Marketing Plan of Fairmont Empress Hotel Assignment

Marketing Plan of Fairmont Empress Hotel - Assignment Example The marketing team has analyzed the market segmentation and is committed to improving the consumer perception of the brand. The company hopes to increase the market share by a minimum of 20 percent in two years. The management has invested in talent reward management and competitive remunerations to reduce staff turnover rates. The strategic and management team of Fairmont Express Hotels and Resorts is also committed to the overall wellbeing of the local communities through CSR.     The Fairmont Express Hotels and Resorts are located in multiple cities across North America and many parts of the world. They include New York in the US and British Columbia in Canada. The facility offers breathtaking views of natural beauty and rich heritage owing to the fact that it is roughly a century old. This has early the hotel respect and customer perception of high standards. The hotel offers convention rooms, culinary experiences, a variety of foods and family vacation facilities among other s. The management has had to keep evolving to meet the changing demands of the growing market. The hotel has over hundreds of refurbished rooms which are fitted with modern technological features. The brand is established to give a high-end luxury impression to the market. Market situation The role of hospitality the world economy has been on the rise. The industry has been one of the most profitable with unprecedented growth rate. However, the market situation indicates that the market can perform better. Economic decline has had a negative effect on the market performance with the hotel and tourism industry being coerced to scale down. The hotel industry is faced by acute staff shortage during the peak seasons (Wood & Brotherton, 2008). Therefore, the industry is using incentives and reduces staff turnover rates and to ensure that they remain competitive. Hotel industries should segment markets into consumer groups that are homogeneous. Hotels like Fairmont Express target their ma rket segments carefully through identifying the differentiating advantages that attract each segment (Wood & Brotherton, 2008). This includes offering competitive prices and choosing qualified personnel. Implementing marketing segmentation demands proper strategies. Model hotels have to implement market segmentation in complex organizational environments minimal resources and customer legacy (Shoemaker et al, 2007). Market segmentation addresses the market situation directly since its one of the most basic marketing concepts. The hospitality industry is divided into leisure and travel. Research shows that growth is forecasted to drive the hotel industry to reach $640 billion in the coming years. The economic stability in North America has been attributed to the success of the hotel industry in American and Canadian hotels. The market situation has been boosted by the significant growth as a result of a slight decline in the cost of travel (David, 2005). Changing lifestyle and availa bility of leisure time as an integral part of life has increased the market share.  Ã‚