HOSPITALITY FINANCIAL MANAGEMENT

Hospitality Financial Management

Hospitality Financial Management

One of the most important aspects of market research is Dreschler market competition. Regardless of the market size, Dreschler must determine who Dreschler competitors are, and whether or not the market is large enough to support Dreschler entry. A Dreschler market competition analysis should answer the following questions:

What is the average occupancy rate (seasonally) of the surrounding area? Ideally, the higher the occupancy rate the better, as this suggests a lower barrier of entry.

Who are my main competitors? Identify those with the largest market share, as well as those who offer similar services. Dreschler want to establish a niche within the larger market segment that is under-served and fill it. For example, Dreschler 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.

The hotel has smoking and non smoking rooms, Olympic size outdoor pool, heated in door pool, safety deposit boxes, room service, a gym, and free high speed internet in every room. This hotel also has 4 meeting rooms, which can accommodate from 50 to 1000 guests, and a grand ballroom. This hotel seems to have plenty to offer for an independent establishment.

What trends are working for/against me? If the competition is scarce, there might be good reason. While there may be a sizable market today, if the market has been trending down for the past several years Dreschler may want to reconsider. In this case, look for markets that offer growth opportunities. Dreschler can determine trends by checking with the American Dreschler and Motel Association.

Technology has made this establishment easier to find, by open advertising on the Internet, which makes the knowledge of the hotel worldwide, instead of local advertising only. They do have an option ...