Expert answer:Sales and Marketing Plan
Expert answer:Resource: The Analytic Hospitality Executive, Ch. 7Read the Case Study: Meetings and Events Revenue Management, Kate Keisling, Ideas -A SAS Company in The Analytic Hospitality Executive, Ch. 7 (page 215).You are the Sales Director at a 1,000-room hotel in Denver, Colorado.Write a 700- to 1,050-word sales and marketing plan to maximize profits for a three-day conference with 800 attendees.Describe how the sales team works with other departments in the hotel to plan the eventDefine the metrics that are important to the sales teamDefine the metrics that are important to the marketing teamDevelop a sales and marketing budget for the event that includes revenue streams and costs
hm475_r7_sales_and_marketing_plan_grading_guide_week3.doc
case_study_meetings_and_events_revenue_management_kate_keisling_ideas_a_sas_company.docx
Unformatted Attachment Preview
Sales and Marketing Plan Grading Guide
HM/475 Version 7
Hospitality Decision Analysis
Copyright
Copyright © 2017 by University of Phoenix. All rights reserved.
University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries.
Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All
other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended
to imply endorsement, sponsorship, or affiliation.
Edited in accordance with University of Phoenix® editorial standards and practices.
Sales and Marketing Plan Grading
Guide
HM/475 Version 7
Individual Assignment: Sales and Marketing Plan
Purpose of Assignment
This assignment puts students in the role of Sales Director at a hypothetical hotel. As part of their
responsibilities, students must create a sales and marketing plan to help the hotel maximize profits for a threeday conference with 800 attendees. Students will have to complete tasks such as defining useful metrics,
developing a budget, and analyzing how the sales team works with other departments in the hotel.
Grading Guide
Content
Met
Partially
Met
Not Met
Total
Available
Total
Earned
7
#/7
Partially
Met
Not Met
Comments:
The student describes how the sales team
works with other departments in the hotel to
plan the event.
The student defines the metrics that are
important to the sales team.
The student defines the metrics that are
important to the marketing team.
The student develops a sales and marketing
budget for the event that includes revenue
streams and costs.
The paper is 700 to 1,050 words in length.
Writing Guidelines
The paper—including tables and graphs,
headings, title page, and reference page—is
consistent with APA formatting guidelines and
meets course-level requirements.
Intellectual property is recognized with in-text
citations and a reference page.
Paragraph and sentence transitions are
present, logical, and maintain the flow
throughout the paper.
Sentences are complete, clear, and concise.
Met
Comments:
2
Sales and Marketing Plan Grading
Guide
HM/475 Version 7
Writing Guidelines
Met
Partially
Met
Not Met
Total
Available
Total
Earned
3
#/3
10
#/10
Rules of grammar and usage are followed
including spelling and punctuation.
Assignment Total
Additional comments:
#
Comments:
3
CASE STUDY: MEETINGS AND EVENTS REVENUE MANAGEMENT, KATE
KEISLING, IDEAS—A SAS COMPANY
Kate Keisling is a product manager in new business development for IDeaS and has
been working on meetings and events revenue management. The key points of her case
study are summarized here; the full article, a great example of operationalizing
analytics, is in Appendix 2.
Industry experts have been talking about optimizing function space for years. In rooms,
we settled on a core set of metrics that we all agree are the best tools for measuring
success, and these are widely reported. Basic metrics like occupancy, RevPAR and ADR
are widely accepted across the hotel industry. Somehow, we haven’t done the same with
function space. Room metrics provide the base for so much of our decision making.
Other sources of income, specifically food and beverage, can make up nearly equal
portions of a hotel’s revenue budget and are not represented in these metrics.
Function space is a bit like a jigsaw puzzle, both in reality and metaphorically. You have
pieces for the various team members involved. The meetings and events business
touches almost every department in the hotel, and they all have a potential impact, some
more than others.
Then there are the pieces that represent the systems that meetings and events touch.
These include the sales and catering system in which the meeting or event gets booked,
all the way through the point of sale system where the banquet check for each event is
created. Each system has unique data elements necessary to understand demand,
revenue, and profit conditions.
