Hyatt Hotels Corporation Chain and its Internal Evaluation - Term Paper Example

Hyatt Hotel chain and its internal evaluation Introduction Hyatt Hotels Corporation has involved itself in the hospitality industry across the world.The hotel chain is an American based and is the ninth largest international hotel chain. The purchase of Hyatt House in the year 1957 marked the beginning of their business. In 2014 Hyatt achieved the position of 95 in the list of the best US companies. In due course of time Hyatt Hotels have gained recognition from around the globe and emerged as one of the leading brands in the hospitality industry. It follows the policy of development and innovation for the last fifty years. The mission is to provide a change in the people’s live by authentic service of hospitality. The company under consideration focuses on their mission with the aim to become the most desirable brand in every segment they are dealing with. It has own franchises in the names of Hyatt branded resorts, residents, hotels and properties around the world. The hotel chain has the 549 portfolios throughout the world. Currently Hyatt has cemented its place across 43 nations. The chain of hotels provides luxurious services to its guests in the major cites of the world. Hyatt is famous for its design and features of providing meeting venues, art program, fitness and spa centers, signature restaurant etc. Hyatt is continuously expanding in different parts of the world through its chain of hotels. Its brands include Grand Hyatt, Andaz, Park Hyatt, Hyatt Ziva, Hyatt Hotels, Hyatt Zilara, Hyatt Regency, and Hyatt Residence Club. Brand Positioning Hyatt brands are very prospering. After decades with the brands like Hyatt Regency, Park Hyatt, Grand Hyatt and Hyatt Hotel Corp recently the company added many more hotels in its hotel chain for providing extra ordinary service to its guests. The company is aggressively developing its business with the brand name Hyatt (Chon and Maier, 2009). Park Hyatt It is the luxury brand of hotels presented in the major cities, premier leisure travel destinations. The company has positioned this brand featuring sophisticated luxury in a contemporary style for those persons who wants to get service in a filtered environment. This brand provides luxurious accommodation in an elegant style. It provides its guests the experience of specific regional character. This brand is positioned with well designed room for meetings and conferences, guests. Presently there are 33 Park Hyatt Hotels worldwide (Ford, Sturman and Heaton 2011). Grand Hyatt This chain of hotel is positioned in magnificent public place, lobby, dramatic architecture and multiple entertainment places and dining areas. It is one of the best places for all size of social gatherings. This hotel is also positioned and supported with state of the art technology (Ma and Zhang, 2006). Hyatt Hyatt hotel is positioned with gathering spaces & restaurants which are organized for individual traveler. Another positioning strategy of this hotel is that it is designed with contemporary style for serving its guests. It has attractive settings and modern technology which accommodate small scale gathering and meetings (Plunkett, 2009). Hyatt Regency This hotel service is positioned to meet the needs of business travelers, meeting planner and guests. This hotel brand is situated in urban locations near airports or conventional destinations around the world. It provides functional atmosphere providing productive results. Hyatt House Positioning of this hotel is done by extensive research of the experience of its guests. Hyatt Hotel has one or two bedroom suites with full kitchens, inspired studios, and living space with modern technology. A friendly house for host is available here for check in guests. Andaz It is a chain of unique hotel providing boutique service to its guests. The company has positioned its brand in the major urban places of the world. This brand is positioned by the company to introduce the exceptional touch and experience in the environment of the hotel. Here guests experiences casual and refreshing environment. Targeted Consumer Hyatt Hotels targeted consumer is very diverse and large. This company targets those consumers who are most profitable for the business. Those consumers’ needs and details are understood by the hotel in enough details to satisfy them. Hyatt caters its targeted customers in different segments by its service (Plunkett, 2008). As it is a luxurious hotel it targets high profile customers, business man, foreigners, celebrities and sometimes upper middle class people. It provides accommodation facilities at different levels to meet the need of its large targeted customers of different segments (Plunkett, 2008). People like leisure guests; individual business man requires prompt and attentive personal services in a sophisticated environment which this hotel delivers in a successful way. Hyatt’s customers are well aware of their status in the society. They get associated with those service providers who can give them a better position and service than the average organizations. Persons from big corporate companies are also counted in the targeted customer of this chain of hotels. These customers often organize conference, group meeting in the hotel. Sometimes few brands of Hyatt Hotel target customers from military, religious institution, educational institutions, and some other social organizations. Presently Hyatt is focusing very much on women customers. They feel that women deserve a different kind of serves than men and give a completely different customer experience. 