The Peninsula Hotel Chicago
A Marketing Plan
Set in the heart of the “Magnificent Mile”, The Peninsula Hotel Chicago is ideally situated for visitors to experience all that the city has to offer. On the doorstep of Chicago’s premier business and shopping district, the hotel is located in the center of the city’s most exclusive shops and steps from the historic Water Tower. The Peninsula Chicago has 339 luxurious and spacious guestrooms and suites furnished in a magnificent classical style. The Peninsula Hotel property is renowned for its convenient and strategic location within the city. Also synonymous with the brand are the high level of personal service guests receive, and the comprehensive business facility available in luxurious settings. The Peninsula Chicago is targeting rich businessmen, repeat executives and leisure travelers by offering them great discounts in order to bring the occupancy and revenue up for the second quarter of 2011. By analyzing the marketing environment and completing the SWOT analysis the hotel can create specific strategies in order to meet the marketing objectives. The action plan will organize and distinguish the activities during the second quarter within the marketing team. Our marketing plan is structured to enable us to achieve the strategic goals we have set for ourselves in terms of increasing overall revenue as a result of differentiating our products and services from the competition. Our marketing team will ensure that the plan is implemented to the best of their ability and with the highest levels of efficiency and accuracy. All figures will be monitored on an ongoing basis in relation to projections versus actual. The ongoing plan will be altered or manipulated as necessary in order to react to and, wherever possible, anticipate external changes to the environment.
II. Environmental Analysis
The Marketing Environment
Five Star Alliance classifies Peninsula Hotel as the only hotel in the Super Luxury category in the city of Chicago. The Peninsula Chicago, a Five-Diamond and Forbes Five-Star award-winning hotel, sits along the Magnificent Mile in downtown Chicago. The 339-room property blends The Peninsula's exemplary "East meets West" graciousness and trademark sophistication with Midwestern hospitality. Ample indoor and alfresco dining options are offered to delight the most demanding pallets, and The Lobby is the perfect location to enjoy traditional afternoon tea and weekend evenings of jazz. Another highly acclaimed feature of The Peninsula is its spa. At The Peninsula Spa, guests are treated to ESPA holistic treatments, complemented by an extensive offering of amenities, including an indoor pool with stunning views of the city, relaxation lounge with fireplace, fitness center, yoga room, and ‘Naturally Peninsula Spa Cuisine’. Having acquired these prestigious recognitions, does not excluded The Peninsula from having any direct competitions. For discreet and gracious service, one can always count on The Peninsula main rival, The Four Seasons. Despite being classified under classic luxury category by Five Star Alliance, The Four Season has won other highly praised awards like Conde Nast Award Winner, Travel & Leisure Award Winner, Mobil Award, Andrew Harper's Hideaway Report survey, for the sixth time in 10 years. Having said that, due to the specific target market or niche (which will be further explained in this paper), this classic beauty does not necessarily appeal to the younger generation. This is a challenge shared by both hotels, The Peninsula and The Four Seasons. Built in 1929 as the Medinah Athletic Club, an exclusive men's club for members of the Shrine Organization, Intercontinental is a beautifully ornamented historical tower with an unmatched location that opens to North Michigan Avenue. Unlike The Peninsula and The Four Seasons, Intercontinental hotel is historic yet hip, refines...
References: Bergen, K. (2011, January 10). Chicago’s hospitality industry sees signs of slow recovery. Chicago Tribune. Retrieved February 2, 2011. Frp, www.chicagotribune.com
Reller, E. (2011, January 6). AH&LA Legislative Action Summit Brings Lodging Industry to Capitol Hill. AH&LA. Retrieved February 2, 2011, from www.ahla.com
Shoemaker, Lewis and Yesawich (2007), Marketing Leadership in Hospitality and Tourism, 4th edition, Prentice Hall, $121.25
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