Tracking Market Trends and Competitor Strategies Project Template

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In the dynamic hospitality industry, staying updated with market trends and competitor strategies is vital for optimizing revenue management. This template provides a comprehensive guide for HRG Junior Revenue Managers to track key competitors, analyze pricing and marketing strategies, monitor market trends, and continuously update revenue management strategies.

By following the structured steps in this template, you can ensure your business stays competitive and responsive to market changes, ultimately driving better performance and customer satisfaction.

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Tracking Market Trends and Competitor Strategies Project in Priority Matrix

Stay competitive by tracking market trends and analyzing competitor strategies in the hospitality industry.

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Proposed Tasks

High Impact, Immediate Action

  • Analyze Competitor Pricing Strategies
    ☐ Review competitor pricing models ☐ Identify their pricing strategies and tactics ☐ Compare them with our pricing
  • Identify Key Competitors
    ☐ Research and list down major competitors ☐ Identify their unique selling propositions ☐ Understand their target audience
  • Implement Updated Strategies
    ☐ Communicate the updated strategies to the team ☐ Train team members on new strategies ☐ Implement the strategies

High Impact, Strategic Planning

  • Evaluate Competitor Marketing Strategies
    ☐ Study competitor marketing campaigns ☐ Identify their marketing channels ☐ Analyze their messaging and positioning
  • Update Revenue Management Strategies
    ☐ Use findings from the above tasks to update our revenue management strategies ☐ Consider pricing, marketing, customer service, etc.

Low Impact, Short-Term Goals

  • Analyze Customer Feedback
    ☐ Review customer feedback and ratings for our hotel and competitors ☐ Identify areas of improvement
  • Monitor Market Trends
    ☐ Keep track of emerging trends in the hospitality industry ☐ Assess potential impact on our business

Low Impact, Long-Term Goals

  • Attend Industry Events
    ☐ Participate in industry events and conferences to network and gain insights
  • Evaluate Performance of New Strategies
    ☐ Monitor the performance of the new strategies ☐ Make adjustments as necessary
  • Maintain Regular Market Research
    ☐ Continue regular market research to stay updated on trends and competitors