37% of this hotel’s customers are women. According to Wallis, 82% of the travel decisions are made by woman. So targeting woman as its customer Hyatt can increase its customer base. So Hyatt is showing new ads from BBDO which targets the woman. The company is one of the major corporate marketers which branch which allows more communication way with its customers. Hyatt will restart the Listening Loop process (Pride and Ferrell 2008). This will target a different customer segment. Different brands of Hyatt have different set of targeted customer to some extent. Brand Identity Brand Identity is the visible elements of the brand. It includes the brands logo, design, color, name, symbol etc. These elements distinguish the brand from others and identify the brand in the customers mind. They are created by the business itself. It makes the brand identify the process by which the business wants its customer to have an idea and perception about the brand. Creating and developing the company’s brand identity is the most important thing in building the customer base. Like many other company Hyatt also created an identity of its brand in all over the world. It is famous for its worldwide business of chain of hotels providing flexible space for relaxation and work, well designed rooms and areas for meeting and conference, many food and beverage options, luxurious room for living etc (Smyth 2005). The logo of Hyatt is as follows: (Walker, 2009) While analyzing the logo of the aforesaid company it can be said that the symbol is aristocratic and stylistic. The use of single color within the logo calls for simplicity and attracts the eye of the customer. The symbol itself is a sense of art which replicates the offering of Hyatt. The use of a single symbol all over the world helps the customers to identify the brand. On the whole the logo gives the essence of affordability and luxury (Spechler, 1993). All these features of the hotel has made Hyatt unique among all other hotels and helped it to create its brand identity. It has differentiated itself in the competitive market of hospitality by creating six different brands. Each of these brands are designed for delivering high profile values, lifestyle standard, attitude to the guests for which it has been designed. Hyatt’s partner KWE launched a very creative and multi faced campaigns for communication involving media & public relations, support in marketing activities. It also launched special events and functions for establishing a distinctive brand identity of the company (Walker, 2009). These resulted in the increase of sale for its 17 properties. Different hotel chain of Hyatt provides different kinds of superior services to its guests which attracts its customers to visit the hotel again. This way of satisfying the customers also helps in creating the identity of the brand. Brand Strategy Brand strategy means formation of a long term plan for the development of the brand. The porpoise of this is to achieve the organizational goal. A well executed brand strategy influences all the business aspects. It is connected with the customer emotions, needs and the competitive environment of the business. These strategies define the promise that the company has made to its customers, the presence of the brand in particular field and the personality it conveys. In the hospitality sector Hyatt follows many strategies related to the development of the brand. The company has created its website in a very attracting way which gives a clear picture of the hotel and its internal environment. The services and the facilities provided in the hotel are also mentioned in the website. This attracts its targeted customers to spend their time in Hyatt. All the brands of Hyatt have made different strategies for its employee to deal with the customer and to satisfy them. Hyatt has appointed marketing professional in the leadership positions of the company to generate innovative process of thinking. The company has maintained a perfect balance between the hospitality professional team and the team of brand expert from outside industry. It helps them to achieve their goal of establishing themselves as the most preferred brand in the hospitality industry. Their brand strategies also involves in understanding the customer insight. This initiates them in delivering exciting ways of satisfying their clients and gives them a new level of experiences. The branding strategies of Hyatt constantly focus on the culture of all the brand of Hyatt