From the first case study, analyze The Ritz-Carlton process of conducting research. Next, justify its effectiveness in the category of industry, market, competition, and company. Provide at least two examples to support your response
The Ritz-Carlton process of conducting research is to use comparative data and subjective data. They collect data and compare it to the industry and their competitors as well as compare the data against both industry and company benchmarks. The research they perform helps them with quality control by allowing them to estimate issues before they occur and create solutions. They also use subjective data for trends in services or entertainment. This data also helps them identify new products and services they can offer.
The Ritz-Carlton has been effective in their industry, which is to compete worldwide with other luxury hotels. Their core value is to “put people first”. This core value has earned them in the top ranking in their industry. They have been the only one to win the CAA/AAA Five Diamond award in Quebec.
The Ritz-Carlton has been effective in their market. They know their market and they cater to the needs of their clients. They have been able to deliver as guests have started looking for unique traveling experiences. Located in the British Virgin Islands, the Ritz-Carlton’s Scrub Island Resort and Marina was one such creation.
The Ritz-Carlton has been effective against their competition by using their data to identify trends to offer new products and services. Recently they opened a Dom Perignon Champagne Bar in their Montreal location. This is a perfect way to merge their own perfection with Dom Perignon which has been know for their own values of “excellence, elegance, and expertise.”
The Ritz-Carlton has been effective as a company delivering to their clients and setting new standards. They consistently receive awards. And in 2014, they launched a mobile app to enhance their client experiences by allowing check in and checkouts as well as processing orders for food and beverages.
Compare and contrast three to five ways in which how research conducted for an existing company such as The Ritz-Carlton can differ from the type of research that is needed for a new prelaunch venture. Support your response.
Both a new venture and The Ritz-Carlton would use quantitative and qualitative research. They would use quantitative research to review consumer spend, market share, sales of competition if available, and industry growth rates. They would use qualitative research for subjective data such as consumer motives and future trends of the industry.
They would also both research the specific target market. Looking for information on how many companies already serve that market. They would also look for trends in that market.
And they should look outside the market itself at things such as how and if seasonal changes would have any effect or how many major supplies of the product there are. If there is only one major supplier and they have an issue, it would directly impact your business and you should be aware and plan for that.
One way a new prelaunch venture would differ from The Ritz-Carlton research is the type. The Ritz-Carlton uses primary research as they collect the data themselves. A new prelaunch venture would typically use secondary research.
Abrams, R. (2012). entrepreneurship A Real-World Approach. Palo Alto, CA: PlanningShop.
From the first case study, analyze The Ritz-Carlton process of conducting research. Next, justify its effectiveness in the category of industry, market, competition, and company. Provide at least two examples to support your response.
The Ritz-Carlton research process focuses on what their customer is looking for and collecting data to understand its customers and it operations for quality improvement and to solve problems. They take professional comparison data from the right audience and ask questions from competition within the industry