And, of course there’s the fact that you don’t have a single price for function space.
There are a lot of interdependent revenue streams involved. What impacts one revenue
stream will likely impact another, sometimes in ways that might not be obvious without
some data. You need to understand how the data fit together to predict whether those
impacts will combine together in a positive or negative result.
If you take a simple but strategic approach and work your way through each element,
you can fit all the data together and find ways to generate more positive results. Before
you jump into collecting data and compiling spreadsheets, take a step back and look at
current processes. Take into consideration all of the pieces involved in delivering
meetings and events. Talk to each of the departments or team members involved from
initial contact through reporting on actuals. Do a basic inventory of your current reports
and methods for forecasting, evaluating business, and measuring results. Look at each
of the systems involved in those processes. You might be surprised at what you find. As
you do this, the adjustments needed will reveal themselves.
Group business evaluation in the absence of a revenue management system often
consists of a first-come, first-served approach. It is tempting to take the first group that
wants the rooms or space if you don’t have empirical data to show you that a better and
more profitable group may be on the way. It is possible to do some basic evaluation
without a system, but evaluating groups effectively requires comparison to established
baselines and/or thresholds. Establishing those baselines and thresholds will depend on
clean meetings and events data.
There are several baselines that can be established to help give a quick guideline on
which to base a decision. These include identifying demand patterns by season, day of
week, and segment and historical averages of revenue and profit. However, they all
depend on clean data.
Appendix 2 contains some suggestions for improving data quality for accounts,
bookings, guest rooms, and events.
Once you’ve gotten your data cleaned up, you can have more confidence in what it is
telling you. The cleanup is the tough part. The payoff is in finding the patterns that will
help you to fill gaps in low-demand periods and drive profits in high-demand times. In
many sales organizations, knowledge of demand patterns is the biggest opportunity for
improvement. With it, you can price dynamically and release function space to eventonly business when group room demand wans, preventing unsold or undersold space.
You can also better target profitable business that is still within their lead times that
matches the openings in your inventory. Without knowledge of demand patterns, you
are basically playing the odds.
In Appendix 2, I provide some suggestions for tracking demand patterns, including
evaluating lead time, seasonality and day of week, demand calendars, and spend
patterns.
No matter what your vision, it will require a set of performance metrics. This is where
your work to clean up the data is really important. These metrics can be used not only to
evaluate past performance but also to manage the business on an ongoing basis. Making
them a regular part of your weekly revenue meetings will give them the emphasis they
deserve and get the team to think more about the overall impact of their meetings and
events.
Appendix 2 also contains a methodology for calculating some key metrics like
utilization, profit per occupied space/time, and profit per available space/time.
You have many team members involved in selling, planning, and executing events. At
each step in the cycle, your team members have the ability to impact the profitability of
a group or even a single event. This is also an area of the business where there are habits
and processes that have been in place for ages. Intuition plays a key role in meetings and
events decision making because there have been so few tools to analyze the data and
prove that intuition right or wrong. This is changing, but there is still a strong pull
toward those old habits. Here are a couple of areas to include in your assessment:
▪
When evaluating your meetings and events program, be sure to also think through
incentive alignment, training, and organizational structure.
▪
Knowledge really is power. Your systems and standard processes need to support
the efficient collection of the data you need to understand the demand patterns and
spending habits of your business. The entire selling and servicing team needs to be
invested, both financially and emotionally, in success. Revenue management
principles and concepts should be applied to all the revenue streams and should be
a part of each person’s job.
Building a strong revenue management culture doesn’t happen overnight, but the more
knowledge your team gains and the more success they see from its application, the faster
it will build toward revenue breakthroughs in your meetings and events business.
…
Purchase answer to see full
attachment
How it works
- Paste your instructions in the instructions box. You can also attach an instructions file
- Select the writer category, deadline, education level and review the instructions
- Make a payment for the order to be assignment to a writer
- Download the paper after the writer uploads it
Will the writer plagiarize my essay?
You will get a plagiarism-free paper and you can get an originality report upon request.
Is this service safe?
All the personal information is confidential and we have 100% safe payment methods. We also guarantee good grades