Marketing Plan For Sophy Hyde Park Hotel In Chicaggo
Executive summary
Sophy Hyde Park hotel is located within the boundaries of Chicago city. It is a neighborhood and community area that is strategically located on the southern part of Chicago. It is located in an area with an approximated population of 46.8% of the whites; African Americans are also 29.9%. At the same time, the total population of the Asian Americans is about 12.1%. The Hispanic is known to be covering an approximated percentage of 7.0% and finally we have other races that cover a total of 4.2%.Moreover, it is a 4-block walk to the nearest L stop and is known to be surrounded by different types of casual dining and shopping and is strategically located almost a mile right from the university of Chicago. Moreover, the hotel is also close to the site of 193 world’s Colombian exposition that is majorly referred to as the museum of science Industry, Frank Lloyd Wright’s Robbie House together with the site of the future Barack Obama Presidential Library. With just a mile walk from the hotel, there are 48 different restaurants, 12 cafes with different types of coffee shops and 8 bars within the hide park neighborhood.
The entire property is known to be consisting of deluxe double queen rooms that are modernly furnished. Each and every double queen room is known to be offering hardwood flooring throughout. At the same time, it also consists of a full length wardrobe together with a 55 inch flat screen television. Moreover, the sleeping space is known to be offering two different queen beds that are embedded with premium linens together with different types of plush pillows. On the other hand, there is a generously sized marble that are all tiled and are capable of offering a large walk in shower. As a result of this, the entire marketing plan will be working towards providing one of the most essential recommendations on how the organization can best increase its marketing strategies in order to offer one of the most competitive advantages.
Environmental Analysis
Marketing Environment
Competitive forces
There are quite a number of competitors for Sophy Hyde Park Hotel and known to be working their way forward to provide one of the most competitive advantages to the Hotel itself (Ali, Amin & Cobanoglu, 2016). Within a mile, there are three different types of hotels which are known to be playing a role of acting as some of its major direct competitors. Two blocks away Hyatt Place Chicago-South offers 24/7 fitness center with indoor pool, event facilities, 24/7 dining restaurant and bar. La Quinta Inn by Wyndham offers free breakfasts, parking, fitness center, meeting spaces. As far as Chicago Lake shore hotel is concerned, it is known to have the capability of offering various services which range from complimentary breakfast, an outdoor pool, free Wi-Fi and also event facilities that are known to be 8000 feet. All the three competitors are known to have the potential of offering a complementary shuttle that are strongly. One of the major strengths of the competitors is that they have been able to employ high standard leaders who have been on the fore front to come up with some of the best strategies that can always increase their performance across all market platforms. On the other hand, strength of these competitors is that they tend to have highly performing employees who are much more efficient in terms of making their organization work towards attaining their respective goals and objectives.
Economic forces
As far as the general economic condition of the country is concerned, the entire economic status is quite perfect and is known to have the capability of accommodating different types of businesses by making them to fully operate at their potential. As a result of this, nearly all the customers are very optimistic about the economic status and are hoping that quite a number of positive outcome are likely to take place in the coming future (Baker & Magnini, 2016). At the same time, the buying power of all the consumers in all the targeted markets is likely to be high therefore making sure that different products and services are bought at a high rate Sophy Hyde Park Htel.
Political forces
A good number of political elections that have been carried out over the past period have totally changed the political landscape thus leading to the emergence of quite a number of rules and regulations that have been able to favor quite a number of business environments. Sophy Hyde Park Hotel is therefore working hard to provide quality products and services across different personalities with an intention of maintaining good relationships with all the elected political officials.
Legal and regulatory forces
There are quite a number of local government regulations that are currently being proposed in relation to different types of businesses that are carried out within the boundaries of the country (Berezina, Bilgihan, Cobanoglu & Okumus, 2016). In relation to the proposals of the regulations, there is a high probability that they will be able to affect the way Sophy Hide Park Hotel will be operating. One of the major changes in government regulation is the payment of taxes most so when operating under various environmental conditions.
