Background information about business and customer base
Hyatt Regency Ludhiana represents an important investment in the hotel industry by becoming the first such facility to be erected in Punjab. The hotel enjoys a strategic location which is on a busy highway environment and intertwined between the highly competitive commercial and residential place. The strategic location gives the hotel an important viewpoint and it enable it to compete effectively with the changing market front. The hotel has a close proximity to modernized road transport and a newer Railway Station which also include the Interstate Bus Termination. By car, the hotel can be reached within just 15 minutes. On the upper end of the hotel is the Wave Mall which also bust with modern facilities and many foreign guests including diplomats and international businessmen. Ideally, this region is abuzz with multiplex cinemas as well as highly stylist stores.
The importance of Hyatt Regency Ludhiana
The hotel offers an important hub for people looking for high quality services and better brands especially in Punjab and its environments. Due to its strategic location, the hotel is flexibly ideal for travels and guests who are looking for a place that is within an effective transport and communication environment. It is a premium business hotel which is capable of handling various activities including seminars, workshops and large scale gatherings. The hotel is a more formidable destination for leisure, hotel and other business-related activities. The 2014 forecast indicated that the hotel offers several important connections to major Indian cities including Bathinda, Chandigarh, Jalandhar and Amritsar (Garry, 2007; Stroud, 2005).
The hotel is the largest in the city and in Punjab State. Due to increasing developments and urgent need for better facilitation, the hotel has served to offer some of the latest and most sought after services in the region. This implies that the hotel has been designed with the state of the art luxury suites which according to the given estimates measure 38 sq. m to a maximum of 184 sq. meter. There is an additional workstation with a fully connected internet serving all rooms and available 24 hours a day. With 168 guestrooms, the hotel is hugely significant for many types of services and its extended ballroom is fashioned for conferences as well as private parties (Urtasun and Gutiérrez, 2006).
Specific services offered by the hotel include the following:
- Broadband internet access (both wireless and physical connection)
- Highly channeled workstation which includes dual-line telephone as well as a media hub connection.
- A docking station based on MP3 and mini bar which is fully stocked.
Hyatt Regency Hotel specific services and facilities
- 24-hr concierge
- Parking with high security alerts
- 24 hour doctor support services
- On arrangement, baby support carriers and sitters
- 24 foreign exchange and money transfer facilities
- Laundry services
- Limousine and special higher transport facilities
- 24 business centre and shopping malls which have all type of facilities including courier, conference and equipment rental services.
- Room access where applicable
- All time support at reception and on food orders, immediate attention and delivery.
Hyatt regency hotel offers high technology cardio equipment as well as weight machines together with free weights which are important for people who need good workout. There are also personal trainers who are well informed and whose experience in health management is simply the best. The hotel’s rooftop swimming pools are great and have well cushioned serene environment just within the mirages of the city of Punjab.
Hotel product pricing
In Hyatt Regency hotel, the pricing of hotel products is determined by their oligopolistic nature. Because of the oligopolistic market served by the hotel, pricing is based on how the hotel perceives the value of its products and the guest customer has no choice but to meet the price set by the hotel. In general, hotels look to influence consumers through enhancing their perceived value to beat off competition from their rivals.
However the timing of the season of the year is very critical in determining which method of pricing is most appropriate for a given situation. This explains the variation in importance of emphasis that is placed on such business management techniques like; selection, forecasting or estimation, evaluation of the costs, and market comparative analysis. All these aspects influence the manner of hotel product, (Joa, 2000).
Hyatt hotel is a massive international brand and it is a popular global brand-enhanced by its location in the commercial corridor of Punjab’s largest city. Hyatt is known for the provision of exceptionally contemporary accommodation service in very spacious rooms as well as state of the art technology and driven events with a touch of the latest innovations in the hospitality industry, (Garry, 2007; Stroud, 2005).
Along with its primary authenticity, exceptionality, and flexibility, Hyatt hotels also take the form of smaller-sized ventures that are synonymous with assuming locations that are conveniently situated within the proximity of diverse businesses as well as leisure areas, (Urtasun et al., 2006). These hotels provide very vibrant hospitality experiences. The most common customer bases include individual business and leisure travellers both at international and local level.
The biggest market is provided locally with over 90% of business coming from the local market and a paltry 10% coming from international travelers. The most important feeder markets include; Delhi NCR, Chandigarh, Jalandhar and Mumbai.
The map below shows the commercial city of Punjab where the Hyatt hotel is located
The city is endowed with attractions and various recreational ventures and facilities among which include; Dukh Niwaran Gurudwara, Alamgir Gurudwara , PAU Museum, Rose Garden, Wave Mall , MBD Neopolis Mall, Silver Arc Mall, Wadi Haveli ,Hardy’s worldF2, Racewa.
Joa, M., (2000). Segmentation, Targeting, Positioning and Strategic Marketing InMoutinho, L., (ed), Strategic Management in Tourism. CABI Publishing, Glasgow, UK.pp 121-166.
Garry, O. J.W.,(2007). Brands and Value, Lodging Hospitality. Cleveland: Vol. 63, Iss.5, pp 19.Page, S., Tourism Management. Managing for Change Elsevier Ltd
Stroud, D., (2005).Plus Market: Why the Future Is Age-Neutral when it comes to Marketing and Branding Strategies. London, GBR: Kogan Page, Limited.
Swarbrooke, J., and Horner, S., (2002). Business Travel and Tourism. The Bath Press.UK
Urtasun, A., and Gutiérrez, I., (2006). Hotel Location in Tourism Cities. Madrid 1936–1998. Annals of Tourism Research. Vol. 33, No. 2, pp. 382–402.