Hyatt Corporation Target Market
INTRODUCTION The consumer market for my chosen business, Hyatt Hotels, is large and very diverse. Just about every person finds themselves in the position of seeking overnight, or longer, accommodations at some point in their life. The challenge will be to target the most profitable customers and know them and their needs in enough detail to justify the expenses. With its plethora of properties, each catering to a different segment, Hyatt is perfectly positioned to do just that.
DISCUSSION
Hyatt provides overnight accommodations at many different levels to meet the needs of a large portion of the overnight accommodation market. From the discerning, affluent individual business and leisure guests needing highly attentive personal service in an intimate environment to business travelers as well as families. Hyatt Place properties are also are well suited to be of service (Hyatt Hotel, 2011).
The people that are utilizing this service are pressed for time and have definite schedules. They are organized people who are dependent on technology and convenience. Customers of Hyatt are cognizant of their status within society and strive to associate with a service provider that reinforces that better than average position (Kotler & Koeller, 2012).
To get a better understanding of what motivates customers in making their decisions with regard to their providers of overnight accommodation; customers should be queried as to the ultimate reason for their choice at reservation or check in. Surveys could be presented upon check out to get data on expectation and satisfaction during the guests stay. Most importantly, solicitation of comments regarding areas of improvement could be used to encourage repeat stays.
Of course a good deal of effort should be expended in demographically analyzing areas to sift through the population as a whole and find concentrations of areas in which potential customers are receptive to the services provided and ready to experience the
DISCUSSION
Hyatt provides overnight accommodations at many different levels to meet the needs of a large portion of the overnight accommodation market. From the discerning, affluent individual business and leisure guests needing highly attentive personal service in an intimate environment to business travelers as well as families. Hyatt Place properties are also are well suited to be of service (Hyatt Hotel, 2011).
The people that are utilizing this service are pressed for time and have definite schedules. They are organized people who are dependent on technology and convenience. Customers of Hyatt are cognizant of their status within society and strive to associate with a service provider that reinforces that better than average position (Kotler & Koeller, 2012).
To get a better understanding of what motivates customers in making their decisions with regard to their providers of overnight accommodation; customers should be queried as to the ultimate reason for their choice at reservation or check in. Surveys could be presented upon check out to get data on expectation and satisfaction during the guests stay. Most importantly, solicitation of comments regarding areas of improvement could be used to encourage repeat stays.
Of course a good deal of effort should be expended in demographically analyzing areas to sift through the population as a whole and find concentrations of areas in which potential customers are receptive to the services provided and ready to experience the
References: Hyatt Hotels (2011). Hyatt Hotels Corporation. United States Securities and Exchange Commission Form 10-K. Retrieved from http://investors.hyatt.com/phoenix.zhtml?c=228969&p=irol-sec Hyatt Investor Relations. (2011). Retrieved September 5, 2012, from Hyatt website: http://investors.hyatt.com/phoenix.zhtml?c=228969&p=irol-overview Kotler, P., & Keller, K. L. (2012). Marketing Management (14). Upper Saddle River, NJ.: Prentice Hall.