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Essay / Research Paper Abstract
This 4 page paper looks at the Ritz Carlton group of hotels and considers how the firm looks at the market and plans in order to segment the market, assess customers' needs, forecast demand and leveraged that information in order to create loyalty. The bibliography cites 6 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEritzcar.rtf
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Unformatted sample text from the term paper:
and the way on which to satisfy customers and gain long term loyalty (Ritz-Carlton, 1999). The first stage in assessing the market and how to leverage position and develop
strategies starts by assessing the market trends as a whole in the hospitality industry. This is considered as part of a broad macro economic analysis that is undertaken by the
hotel group (Ritz-Carlton, 1999). The data is collected from a wide range of sources and include economic data regarding general economic condition as well as factor conditions, with the data
then being used to help the firm make projection regarding for the industry as a whole as well as the particular segments that the firm serve (Ritz-Carlton, 1999). This helps
the firm assess their ability to meet the demand, and also helps to identify potential areas or improvement as well as areas that require or could create value with further
investments. There are several global patters at the current time, the main area of growth is not in the increase in demand, which is taking place, but in the increase
in the revenue per room. There are economic issues facing many consumers at the current time, but the condition are more likely to impact on the mass market providers rather
than the upper market providers where demand is not as sensitive to economic conditions. With rising levels of competition there is also the stretch in many firm to increase value
y adding additional services and making the service more personal, with a general rise in service standards. The needs of the customers also need to be assessed. The credo
of the Ritz-Carlton includes the commitment to genuine care and comfort for guests, to provide personal service and fulfill unexpressed wishes (Ritz Carlton, 2008). There are three stages for service
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