Develop a model marketing plan for a bed and breakfast, following the guidelines provided. Please include hospitality data to support all points and give examples.
The plan must include at least the following sections:
-Executive summary (20)
-Environmental Scan (30)
-SWOT analysis (30)
-Goals & Objectives (50)
-Strategies & Tactics – Including an implementation timeline/schedule (50)
-Budget (projected financials including revenue and expenses) (30)
-Evaluation & Effectiveness Assessments (20)
References (APA style) (20)
IMPORTANT NOTE: For this project exercise, in order to maintain manageability under the existing time constraints, select only ONE of the organization’s target markets for which to prepare the strategies, tactics, budget, evaluation and effectiveness sections. Please include data from STR(https://str.com) and HVS(https://www.hvs.com). and make sure to use base line data. And specific examples of the environmental scan depending on the hotels location. If possible please choose a B&B or boutique hotel close to the beach. Please DO NOT choose one in the vineyard. Thank you
Managing the marketing function begins with a complete analysis of the company’s situation. This involves an identification and review of the micro and macro environmental factors impacting the business.
For this assignment, conduct an environmental scan, identifying and describing each of the micro and macro environmental factors that have influence on the hospitality, travel or tourism business you have selected for the marketing plan project. Include a SWOT analysis, listing, describing and evaluating the company’s overall strengths (S), weaknesses (W), opportunities (O), and threats (T), indicating why each item is considered as such.
As an introduction to this assignment, provide a brief descriptive profile of the business, including a statement on its current marketing strategy, product offerings, target markets, brand positioning, value propositions and pricing approaches, significant marketing mix actions, market share performance, channel management activities, intermediary relationships, promotions mix elements and any other relevant results data that you consider important in setting the foundation for undertaking the plan’s development.Situation Analysis
Once a Situation Analysis and SWOT has been prepared, the next step is to determine what the marketing plan will be designed to achieve in terms of performance (revenue, profit contribution, target market penetration, target market capture rate, competitive market share and/or other measurable indicators). Those projected achievements guide the development of goals and objectives that will be set forth for the organization as a whole and for the target markets that have been identified within the market mix.
For this assignment, define what the marketing plan for your selected hospitality, travel or tourism organization is expected to achieve overall, designating the mission; then, setting forth the goals and objectives for each of the target markets within the market mix.
If available, provide the benchmark data that reflects the organization’s current performance (revenue, profit contribution, target market penetration, target market capture rate, competitive market share and/or other measurable indicators), that will be used as the basis for quantifying the goals and objectives of the marketing plan. Alternatively, or as a supplement to the benchmark data, specify the market research on trends, market shifts, buyer behaviors or other marketing metrics that will be utilized to support or justify the goals and objectives that are set. If data specific to the selected business is not available, you may utilize general market performance data (for example from Smith Travel Research, PKF, local associations, destination marketing organizations or other similar resources), to establish a performance baseline from which your assumptions can be drawn.
Following the establishment of goals and objectives, the strategies and tactics that will be put into place intended to accomplish those goals and objectives must be determined. This involves setting product strategies (Product), developing pricing strategies and programs (Price), determining integrated marketing channels (Place), and designing integrated marketing communications (Promotion). This is followed by identifying specific action steps (tactics) that will be undertaken in order to implement the various strategies.
For this assignment, choose only ONE of the target markets within the selected hospitality, travel or tourism organization’s market mix, and prepare the collection of strategies and tactics that will be implemented in order to contribute toward achieving the goals and objectives previously set forth for that target market.
Be sure to indicate the resources that are required for implementation of the tactics (physical, human, financial). Clearly state what tangible or intangible changes, adaptations or additions will be necessary for the tactic to be realized; who will be responsible for ensuring the tactic is prepared, processed and engaged; and what costs will be associated with carrying out the tactic.
And finally, designate the quantified results expected from the implementation of the tactic (what it will contribute toward achieving the goals/objectives), showing the breakeven point and projected return on investment to be realized from each action. Point out what feedback mechanisms will be put into effect in order to assess whether the tactic is working as planned, and what controls will be put into place in the event that the results are less than or greater than projected.
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