68% of the population had some awareness
of the Riverview Hotel. Awareness levels were highest amongst small- to medium-sized
businesses with 20 or more employees, who had utilized the hotels facilities either for visiting
business guests, or for their own functions.
Riverview Hotel
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2.2.2 Market Trends
Market trends can be categorized as follows: Corporate Travel Policies, Local Business Trends,
and Economic Cut Backs.
Corporate Travel Policies: As a result of various security issues, as regards travelling in
both domestic and international markets, there has been a significant drop in corporate guests
visiting the city. Although