Sample interview questions: How do you approach conducting market research and competitor analysis for a hotel?
Sample answer:
Market Research:
- Define Research Objectives: Clearly outline the specific information sought, such as target market demographics, market size, and competitive landscape.
- Identify Data Sources: Utilize a combination of primary sources (surveys, interviews, focus groups) and secondary sources (industry reports, government statistics, online reviews).
- Collect and Analyze Data: Deploy qualitative and quantitative research methods to gather insights on customer preferences, market trends, and emerging opportunities.
- Interpret Results and Develop Recommendations: Draw conclusions based on data analysis and formulate specific recommendations that align with hotel strategy and market demand.
Competitor Analysis:
- Identify Key Competitors: Determine direct and indirect competitors based on location, target audience, and service offerings.
- Gather Information: Collect data on competitor offerings, pricing, marketing strategies, and customer base. This can be obtained through website analysis, social media monitoring, and mystery shopping.
- Analyze Strengths and Weaknes… Read full answer