PowerPoint - Marketing Techniques for the Hospitality Industry

PowerPoint - Marketing Techniques for the Hospitality Industry

Marketing Techniques for the Hospitality Industry Hospitality Services Copyright Copyright Texas Education Agency, 2015. These Materials are copyrighted and trademarked as the property of the Texas Education Agency (TEA) and may not be reproduced without the express written permission of TEA, except under the following conditions: 1) Texas public school districts, charter schools, and Education Service Centers may reproduce and use copies of the Materials and Related Materials for the districts and schools educational use without obtaining permission from TEA. 2) Residents of the state of Texas may reproduce and use copies of the Materials and Related Materials for individual

personal use only, without obtaining written permission of TEA. 3) Any portion reproduced must be reproduced in its entirety and remain unedited, unaltered and unchanged in any way. 4) No monetary charge can be made for the reproduced materials or any document containing them; however, a reasonable charge to cover only the cost of reproduction and distribution may be charged. Private entities or persons located in Texas that are not Texas public school districts, Texas Education Service Centers, or Texas charter schools or any entity, whether public or private, educational or non-educational, located outside the state of Texas MUST obtain written approval from TEA and will be required to enter into a license agreement that may involve the payment of a licensing fee or a royalty. For information contact: Office of Copyrights, Trademarks, License Agreements, and Royalties, Texas Education Agency, 1701 N. Congress Ave., Austin, TX 78701-1494; phone 512-463-7004; email: [email protected] Copyright Texas Education Agency, 2015. All rights reserved.

2 The action or business of promoting and selling products or services, including market research and advertising Copyright Texas Education Agency, 2015. All rights reserved. 3 The part of the business plan outlining the marketing strategy for a product or service

Copyright Texas Education Agency, 2015. All rights reserved. 4 Steps 1. Market Research 2. Set Goals and Objectives 3. Develop Strategies 4. Evaluate the Plan Copyright Texas Education Agency, 2015. All rights reserved.

5 Market Research Helps you to: Decide how to segment the market Focus on a target market Study the competition Understand the market Copyright Texas Education Agency, 2015. All rights reserved. 6

Goals and Objectives Develop specific goals For example: Advertise on social media (goal) Increase customers on weekdays (objective) Set timelines Copyright Texas Education Agency, 2015. All rights reserved.

7 Strategies The heart of the marketing plan Marketing budget is set Plan is detailed Staff is assigned Copyright Texas Education Agency, 2015. All rights reserved. 8

Evaluate Questions to consider: Did the market plan work? Do changes need to be made? How can we improve? What can be done better? Copyright Texas Education Agency, 2015. All rights reserved. 9 4 Ps of

Marketing 1. Product 2. Place 3. Price 4. Promotion Copyright Texas Education Agency, 2015. All rights reserved. 10 Product Includes all activities involved in development

of product(s) Keep target market in mind Look for changes in wants and needs of target market Make changes if necessary Copyright Texas Education Agency, 2015. All rights reserved. 11 Place

Key factor in determining success of the business Location, location, location! Where is the right place? Copyright Texas Education Agency, 2015. All rights reserved. 12 Price Know cost and profit goals Know what competitors

charge Set the exact price Copyright Texas Education Agency, 2015. All rights reserved. 13 Promotion Communication with customers Advertising Public relations Sales

Sales promotion Copyright Texas Education Agency, 2015. All rights reserved. 14 Advertising A nonpersonal communication Broadcast to a large number of people Sometimes referred to as an ad

Copyright Texas Education Agency, 2015. All rights reserved. 15 Copyright Texas Education Agency, 2015. All rights reserved. 16 Public Relations Creates goodwill Doing something good or newsworthy

Making sure the public knows about it Skills include: Communication Creativity Research Writing

Copyright Texas Education Agency, 2015. All rights reserved. 17 Sales Group sales Includes charitable groups, corporations, professional associations and social groups Consists of selling meals, lodging and facility services Is a large percentage of revenue

Suggestive selling Recommending additional products or services to a customer May increase sales Copyright Texas Education Agency, 2015. All rights reserved. 18 Sales Promotion Intended to increase sales

Include: Coupons Free product samples Loyalty programs Sweepstakes Two-for-one offers BOGO Buy one, Get one off! 50% off Sale!

Copyright Texas Education Agency, 2015. All rights reserved. 19 SBA Delivering Success: Marketing 101 (click on link) (image from video) Copyright Texas Education Agency, 2015. All rights reserved. 20 Copyright Texas Education Agency, 2015. All rights reserved.

21 References and Resources Images: Shutterstock images. Photos obtained with subscription. (Slides 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 17, 18, 21) Textbooks: Reynolds, J. S. (2010). Hospitality services: Food & lodging. Tinley Park. IL: Goodheart-Willcox Company. Website: Small Business Administration Marketing 101: A Guide to Winning Customers This course is designed to provide a basic overview of marketing. It is a practical program with real-world examples and helpful tips. The course is directed to small business owners who are interested in reaching a broader customer

base. https://www.sba.gov/tools/sba-learning-center/training/marketing-101-guide-winning-customers YouTube(tm): SBA Delivering Success: Marketing 101 The U.S. Small Business Administration and the U.S. Postal Service bring you Delivering Successvideo interviews with successful entrepreneurs who share the lessons they've learned about owning a small business. http://youtu.be/YUoKi8DQxv4 Copyright Texas Education Agency, 2015. All rights reserved. 22

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