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MKT Ch 4 Review Questions

Terms in this set (6)

There are many developing environmental trends that are affecting the market for first-class hotel chains such as Hyatt or Sofitel. With technology growing like wild fire this is influencing many hotels to change their systems and help accomodate with the speed and accessibility wanted by the population. With the echo boomers being so large and now becoming the base of the population hotels need to accommodate to their needs and for the echo boomers technology is the key. Having access to wifi, direct tv, laptop stations or a computer lab is almost a must for all hotels to even be considered by this generation. Now the baby boomers hold three-quarters of the nation's financial assets and are rediscovering the excitement of life. This means that many are looking to explore new places, enjoy eating out, going to spas or participating in other leisure activities. Booking a night or two in a Hyatt is becoming less likely with this generation because they are trying to explore outside of the norm so adopting to popular trends with this generation is also a must. Trends that would help benefit your hotel towards this crowd would be to go "green" which means reduce electricity cost, use recycled furniture, offer organic meals in your hotel restaurant and offer leisure and adventure activities at or near your hotel. Baby boomers have all the money so this generation is the most important to try and accomodate and with the echo boomers being the largest but not yet the wealthiest generation, adapting to them earlier would be better for our hotel in the long run.
If I were a corporate director of marketing for the Hyatt or Sofitel I would try to adapt to these new trends as quick as possible. The first would be to go "green", to not only show that your company appreciates and cares for the environment, but if you are willing to put your arm out for the environment it makes guests think that you are willing to stick your arm out for them. Next would be to switch to the "healthy train" and offer organic or healthy meals if I had a restaurant, have a spa or fitness center and have lesisure activities that differ from other local or even every hotel. Last would be to upgrade the technology because the echo boomers don't have the money quite yet, however eventually they will and your hotel will need to satisfy their needs.