Competitor analysis
The tourism industry has been one of the highly competitive markets with people travelling for leisure and business purposed on a regular basis. The industry has a lot of players that are looking to countries to explore the different markets. The major competitors which Banyan Tree Hotel and Resorts will face in the Chinese market are the Four Seasons and Shangri-La Asia Ltd. Both these hotels offer similar luxury services which will mark a strong competition in the industry (Fisher, 2012). Banyan Tree being a part of international market with strong brand name, can be a competitive threat to all the industry players in the market with local or international hotel chains. The competitors look to offer improved and trendy cultures that can make the clients feel relaxed and easy. Banyan Tree is looking to cash in the strong brand name it has developed at various places and wants to become popular through the element. It is necessary for Banyan Tree Hotels and Resorts to offer value added services that are specific to the Chinese market, which can make it an instant success in this part of the world (Lamb, 1998).
Banyan Tree brand
Current Brand image of Banyan Tree
The current brand image of Banyan Tree Hotel and Resorts is that the brand is perceived to be a high quality, luxury brand which offers its customers better services and a long list of different features at the hotel. The company offers its clients with value added services to the customers for the higher prices they charge. The company has evolved as one of the best hotels in the Asian market. (Kotler, 2006). The training academy for its employees has made it a unique resort where all clients are treated as per their demands. This attribute of the company has made it a unique customer experience for the clients (Griffith, 2014).
The success of the brand is entirely based on the continuous innovation and improved services which the company offers to the customers. They offer products that are specific for every segment in the market. The company has also established a positive image in the tourism industry by staying aligned with the corporate social responsibilities of the industry. The existing brand of the company and its image is placed as a well reputed brand. Banyan Tree has implemented a business strategy in which it attracts customers to visit the hotel and spa on a regular basis. Banyan Tree has also introduced new services constantly to stay ahead of the competition. The offer products that are customized as per the market requirements.
Desired Brand image for Banyan Tree
The entire focus of Banyan Tree hotels and Resorts is to offer constantly innovative products in its business portfolio. The company initiated as a hotel company and gradually transformed itself into a resort and spa. This indicates that the vision of the company is to introduce new product offerings. The ideal image which Banyan Tree looks to offer is the fact that they can be considered as the brand that looks for constant innovation and new product offerings (Chermack, 2007).
The company is also looking to expand itself in the different markets and is looking to expand into the markets where the growth prospect and potential is sufficiently and evident. Banyan is therefore looking to develop itself and place it in the new market with conviction and determination of explaining further. The above discussed points are the basis for building desired brand image at Banyan Tree (Goldstein, 2005).
Integrated Marketing Communications Plan
The integrated marketing communication plan offered for Banyan Tree while entering the Chinese tourism market will have to focus on several key elements which will account for the successful implementation of a plan that can offer increased revenue and sales for the Banyan Tree. Under the plan Banyan Tree will have to initially identify the target market for the facilities offered at the hotel and then strategize a communication plan which can help in increasing the customer knowledge and customer information for the brand (Griffith, 2014).
Target Audience
The target audience for the Banyan Tree Hotels and Resort is the upper class and the upper middle class of the Chinese economy. The hotel will look to target the Chinese millionaires and the billionaires who can be the potential clients for the company. The company focuses on elite and luxurious offerings, therefore it can be perceived that the company will have to target the niche and upper class of the market segment................................
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