Harvard Case - Gold Crest Hotel: Filling Room Vacancies
"Gold Crest Hotel: Filling Room Vacancies" Harvard business case study is written by Nicole R.D. Haggerty, Mackenzie Schmidt, Matt Bradley, Glen Thomson-Bullock, John Paul Belmonte. It deals with the challenges in the field of Marketing. The case study is 5 page(s) long and it was first published on : Jul 12, 2018
At Fern Fort University, we recommend a multi-pronged strategy for Gold Crest Hotel to address their room vacancy issue. This strategy focuses on leveraging digital marketing, enhancing customer experience, and implementing innovative pricing strategies to attract new customers and retain existing ones.
2. Background
Gold Crest Hotel, a mid-range hotel in a competitive market, faces a declining occupancy rate. The hotel's management is concerned about its financial performance and seeks to improve its competitive position. The case study highlights the hotel's strengths, such as its prime location and loyal customer base, but also points to weaknesses, including outdated marketing strategies and a lack of online presence.
The main protagonists of the case study are the hotel's management team, who are responsible for developing and implementing strategies to increase occupancy rates and improve profitability.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Prime location
- Loyal customer base
- Experienced staff
- Strong brand reputation (historically)
Weaknesses:
- Outdated marketing strategies
- Lack of online presence
- Limited social media engagement
- Inconsistent customer experience
Opportunities:
- Growing tourism industry
- Increasing demand for online booking
- Potential for partnerships with local businesses
- Opportunities for targeted digital marketing campaigns
Threats:
- Increasing competition from new hotels
- Economic downturn affecting travel spending
- Seasonality in tourism
PESTEL Analysis:
- Political: Government policies on tourism and hospitality
- Economic: Economic growth, inflation, and unemployment rates
- Social: Changing travel preferences, rising demand for unique experiences
- Technological: Advances in online booking platforms, digital marketing tools
- Environmental: Sustainability concerns, eco-friendly practices
- Legal: Regulations on hotel operations, consumer protection laws
Market Segmentation:
- Business travelers: Focus on convenience, efficiency, and connectivity.
- Leisure travelers: Emphasize relaxation, entertainment, and local experiences.
- Families: Cater to family-friendly amenities and activities.
Brand Positioning:
- Reposition Gold Crest as a modern, welcoming, and digitally savvy hotel.
- Emphasize its unique selling points, such as location, customer service, and value for money.
Consumer Behavior Analysis:
- Understand the needs and preferences of target market segments.
- Leverage data analytics to identify customer trends and preferences.
- Implement customer relationship management (CRM) strategies to personalize experiences.
Competitive Analysis:
- Identify key competitors and their strengths and weaknesses.
- Analyze their pricing strategies, marketing campaigns, and customer offerings.
- Develop a competitive advantage by offering unique value propositions.
4. Recommendations
1. Digital Marketing Strategy:
- Develop a robust online presence: Create a user-friendly website with online booking capabilities.
- Optimize for search engines: Implement SEO strategies to improve website visibility.
- Leverage social media: Engage with potential customers on platforms like Facebook, Instagram, and Twitter.
- Run targeted digital advertising campaigns: Utilize platforms like Google Ads and social media advertising to reach specific target markets.
- Implement email marketing: Build an email list and send targeted promotions and updates.
2. Enhanced Customer Experience:
- Modernize facilities and amenities: Invest in renovations to enhance the hotel's appeal.
- Improve customer service: Train staff to provide exceptional service and personalize interactions.
- Offer unique experiences: Partner with local businesses to offer exclusive packages and activities.
- Implement loyalty programs: Reward repeat customers with discounts and exclusive benefits.
3. Innovative Pricing Strategies:
- Dynamic pricing: Adjust room rates based on demand, seasonality, and competitor pricing.
- Value-added packages: Offer bundled deals that include meals, activities, and other amenities.
- Early bird discounts: Reward early bookings with discounted rates.
- Last-minute deals: Offer discounted rates for unsold rooms to fill vacancies.
4. Data-Driven Decision Making:
- Implement a data analytics platform: Track key performance indicators (KPIs) to measure the effectiveness of marketing campaigns and customer satisfaction.
- Use data to personalize marketing messages: Tailor marketing communications to individual customer preferences.
- Continuously analyze market trends: Stay informed about changing customer behavior and competitive landscape.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Gold Crest's current situation, its strengths and weaknesses, and the opportunities and threats in the market. They are consistent with the hotel's mission to provide a comfortable and welcoming experience for its guests. The recommendations also consider the needs of both external customers and internal clients, including staff and management.
The recommendations are expected to be attractive based on their potential to increase occupancy rates, improve profitability, and enhance the hotel's brand image. The success of these recommendations will depend on the hotel's ability to implement them effectively and adapt to changing market conditions.
6. Conclusion
By implementing a comprehensive digital marketing strategy, enhancing the customer experience, and adopting innovative pricing strategies, Gold Crest Hotel can effectively address its room vacancy issue and achieve its financial goals. The hotel's management team should prioritize these recommendations and actively monitor their impact on occupancy rates and profitability.
7. Discussion
Other alternatives not selected include:
- Lowering prices: While this might attract price-sensitive customers, it could also negatively impact the hotel's brand image and profitability.
- Focusing solely on traditional marketing: This approach would be less effective in reaching today's digitally savvy travelers.
- Ignoring customer feedback: Failing to address customer concerns and preferences could lead to further decline in occupancy rates.
Risks and Key Assumptions:
- Competition: The hotel's success will depend on its ability to differentiate itself from competitors.
- Economic downturn: A decline in travel spending could negatively impact occupancy rates.
- Technological advancements: The hotel needs to stay abreast of emerging technologies to remain competitive.
8. Next Steps
- Develop a detailed implementation plan: Outline specific timelines, budget allocations, and responsibilities for each recommendation.
- Hire a digital marketing agency: Seek expertise in digital marketing to execute the online strategy.
- Train staff on customer service best practices: Ensure staff are equipped to provide exceptional service.
- Monitor key performance indicators: Track the progress of the implemented strategies and make adjustments as needed.
By taking these steps, Gold Crest Hotel can successfully address its room vacancy issue and position itself for long-term growth and profitability in the competitive hospitality market.
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Case Description
In 2015, the general manager of the Gold Crest Hotel (Gold Crest) in Mwanza, Tanzania, had only three days to present a compelling marketing strategy for the hotel at the executive board meeting. Though the hotel had recently experienced revenue growth from its conference room bookings, management wanted to increase average yearly hotel occupancy. A new marketing strategy had to include a target consumer segment, a marketing plan, and options that would attract customers to book guest rooms at the Gold Crest. Also, the manager had to decide whether to renovate the ninth floor of the hotel and, if so, whether to add additional conference rooms or additional guest rooms, depending on the targeted market segment.
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