Technological Forces
Changing technology is known to have brought on board quite a number of impacts on most of the target markets. One of the major impacts that have been brought about by various forms of technology is the change in the mode of purchase of directed towards various customers. Technology has made it much easier for the customers to have an opportunity to purchase their desired products and services through the use of different forms online marketing services that are currently on the verge of gaining popularity.
Socio-cultural forces
As far as the general attitude of the society is concerned in relation to the products and services being offered to them, they are likely to feel that this is the right way to go since the whole business is working hard towards meeting all their needs by providing them with one of the best services that are more reliable. One of the major ethical issues that the whole business is likely to address is equality. It is aiming towards implementing various forms of equality across all customers segments without involving any act of discrimination at any given point.
Target markets for Sophy Hide Park Hotel
Identification of segments
In order to ensure that the marketing plan is able to come out as a success, the whole business will be able to target various markets specifically the ones that have the potential of taking it to the next level when it comes to the addressing of quite a number of issues. Its target market appears to be very diverse since it mainly aims towards putting much focus on single individuals, families together with couples who are likely to fall between the ages of 25- 60 years. O the other hand, the targeted groups are likely to be highly educated personalities with one of the most appealing levels of income that is totally above the national median average and in most cases it is likely to be $95,000 on an annual basis. At the same time, the hotel aims towards meeting the needs of different personalities known to be possessing millennial mindset where they will be able to experience a totally new condition in terms of the services that will be offered to them. The kind of people who will be visiting the business are the ones who are capable of forming a positive mindset regarding the implementation of a sustainable business that is environmentally friendly Due to this, the business aims towards targeting a demographic segmentation of families belonging to different classes, both the male and female customers (Banerjee & Chua, 2016).
Needs analysis
The targeted groups of personalities tend to require quite a number of needs that they feel best suits them in relation to all the payments that they are capable of offering for specific purposes. As a result of this, all the target markets currently require goods that are of high quality since they feel that this is what is capable of serving them perfectly under various conditions (Goh, Heng & Lin, 2013). At the same time, the target markets also needs services that are of high quality and quite reliable without subjecting them to various controversial situations or even delays at one particular point. The current competitors are therefore working hard towards providing them with goods that are of high standards. In the coming future, as the expectation s of different personalities will be changing, the needs of all the target markets will also be able to change and this is majorly as a result of various factors which majorly include environmental conditions together with various types of health related factors.
SWOT ANALYSIS FOR SOPHY HYDE PARK HOTEL
Strengths
The organization is known to be having quite a number of strengths that are likely to see it through various conditions. One of the major strengths that are known to be attached to it is the availability of well trained personnel (Lu & Gursoy, 2016). The adequately trained personnel within the organization are known to have the potential have got the potential of performing quite a number of tasks efficiently thus giving it one of the best opportunities to work towards the direction of obtaining quite a number of objectives within an appropriate time. At the same time, the second strength that is known to be connected to the business is its ability to provide an excellent customer service across different targeted markets.
Weakness
There are also quite a number of weaknesses that Sophy Hyde Park Hotel is likely to encounter. One of its major weaknesses is the lack of an appropriate strategic management system that can be able to offer some of the most appropriate and reliable recommendations during strategic times (Hudson, Huang, Roth & Madden, 2016). At the same time, there is the weakness of inadequate employer employee interactions thus making it very difficult to share quite a number of essential information that are likely to be beneficial to the development of the entire organization in the coming future. These weaknesses therefore affect the operation of the company by preventing it from carrying out an exploration associated with advanced issues that are available across all the target markets.
Opportunities
One of the major opportunities that are available is the need to carry out an appropriate and reliable business expansion (Gursoy & Sandstrom, 2016). Through this opportunity, the business is likely to move to advanced stages in the coming future at a faster rate. Another major opportunity is the availability of different types of resources that makes it much easier for the organization to carry out different operations (Pizam, Shapoval & Ellis, 2016). The opportunities are therefore related to serving the needs of all the customers by making sure that they are reached out within the shortest time possible. One of the major actions that the company needs to implement in order to fully capitalize on all the opportunities is to develop appropriate and reliable management strategies that are capable of pushing the organization towards the positive direction (Jiang, Ramkissoon & Mavondo, 2016).