is alive and vibrant. The company appointed corporate marketing groups under the supervision of a marketing manager. These groups are assigned in every brand of Hyatt to develop the brand and the market of the hotel. The marketing manager evaluates the business objectives, needs and involved in the development and promotion of the brand’s strategies. Its brand strategies are focused on its specific customer segment. Each of Hyatt’s brands satisfies the need of their exclusive hotel by application and analysis of its strategies. Their brand strategies also focused on the customer’s feedback process. By this process the company learns to design the hotel according to the customer need which they suggested in the feedback. Product Strategy This part of the paper will talk about the strategies that Hyatt may consider to cement its foothold in the market or to expand itself into new ventures. Accordingly this section will talk about various initiatives which have been taken by the Luxury hotel chain. The discussion will provide a rough image on how Hyatt follows the strategy of product development and brand recognition. The company operates an expensive timeshare program called Hyatt Residence Club. It acts to amalgamate the long term value of home ownership with the eventual in freedom of vacations. The purchase made through Hyatt residence Club is transferable and the points can be redeemed in more than 700 destinations. This group has a chain of expansive retirement homes known as Vi Living which offers home furniture and home décor product through Hyatt. It is a luxury online store. Another product strategy of the company is introducing Hyatt Gold Passport which is a reward program for the corporate travelers frequently visiting in the countries of Europe and Asia. The program provides complimentary stays in the rooms of standard level and the traveler can earn points by staying in Hyatt hotels worldwide. Here the customer enjoys many benefits and free night stays worldwide with no blackout day. This strategy provides the customers a memorable experience no matter where he is travelling. Strategies offering special offers in different location of the hotel attraction its targeted customers and satisfies them. This offers include many packages comprises of different services offered by the hotel. The customers can book double points for Hyatt Gold Passport from the hotel’s online website and become eligible to stay in their preferred destination. Such strategy will influence the customer to stay in the hotel. The infrastructural facilities that Hyatt provides, give a memorable experience to its customers. In the restaurants of Hyatt it provides unique dishes. It attracts many people to having food there. The hotel provides many discounts and coupons in its restaurant section. The product strategy of awaken at the park includes refreshment of the customers in the morning in the park. This package includes luxurious accommodation, breakfast, late checkout facilities etc. All theses product strategies build the customer base of the hotel. It influences its targeted customers to experience the facilities offered by the hotel which generates revenue of the hotel. Conclusion Hyatt Hotel Corporation runs on the basis of the corporate values and culture. The hotel has a number of brands throughout the world. Its chain of hotels provides different types of facilities and luxurious environment to its customers. The five star hotels are targeted towards the high class people f the society. Individual travelers, business persons and different other rich people stays in this hotel and experiences its luxurious facilities. All the strategies and facilities of this company are done keeping in mind the customer satisfaction and their feedbacks. The hotel has a competent workforce that all time give services to its guests. Hyatt has build its brand in such a ways that bit has developed their brand image on the mind of the people. Customer satisfaction and luxurious service is the two most important thing of Hyatt’s business. It gives many offers to its valuable customers to keep them visiting the hotel. Its values and strategies build a strong relationship with its customers which help to maintain the customer’s loyalty. Presently Hyatt’s chain of hotels has 40,000 employees who are well trained to provide their exceptional service to its guests and distinguishing the brand from other international and national hotels. The infrastructures and all the modern facilities present in the hotel also act as a plus point in retaining and increasing its customer base. References Chon, K. and Maier, T. Welcome to Hospitality: An Introduction. New York. Cengage. Learning. 2009. Print. Ford, R. and Sturman, M. and Heaton , C. Managing Quality Service In Hospitality: How Organizations Achieve Excellence In The Guest Experience. Delmer. Cengage Learning. 2011. Print. Ma, R. and Zhang, R. China Hotels Directory 2006. Hong Kong. China Economic Review Publishing. 2006. Print. Plunkett, J. 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