special event spaces targeted for smaller groups also and signature restaurants which feature award-winning chefs to name a few. These are the Unique Selling Propositions of the hotel major that helps it to score over its competitors.
Future Marketing Strategy
Another tool that can aid the strategy formulation process is the BCG Matrix. The tool has been diagrammatically represented in the diagram.
As per the tenets of this matrix, the future strategies of the company should focus on capitalizing the stars of the service portfolio. Stars are characterized by markets with high growth rates and there is a potential to tap a sizeable share of the market. Accordingly, the emerging economies particularly the BRIC economies possess these characteristics as there is huge untapped potential in these markets and the growth rate of these economies are expected to be highest in the world. Thus Park Hyatt should speed up the process of tapping these markets as it would get early mover advantage that would translate into creation of a loyal customer base.