Progress Trends In Hotel Loyalty Marketing -Myassignmenthelp.Com

Question: Discuss About The Progress Trends In Hotel Loyalty Marketing? Answer: Introducation The famous Hyatt regency falls under the category of the best elite and luxury groups of hospitality industry (Tanford et al. 2016). It has build up an immense leading position in the hospitality sector with the help of political support that has enhanced its overall business over the years. It has its own specific interpersonal corporate level policies that are politically supporting the different governments around the world. It pays a huge sum of money to various governments as import duties and thus, it adds up great finance to the GDP of the different governments. Economical Accomplishment of the concatenation and assorted trade names worldwide has made the Hyatt regency stronger than ever on its economical factors. Hyatt regency is widely known for its guest relationship. The hotel provides services to each customer segment ranging from leisure seeking guests to the travelers. It serves majority of its gross towards the Hyatt foundation that helps and serves the other communities in intense demands and therefore, it is acquiring societal value to itself. The Hilton accords a batch of gross to Hilton Community Foundation, which serves the guest community in demand and this is acquiring societal duty to the Hyatt regency. Technological The IT group of the Hyatt regency works effectively in order to supply a long-run engineering solution, which is cost effectual as well as efficient while backing up the request of the concerns (Nofitasari and Nofitasari 2016). The rate of technological diffusion, the cost structure in the lodging industry, the value chain structure in the service sector and the impact of the technology on the product offerings are influencing the Hyatt Hotels Corporation in several different ways. Environmental The different environmental standards have an impact on the overall profitability of the Hyatt Hotels (Cortese and Sahli 2015). Weather; change in climate; recycling of the hotel wastes; attitudes of the hotel staffs towards the ecological products and renewable energy; air, water and environmental pollution regulation; and waste management in the service sector of the hotel are the major environmental factors that are affecting the Hyatt hotels. The legal factors that have an impact on the Hyatt hotels are data protection law, health and safety law, anti-trust law in the lodging industry and the overall in the country (Hwang and Chang 2016). With the same, the discrimination law, intellectual property law, employment law and the e-commerce and consumer protection law also have a great influence on the overall business of the Hyatt Regency. The Micro context The emergence of new entrepreneurial players in the market Entrance of the international competitors in the new and attractive domestic market Threat of Substitute products Video-conferencing Changes in the technology that in turn is demanding for more accommodation Bargaining power of the suppliers Availability of enough finance for the hospitality projects Availability of skilled management and employees Competitiveness of the food and beverage suppliers; ancillary services and of the energy and utilities Bargaining power of the customers Dependency on the fundamental accounts and intermediates, who supplies volume business and negotiate the lower prices Intensity of competitive rivalry Large number of independent players are present in the hotel industry (Jones et al. 2016) Increase in competition Emergence of larger hotels and motels operators SWOT Analysis Differentiated and well illicit approaches are used Decentralized and well organized construction There is a varied choice of service skills in the organization as well as employees. There is a strong status of the Hyatt regency in the external as well as internal competitive market. There are enthusiastic, talented and highly valued personnel in the Hyatt management who are extremely proficient and aggravated as well. Weakness There is a high need for investment in the new technologies. The organizational structure of the Hyatt hotel is only reconcilable with the present business model. This is creating limitation in the expansion of the product segments. The day inventory of the Hyatt regency is higher than that of its competitors. Though the Hyatt regency is a leading organization in its respective industry, still, it has undergone several challenges towards moving for the other product segments along with its existing culture. Hyatt regency is unable to confront the challenges that are presented by the new entrants and it has gradually lost the small market shares in the low categories. It has to build and develop the mechanism of internal feedback directly from the sales team to counter the challenges that it is facing. Opportunities New trends in the behavior of the customers have the potential to open up new markets it. It will provide tremendous opportunity for the Hyatt hotels for building new revenue streams as well as it will build diversity in the categories of the new products. The online channel will bring up new customers for the hotel. Hyatt hotels have invested a huge amount of finance into the online platform and this in turn has opened up new sale channels for it. The company can make use of this opportunity in knowing its customer segments better as well as serving their needs and requirements. Increase in the customer spending and economic uptick is a great opportunity for the Hyatt hotels for increasing its market share and capturing new customers (Nieves, Quintana and Osorio 2016). New technologies give an opportunity to the Hyatt Hotels for practicing the differentiated pricing strategy in new markets. This will help the company to maintain loyal customers along with great services and value oriented propositions. Threats A growing strength of the local distributors is presenting a threat in some of the markets since the competition is reimbursing high margins for the local distributors (Fraj, Matute and Melero 2015). Different countries have different liability laws and the Hyatt Hotels may be subject to different liability claims that have changed the policies in those markets. Hyatt regency can face lawsuits in the upcoming years. New environmental regulations could serve as a threat for the Hyatt hotels as it could be a threat to specific existing categories of product (Tan, Wan and Qiu 2017). References Cortese, C. and Sahli, M., 2015. Environmental Practices and Hotels Performance: an empirical analysis of the accommodation sector in Dubai.The Environment People Nexus in Sustainable Tourism: Finding the Balance, p.118. Fraj, E., Matute, J. and Melero, I., 2015. Environmental strategies and organizational competitiveness in the hotel industry: The role of learning and innovation as determinants of environmental success.Tourism Management,46, pp.30-42. Hwang, S.N. and Chang, T.Y., 2016. Formulating Management Strategy for International Tourist Hotel Using DEA. InData Envelopment Analysis(pp. 289-316). Springer US. Jones, P., Jones, P., Hillier, D., Hillier, D., Comfort, D. and Comfort, D., 2016. Sustainability in the hospitality industry: some personal reflections on corporate challenges and research agendas.International Journal of Contemporary Hospitality Management,28(1), pp.36-67. Nieves, J., Quintana, A. and Osorio, J., 2016. Organizational knowledge, dynamic capabilities and innovation in the hotel industry.Tourism and Hospitality Research,16(2), pp.158-171. Nofitasari, I. and Nofitasari, I., 2016.Strategi Pemasaran Pada Hotel Bayt Kaboki Kuta Bali(Doctoral dissertation, Universitas Udayana). Tan, H., Wan, F. and Qiu, P., 2017. Transformation and Rebirth of Chinese Brands: A Case From the Hotel Industry.Journal of Teaching in International Business,28(2), pp.116-129. Tanford, S., Tanford, S., Shoemaker, S., Shoemaker, S., Dinca, A. and Dinca, A., 2016. Back to the future: progress and trends in hotel loyalty marketing.International Journal of Contemporary Hospitality Management,28(9), pp.1937-1967.