Title: Explain the benefits of market research and planning.
Course: Lodging Management (12159) > Section: Examining Marketing and Public Relations Functions in the Lodging Industry

Explanation should include benefits such as

- increased revenue
- controlled expenditures
- measure of supply and demand
- improved customer service
- product development
- employee retention
- economic returns for the community.

Process/Skill Questions:

- What information might an existing full-service lodging want about a new limited-service lodging opening in its area?
- What effect does a property analysis have on marketing strategies?
- How can participation in community organizations help with obtaining market research information?
- How does research inform advertising and sales planning?
- How might information about local lodging failures be beneficial?
- What industries should the marketing team contact to build business in an area?
- Why should a marketing team reach out to local universities for market research purposes?