Kyung Ho Kang, Laura Stein, Cindy Yoonjoung Heo, Seoki Lee
International Journal of Hospitality Management
Due to Michael Porter, one way to achieve competitive advantage is to differentiate your offer/service.
The Propeller Island City Lodge in Berlin decided to literally be one of the kind.
Customers play an important role in most of the businesses. Satisfying their needs is the key to achieve success in nowadays competitive business environment and it was enough to build long lasting relationship with customers. However, XXI century and therefore wide access to information changed the way customers perceive their obligations toward firms. It is said that in most of the branches customer loyalty doesn’t exist. This is only partially true as loyalty exists but it is not as easily achieved as it was before. Retaining customers require a lot of effort and investment. Therefore, the challenge that companies has is to assess whether retaining existing customer will not be more expensive than actually finding a new one. In order to do so, companies needs to analyze the value of different groups of customers and use this knowledge to devise marketing strategy. Such a process is usually called Customer Value Management.
When I was taking part in Vita Futura Assessment Center this year I was told to prepare presentation on topic: “Generation Y will become the core customer within the hospitality & travel industry over the next 5-10 years (…)”.
Being a representative of gen Y myself, I was afraid that my opinion will be strongly biased and won’t accurately reflect the needs of the whole group. Therefore I decided to conduct a research that would help to better understand the needs and desires of the youth of today.
Following article is summarized results of this study.
Assistant of Revenue Manager in Visakhapatnam, East India
Revenue Analyst in Orland, USA
Revenue Analyst in Manila, Philippines: