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Conducting a Comparative Market Analysis in the Hospitality Industry

Developing a business plan for an existing business or conducting a feasibility study for a new hospitality business enterprise requires a thorough analysis of market conditions.

Market circumstances in your existing or proposed area have a significant influence on the potential profitability of your hotel, restaurant, club, spa or other hospitality business. The relative strength of the local market affects how many guests or customers are available and looking for service, what percentage of the market you can capture and serve, and at what level of price they will be willing and able to pay.

This OnDemand Webinar will help you scrutinize your existing or potential marketplace, so that you can judge the financial potential of your hospitality business and make more informed investment decisions on the ROI and operating costs.


Runtime: 87 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Understanding the Differences in Research, the Purposes of Analysis and the End User

  • Comparative Market Analysis
  • Business Plan
  • Marketing Plan
  • Feasibility Study
  • Capital and Operating Budgets

Market Analysis Components

  • Industry Trends
  • Area Characteristics
  • Specific Location and Facility
  • Competitors
  • Customer Market Mix

Practical Approaches to Opportunities in the Market

  • The Political and Legal Environment
  • The Economic Environment
  • The Social and Cultural Environment
  • Technology
  • Labor Market Analysis

Preparing and Revising Your Sales Forecast

  • Knowing Your Competition and Specifically Your Direct Competitors
  • Researching and Qualifying Your Multiple Price Policy
  • Selling Aggressively
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More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on April 4, 2012.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

John J. Hogan, Ph.D, CHE, CHA, MHS

HoganHospitality.com

" A career hotelier and educator, with 35 years experience in hotel operations, food and beverage, sales and marketing, training, management development, and asset management on both a single and multi-property basis

" Industry certified and a past recipient of the American Hotel & Lodging Association's Pearson Award for Excellence in Lodging Journalism, as well as operational and marketing awards from international brands

" Author of weekly columns for a number of global online services (hotel online.com, eHotelier, 4 Hotels, Hotel Resource, etc) and has published more than 400 articles and columns

" Co-authored (with Howard Feiertag, CHA CMP) LESSONS FROM THE FIELD - a COMMON SENSE APPROACH TO EFFECTIVE HOTEL SALES, available from www.roomschronicle.com

" Clients include a wide range of associations, international brands, management groups, convention and visitors' bureaus, and academic institutions

" Has taught college level courses at three different colleges and universities over a 20-year period, while managing with Sheraton, Hilton, Omni and independent hotels

" Created and developed a blended learning system as the Director of Education and Cultural Diversity for the world's largest hotel chain

" Has conducted an estimated 3,200 workshops and classes in his career

" Expertise and Research Interest includes: sales management and training, turn-around and revenue management, professional development, customer service, hospitality leadership and executive education

" May be reached at [email protected] or 602-799-5375

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 388992
Published 2012
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