The Marketing Plan: The Cornerstone of Sales Flashcards
Competition Analysis
An evaluation of a business’s competition to identify opportunities and unique selling points; part of a marketing audit.
Competitive Set
Is made up of properties in the immediate area that sell to similar market segments and offer similar products and services at similar prices.
Differentiation
Distinguishing and separating your property from those of the competition.
Fair Share
The number of room nights a property would sell if demand were evenly distributed based on the number of rooms at each property.
Feeder City
A city other than the property’s city from which guests arrive.
Guest Mix
Refers to the variety or mixture of guests who stay at a property.
Market Segmentation
Dividing the market into groups of consumers with similar needs, wants, background, incomes, buying habits, and so on.
Market Share
The number of room nights a property sells compared with the total number of room nights within a market area.
Marketing Audit
A systematic and comprehensive evaluation of a business, its competition, and the marketplace.
Marketing Information System
The people, equipment, and procedures involved in gathering and analyzing data to provide accurate information to marketing decision-makers.
Marketing Intelligence
Information used for marketers that has been properly analyzed, evaluated, and formatted to help marketers and managers formulate plans and make decisions.
Marketing Plan
A guide for marketing, sales, advertising, and promotional efforts.
Marketplace Analysis
An evaluation of the environmental trends and forces affecting a business, such as changes in lifestyles and societal values, economic conditions, and technology.
Occupancy and Activity Analysis
An analysis of a property’s past, present, and potential operating statistics; part of a marketplace analysis.
Positioning
A marketing term used to describe the process of shaping how consumers perceive the products and services offered by a particular hotel in relation to similar products and services offered by competitors.
