Marketing Analysis of Raffles Hotel Singapore
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MARKETING ANALYSIS OF RAFFLES HOTEL SINGAPORE [pic 1] BA3 H1GROUP1:Ami, Guo Stan, Li Evan, Sun Richard, Li Aman,Takhar Table of ContentsIntroduction 3Last 3 Ps of the 7Ps Model 35 Cs Analysis 5TOWS Matrix 8FAB Chart and Unique Selling Proposition 10Segmentation and targeting 12Conclusion 15Reference Error! Bookmark not defined.Job DistributionIntroduction and Conclusion—————————————————————Ami Guo3 Ps and FAB Chart and USP———————————————-Ami Guo&Evan Sun5 Cs Analysis——————————————————————————–Richard LiTOWS Matrix———————————————————————————– Stan LiSegmentation and targeting———————————————————Aman TakharIntroductionDuring the past few decades, the hotel industry has encountered new opportunities and challenges regarding tough competition. In order to succeed in this intensely competitive market, the hotel need to not only maintain its unique core competences but also temporize to implement new strategies. This report performs the 7 Ps Model, 5 Cs Analysis, TOWS Matrix, FAB Chart, segmentation and targeting of Raffles which is an outstanding luxury hotel in Singapore. The intention is to fully understand the market circumstances of Singapore hotel industry and enhance the performance of Raffles Hotel Singapore.Last 3 Ps of the 7Ps ModelThe last 3 Ps of the 7 Ps Model are people, processes, and physical evidences. When it comes to people, Raffles hotel pays highly attention to both employees and customers. Raffles provides great opportunities to let its employees to be trained and offers sufficient information and resources to them so that they have abilities to give guests high level of service. For solving the high turnover rate problem, Raffles provides bonuses and incentive programs for employees who work over one year (Sun, 2011). Moreover, Raffles establishes international and training Centre in Singapore which gives employees comprehensively high-quality training. In order to stimulate employee’s enthusiasm toward their job, Raffles builds a work motivation program to encourage employee’s self-efficacy. Raffles devotes itself to cultivate strong organization culture in which members of staff are encouraged to realize their potential through rewarding experiences and career development. For increasing customer satisfaction, Raffles encourage staffs to engage with guests to deliver a personalized service with a highly skilled staff to guest ratio. Customer penetration and loyalty program are the essence of high-level customer service.
Secondly, many customers invest in an entire experience that starts from the moment they discover the company and lasts through to purchase and beyond so that how raffles implement its theory and strategies to deliver customer service is important(CIM,2015). Raffles hotel commit itself to provide personalized services and insists on a highly trained staff to a guest ratio of 2:1(Sun,2011). By interacting and engaging with customers, staffs can anticipate and satisfy customer’s needs even in details. To improve the customer’s perceived value, Raffles Hotel has 24-hour Raffles butler service such as check-in, pick-up, and unpacking. Also, Raffles offers a classic Daimler and Bentley limousine service to pick up guests(Raffles.com,2017). Last but not least, Raffles utilizes an online internet channel to communicate and provide information to its customers. By offering the standardized special service, Raffles Hotel not only successfully built its reputation but also obtain high guest loyalty. The final element of 7Ps is Physical evidence which is the environment where the service is delivered. To the customer or potential customer, the physical environment has to feel comfortable and be consistent with their expectations (oxfordcollegeofmarketing,2013). Raffles reflects Singapore’s colonial era lifestyle into its architecture, art and decoration. Completed in 1899, Raffles was considered a historical and cultural landmark since then. The original colonial architecture of the three-story building, ivory-colored Raffles has appeared on many stamps, postcard and picturesque(Sun,2011). Raffles’ s main Dining Room, which has distinctive pillars and a white Carrara marble floor, can hold 500 people(Tan,2015). Raffles’ suites are decorated as the 19 century’s style with 14-feet high ceilings, central air-conditioning and over-head fans to give the guests the feeling they are in colonial era (Stephens, no date). Before guests obtaining the product or experiencing the service, they cannot actually feel the value of a company, therefore the quality of physical evidence is significant. In Raffles, unique physical evidence can enhance the guests’ perceived value before they actually enjoy the service.[pic 2]5 Cs Analysis5 Cs in strategic marketing includes an analyses about customers, company, competitors, context and collaborators of the target company. 5Cs analysis is an environmental scan on these 5 factors which play quite an important role in the strategic marketing decision makings. By conducting the 5 Cs analysis, marketers and business managements can gain more information on the internal, macro and micro environmental factors within the current business environment. Thus, in this section, the 5 Cs analysis of The Raffles Hotel in Singapore with be discussed in detail, which can help the company to gain as much useful information as possible.The company analysis involves the evaluation of the company’s internal capabilities and its image in the external environment. These capabilities and the image indicate strength or weakness of its business operation, and if there are any areas for improvement for fitting the company into external environment (Anderson, 2005). For the Raffles Hotel Singapore specifically, it is the flagship property of Raffles Hotels & Resorts. Opened in 1887, it is one of the few remaining great 19th century hotels in the world. Its rich history endows the brand with a unique and exclusive image in the Singapore hospitality market. The hotel also extends the culture and lifestyle in the colonial era, which is a characteristic that can be only provided by Raffles Hotel Singapore. Its historical landmark, amenities and architecture with its exclusive colonial culture give the result of highly branding recognition (Tan, 2003). Besides the historical image, another key capability of Raffles is its human resource management. In Raffles, from the recruiting process, managers focus on hiring people who are well educated and skilled, and the bonuses and incentives are well managed to its employees to motive them to provide high quality service (Sun, 2011).