Describe how your inn would create value

Assignment Help Marketing Management
Reference no: EM13732461

Identify customer need segments in your area.

Using the internet and other sources, research the types of hotel and bed-and-breakfast accommodations available in your area. You will likely find that they provide an array of different combinations of levels of service, amenities, location desirability, and pricing. For instance, you might find some expensive, high-service, centrally located hotels that offer an extensive array of amenities. This would suggest there is a group of travelers who are willing and able to pay these higher rates. Similarly, the existence of low cost, "no frills" accommodations suggests some travelers prefer the cheapest possible option. Both of these hotel types may find sufficient customers.

Cost is just one example of how the hotel market might be segmented. There are other many ways.

Based on your research, identify two to four groups of customers relative to their needs/wants and on their ability/willingness to pay. Compare/contrast the characteristics of each group. Give each group a name.

At this point, you are NOT asked to choose a group. Instead, list two to three key questions your business should seek to answer before choosing which customer group to target.

Describe how your inn would create value.

Value is often defined as the benefits in excess of the costs. What we think of as a good value really means we think the benefits we receive from a purchase out-weigh the price of our purchase. Just as the benefits of a hotel stay could include things beyond a room to sleep in (a pool, free breakfast, convenient location), costs too should be viewed as including more than just the monetary price of a purchase.

In a half a page, describe how your bed and breakfast or small hotel would create value (deliver benefits in excess of cost) for the customer and yet still make money for the owner. Be specific about what you would offer. *Note: Resist the temptation to suggest high quality, low price. This is an unsupportable approach. Amenities and high-level service are expensive to provide.

Reference no: EM13732461

Questions Cloud

How you used deductive reasoning : At the end of the paper, identify one example of how you used deductive reasoning and one example of how you used inductive reasoning
What limitations of enlightened absolutism in central europe : The best opportunities for improving society". What do you think were the main three limitations of enlightened absolutism in Central Europe?
Marketing plan for surly brewing company : 8-15 page marketing plan for "SURLY BREWING COMPANY". It is to follow 6th edition APA format and be of a quality level
Describe how your inn would create value : Describe how your inn would create value. and Value is often defined as the benefits in excess of the costs. What we think of as a good value really means we think the benefits we receive from a purchase out-weigh the price of our purchase
Identify and discuss two reinburstment methods : Identify and discuss two reinburstment methods that the organization may utilize, and explain what risks those methods may or may not bring to the organization.
Discuss the pros and cons of france and germany : Discuss the pros and cons of France and Germany as compared to other EU countries. What is your final recommendation? Why
The example of global organization with multination presence : Adaption of foreign culture is the key factor to expand the international brand. The example of global organization with multination presence can be a PA Pittsburg company H.J. Heinz.
Draw her demand curve and calculate her buyer surplus : Wong subscribes to the 6M plan and uses 150 hours a month. Suppose that Wong's demand curve is a straight line such that if the price of access were HK$20 per hour or higher, she would buy nothing. Draw her demand curve, and calculate her buyer surpl..

Reviews

Write a Review

 

Marketing Management Questions & Answers

  Define the legal environment of business and online commerce

Explain The Legal Environment of Business and Online Commerce and Propose an argument that the actions of the defendants to petition

  Explain websites that potentially might not change for good

Explain Websites that potentially might not change for good reason and do agree that there are many other variables that we need to take into account also

  Completion of the feasibility analysis

Tasks that will need to be accomplished from the completion of the feasibility analysis up to the date of launch in the order of their completion and with actual time frames included of how long each will take

  Question 1compare and contrast transaction marketing and

question 1compare and contrast transaction marketing and relationship marketing by using appropriate examples to

  Why do you think the altria group made kraft its own company

Visit the domestic and international web sites of Kraft Foods (www.kraft.com) and Philip Morris (www.philipmorrisusa.com). Why do you think the Altria Group made Kraft its own company

  How would you apply the four prsquos to a service choose a

how would you apply the four prsquos to a service? choose a service you use. what is the service? what is the name of

  Explain globalization and key informaiton

Explain Globalization and key informaiton and summarize your findings from previous assignments about the company doing business in Israel

  Explain the difference between ethics and the law

Explain the difference between ethics and the law

  Decide the main goals that you would like to achieve

Decide the main goals that you would like to achieve within the next year (short term) and the mains goals that you would like to achieve within the next five (5) years (long term). Determine the most appropriate ways to measure both short- and lo..

  Ship owners lien and maritime lien

Differentiate between the following: (a) Ship Owner's Lien and Maritime Lien (b) Air transport and Rail Transport (c) Heavy Lift Surcharge and Long Lift Surcharge (d) Re-order Level (ROL) and Re-order Quantity

  Explain important information about online market for travel

Explain Important information about Online market for travel services and What effect would Priceline's prices be likely to have on the reference prices customers bear in mind for travel and mortgage services

  Marketing is a dynamic and exciting science this course was

marketing is a dynamic and exciting science. this course was designed to give you an opportunity to experience an

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd