Hyatt Hotels Corporation is one of the leading global hospitality companies across the world that has its headquarters based in Chicago. Park Hyatt is a major iconic brand of its portfolio that targets the business segment comprising of discerning and affluent individual business as well as leisure guests through its strategies of luxurious and elegant accommodations. The company is driven by the vision to become the most preferred brand of consumers in every customer segment in which they are present through the deployment of innovative strategies and practices.
The focus of the scope of activities of the Park Hyatt group remains to the hotel industry and as such, its major competitors include the big players in the global hotel industry. The global hotel industry can be characterized as an oligopolistic industry that is dominated by few well known brands which give stiff competition to each other. The hotel major is targeting the upscale market only as its offerings are too expensive to meet the budget constraints of the middle to lower income group levels.
Ranging from original works of art to culinary arts, the hotel strives to be the best service provider that meets all sorts of needs of the target clientele – from a romantic outing to a rejuvenating vacation to conduct of business meeting and weddings, etc. The locations of the hotels are also at strategic centers in the respective cities so that it is easier for customers to travel across and save time during conveyance. The hotel major should leverage its asset base to expand the scope of its target market segment on a geographical as well as income level basis in lines with the BCG and the Ansoff’s Matrix.