Travelers interested in luxury lodgings can check in for the Hyatt touch. Global Hyatt is one of the world's top operators of full-service luxury hotels and resorts with more than 700 locations in some 40 countries. Its core Hyatt Regency brand offers hospitality services targeted primarily to business travelers and upscale vacationers. The firm also operates properties under the names Grand Hyatt, Park Hyatt, Hyatt Place, Hyatt Summerfield Suites, Hyatt Resorts, and Andaz. Its resort destinations offer golf, spas, and other upmarket rest and relaxation activities. Although Global Hyatt was formed in 2004, the Hyatt chain traces its roots back to 1957. It is owned by the wealthy Pritzker family of Chicago.
The following marketing plan will take into consideration Global Hyatt’s industry, market position, brand and target markets. Ultimately, the plan will recommend two special product initiatives that will hopefully allow Global Hyatt to outpace its industry and competitors and grow at a rate that will increase utilization of its existing customer base, create new customers and capture more of the industry market share.
I. Marketing & Industry Analysis
The difference between a good year and a great year always comes down to delivering what customers want most. In 2007 that can be summed up in one word: luxury. “When we close the book on 2007, the biggest trend will have been the widening of the luxury segment. It has grown significantly year over year, and it is very transient,” says Robert Logan, hotel manager at Raffles, Singapore. The number of U.S. households with a net worth of US$1 million, excluding their primary residence, has shattered records for three consecutive years, according to TNS Financial Services, an arm of the Londonbased international market research company TNS. The “nouveau riche” from Russia to China are spending more on luxury goods and luxury travel. “Luxury travel is very strong and will only continue to...