subject: Hotel Market Competition Analysis - Vital Questions To Ask [print this page] One of the most significant views of market search is hotel market challenger. Regardless of the market size, you must determine who your competitors are, and whether or not the market is large enough to bear your entry. A hotel market contest analytic thinking should answer the coming questions:
What is the average tenancy rate (seasonally) of the surrounding area? Ideally, the higher the tenancy rate the better, as this suggests a lower barrier of entrance.
Who are my main competitors? Identify those with the largest market share, as well as those who offer similar services. You want to establish a niche within the larger market segment that is under-served and fill it. For example, your research reveals that the competition is focused on the business sector, but fail to cater to families who visit the theme park just a few miles out.
What trends are working for/against me? If the competition is scarce, there might be great reason. While there may be a sizable market today, if the market has been trending down for the past different years you may wish to reconsider. In this case, look for markets that offer growth chances. You can determine trends by developing with the American Hotel and Motel Association.
Now that you've laid out the biggest wonders, it's time to begin you analysis. In the past I've employed local universities to provide the information for my search. Large metrics to look for include points of interest, population size and trends, and current amenities provided by your challengers. Distinguish the occupation and leisure markets to ascertain who is being served best by your challengers (they often aren't the same chain) and which ones you are most probable to win in.
Hotel market competitor should not take more than a few days before the movie gets clear as to whether or not to proceed further. At One Time you've decided the market size, its demands and the competition, you'll have a great base on which to begin implementation.
