Business & Marketing Plans

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Creating a Business & Marketing Plan can be very intimidating but if you have a good template & plenty of information about your business you shouldn't have any trouble.

It's more about putting the pieces together in the correct order as long as you have the correct & accurate information

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Business & Marketing Plans

  1. 1. Planning + Execution=Success  Business-Marketing-Action Plans  S.W.O.T Analysis  Strengths-Weaknesses-Opportunities-Threats  Comp Set Analysis vs. Market Analysis
  2. 2. 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?
  3. 3. Business Plan Outline Summary  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”
  4. 4. Overall Game Plan Vision-see ‘big picture’
  5. 5. 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
  6. 6. Comp Set •Know your Surroundings •Know your Competition •Know your Market Attractions •Know your Key Demographic
  7. 7. Marketing and Sales  Marketing strategy  Sales tactics  Guerilla Marketing  Advertising  Partnerships  Promotions/Incentives  On-Line Presence  3rd Party Websites
  8. 8. 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
  9. 9. 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

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