Ritz Carlton: Marketing Strategy
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1. Using segmentation strategies, what are the target market(s) for the Ritz-Carlton? How does this relate to their brand management strategies?
2. Who are the top three competitors of Ritz-Carlton, and what are their advantages/disadvantages with respect to their competitive product/service strategies.
3. How does The Ritz-Carlton match up to competing hotels? What are its key differences?
4. Discuss the importance of the "wow stories" in maintaining top quality customer service for a luxury hotel like the Ritz-Carlton.
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Solution Summary
The response provides you a structured explanation of marketing strategy of luxury hotel Ritz Carlton. It also gives you the relevant references
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1.
The target market for Ritz-Carlton is the premium segment in the hotel market. It targets the luxury seeking customers. It directly targets the luxury segment through e-mailing and luxury magazines. It accesses the luxury advertising network and uses it to reach its target market. Another target market that Ritz-Carlton targets is the younger wealthy travelers. It targets the next generation of luxury travelers through its targeting. The hotel targets discriminating buyers with large spending. It targets younger rich travelers through modern designing and programming. This directly relates to the brand management strategies of Ritz-Carlton. Ritz-Carlton differentiates its services so that its brand is memorable(2). The brand image is important in making Ritz-Carlton successful. Online Ritz-Carlton uses stories to buttress its brand image. Ritz is the recognizable brand name associated with the luxury hotel. It has develop brand recognition by setting its own standards and adhering to those standards.
2.
The top three competitors of Ritz ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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