Threats
One of the major threats that Sophy Hyde Park Hotel is facing is the competition from different organizations that are also aiming towards offering the same services in order to target certain types of consumer segments (Stone & Grønhaug, 2016). At the same time, another threat is the changing government policies that tend to take place from time to time thus creating one of the most difficult environments to operate in. The company therefore needs to increase the quality of services in order to outdo all its competitors therefore minimizing the threat from limiting the capabilities of the organization.
Marketing objectives
One of the major marketing objectives is to improve service awareness across different targeted individuals. Increasing service awareness will make sure that the organization is capable of gaining popularity across different sectors (Lemon & Verhoef, 2016). At the same time, another marketing objective that is attached to the whole business is to obtain a larger market share when it comes to marketing all the services across a wide variety of targeted regions. The objectives are therefore capable of taking advantage of the above mentioned threats and opportunities by making the whole organization to put more efforts towards the positive direction.
Marketing strategies
Digital marketing
This is a strategy that will provide an opportunity to the organization for it to market a wide variety of its products and services via different types of social media platforms thus making it much easier to reach out to different customers within the shortest time possible. Through this, each and every information regarding the hotel will be obtained from its website that will be perfectly designed to attract the attention of various customers. Moreover, a wide variety of online travel agents will also be used in the marketing of different services. Finally, as far as the digital marketing is concerned, the hotel will rely on different social media platforms like Facebook and twitter in order to appropriately market all the services for an easier understanding.
Product strategies
There are quite a number of marketing strategies that are likely to take the business to the next level. One of the major marketing strategies is the product strategy which majorly includes the leader. Under this strategy, the organization will be able to appropriately develop new innovative products with an intention of growing a larger market. Due to this, it will be able to heavily invest on research and development in order to come up with new products that can be easily distinguished from the ones obtained from different competitors.
Pricing strategies
The business also intends to put many efforts in its pricing strategies in order to fully meet the needs of all the customers (Ozturk, Bilgihan, Nusair & Okumus, 2016). One of the major pricing strategies that will be appropriately utilized is the penetration strategy that will majorly involve the setting of low price with an intention of entering quite a number of competitive markets thus making sure that their conditions are raised to higher levels later on. Another form of pricing strategy that will be utilized is the competitive pricing. It will be carried out based on what the competitors are capable of charging within the market platform.
Marketing implementation
Marketing communication/ tactics
One of the major marketing communications that will be sued to accomplish product strategies is the use of broadcast media that will be aiming towards reaching out to a wide range of customers irrespective of their areas of residence (Park, Ok & Chae, 2016). At the same time, the use of print media will be appropriately utilized to pass quite a number of essential information across different targeted customers in order to accomplish the implementation of various aspects of pricing strategies. At the same time, the use of sales promotion will also be carried out as a major communication tactic (Grönroos, 2016). It will be used to promote the sales of various services and products that belong to the organization and as a result, it will be working hard towards accomplishing the product strategies. Finally, the use of public relations will also be involved as a form of marketing communication. This will involve the passing of information to various targeted consumers thus working towards addressing the product strategies.
Marketing controls
There are two major marketing controls that will be perfectly put into consideration. The major on is the strategic marketing control that will involve the monitoring of quite a number of proposed plans under various processes thus making it much easier to carry out adjustments where necessary (Jones, Hillier & Comfort, 2016). Additionally, profitability control is another form of marketing control that will also be put into consideration. This will fully involve various aspects of appropriately monitoring the sales made together with the profits that are made within the organization and also the expenditures that the company incurs. All the marketing communication will be perfectly monitored through the analysis of various types of variables that will be adequately compared in terms of how they relate with one another thus providing one of the best opportunities to come up within the boundaries of marketing communication.
References
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