I hope that this note finds you well. As we continue to dive into this notion of marketing strategy I wanted to present you with the obligatory SWOT diagram found in every marketing class. Strengths, weaknesses, threats and opportunities are kind of staples for every introduction to marketing class. But here is the thing. A firm performs the analysis and never revisits it again. You might even find it proudly displayed somewhere on their website. The problem is that the diagram constantly changes.
So, with some basic assumptions: During economic stress, the first things people give up are hospitality products: dining out, travel, vacations etc….. Hospitality was decimated in the current pandemic. Historically pandemics have taken a minimum of 2 years and typically in the 3-5 year range to fully recover. For now, everything is up in the air. There is no reason to believe anything will be the same going forward, and those who think things will be the same as they were prior to March are misguided. So as hospitality companies recover from the pandemic, think about how they will have to adapt. Choose one area of hospitality and use the SWOT model how will each aspect change? Illustrate some of your points using a specific company. How will their strengths and weaknesses change? How will their opportunities and threats change? Explain what you think and why (hint why is really important) explain your logic. Your choices can be anything from a cruise line, a hotel chain, a casino (Las Vegas is getting crushed), restaurants, overseas travel and on. Think about this and enjoy.