Hyatt Hotels Marketing Plan for Business Travelers

Introduction

Hyatt Hotels Corporation is a chain of hotels and one of the largest and most renowned corporations in the hospitality industry. The corporation has been in business for several decades and has become a recognized brand among high-end hotels. The company is consistently committed to providing the best hospitality services to its guests. In particular, the company is focused on capitalizing on the increasing numbers of business travelers across the world. The company aims to provide business traveler clientele with a "home away from home" and an office away from their own offices. The product offering presented to the management team of Hyatt in this plan is the introduction of proper in-room office workspaces. This includes ergonomic chairs and desks, proper lighting, easy access to power outlets, fax and printing machines, and the already established Wi-Fi. These in-room amenities will offer great convenience to all business travelers, as they can easily work from their rooms. An evaluation of the company's internal strengths and weaknesses and external opportunities and threats forms the basis for this strategic analysis and marketing plan. The plan concentrates on the company's growth strategy, proposing ways in which it can exploit existing consumer relationships and develop new products and services targeted to business travelers. The marketing plan also considers the barriers to marketing planning and the ethics that ought to be observed in its implementation.

Hyatt Hotels Corporation is ranked as the 9th largest international hotel chain in the world. The group specializes in being located in strategic city-center locations and offering service, first and foremost, to commercial and business individuals. The business operations of Hyatt Hotels Corporation comprise several chains. The group boasts of several well-known brands, with the Hyatt Regency brand being the oldest in the corporation. The Park Hyatt and Grand Hyatt were introduced more recently. Additionally, and most relevant to this plan, the Hyatt Place brand is designed to offer luxury and hospitality services specifically to business travelers (Hyatt Hotels Corporation, 2015).

With the advancement of globalization, the hotel industry is constantly experiencing growing demand from corporate travelers. The business travel market has become increasingly lucrative in modern times. According to Alexandria (2015), business travel spending in the United States was anticipated to surpass the $300 billion mark by the end of that year — a significant 5% increase from the prior year. Alexandria (2015) further asserts that the following year was expected to see an increase in economic activity and consumer confidence, with travel spending forecasted to rise by approximately 6%. Business trips were projected to rise by three percent, adding an average of nearly 40,000 extra business trips every day. Hyatt Hotels Corporation is well positioned to capitalize on this trend. In order to attract and retain business travelers, it is imperative for the company to provide a home away from home and an office away from the office. The following marketing plan presents senior management with a new product or service specifically targeted toward this consumer group.

The product package presented in this plan is centered on in-room conveniences. Having already introduced free Wi-Fi to all hotel guests, this marketing plan aims to make the Hyatt brand a preferred name among business travelers worldwide. The core of the product package is making guest rooms conducive to office work. Specifically, it is recommended that the hotel group offer consumers the convenience of working comfortably from their rooms, rather than requiring them to visit the hotel business center. The product package therefore involves the introduction of proper in-room office workspaces, including ergonomic chairs and desks, proper lighting, easy access to power outlets, fax and printing machines, and the already established Wi-Fi. These in-room amenities will offer significant convenience to business travelers who need to work productively during their stays.