service marketing ctm palace

Executive summaryThe report focuses on the wedding service offerings of CTM Palace, which isone of the most popular event hosting venues in Hanoi.. This report examines the challenges of

HANOI UNIVERSITYFACULTY OF BUSINESS ADMINISTRATION & TOURISM

Hà nội, April 7 , 2024th

1 Serve different purposes of use 6

2 Offer price point variations 8

3 Provide informational wedding-related articles: 9

III Recommendation 10

IV Conclusion 11

Executive summary

The report focuses on the wedding service offerings of CTM Palace, which isone of the most popular event hosting venues in Hanoi The company has a diversedemand situation that ranges from young couples with different income levels Theseservices come in various forms and are priced differently to cater for different people’spreferences and budgets CTM Palace faces many challenges as a result of seasonalvariations, weekend events preference and holidays which lead to fluctuating demandpatterns Understanding these aspects is vital if the firm wants to remain competitive inthe wedding industry

To address fluctuations in demand, CTM Palace applies several strategiesincluding offering a wide range of services, ensuring first-class facilities and usingdigital platforms for customer experience Similarly, it uses a flexible pricingtechnique that can be adjusted based on market conditions or individual buyers’purchasing power

Mostly we recommend enhancing facility management practices as well asrefining their pricing strategy for sustaining competitiveness and long-term growth ofCTM palace.Property maintenance, embracing technology for improved customerexperience, and adopting a dynamic pricing model with value-added services

This report examines the challenges of managing demand fluctuations in aservice organization, using CTM Palace, a renowned event hosting venue located inHanoi, Vietnam which offers a variety of event hosting services, including weddings,conferences, and outdoor celebrations, operating with fixed capacity

Firstly, This report will identify all the different demand patterns of theorganization starting from seasons of year to days of week to time leading up toholidays

Secondly,this report will critically evaluate CTM Palace’s strategies formanaging changes in demand such as personalizing the servicescape and offering pricepoint variations and provide informational wedding-related articles This analysis willevaluate the effectiveness of these measures at maximizing revenue while ensuringcustomer satisfaction

Finally, this paper recommends some specific adjustments to be made in CTMPalace facility management and pricing strategies like having an inclusive system andinvesting on aesthetic improvements as well as modern facilities and innovation Theseactions shall embrace technology and also put in place dynamic pricing model thatinclude tiered pricing options offer additional services with incentives for customerloyalty develop strategic alliances with other wedding vendors

II.The organization’s demand patterns

In the field of wedding restaurants, customer demand patterns play a decisiverole in the development of the company With the majority of young customers ofmarriageable age, CTM Palace’s customer segment is young people with high andaverage incomes Therefore, the customer demand patterns of CTM Palace areidentified variously in demand by period time

1 Seasons of year

Weddings are considered an extremely important event in a person’s life inVietnam; therefore, the decision of the wedding date needs to be considered carefully

The wedding season usually starts in the fall of the previous year and lasts untilthe spring of the following year, from August of the previous year to February of thefollowing lunar year According to ancient people’s beliefs, Vietnam belongs to a wetrice civilization, the beginning of autumn is when the harvest ends, so people havemore time to spend on weddings Besides, from a modern point of view, the weddingseason falls at the end of the year, which is the time of Christmas, New Year, andLunar New Year, so getting married also means reunion, and having new members inthe family

However, the wedding can take place in any month of the year, depending onthe conditions and convenience of each family In general, August and September arethe most common choices because the cool weather is convenient for weddingphotography as well as wedding preparations

According to (Palace), the peak wedding season usually takes place fromOctober to January of the following year because of the general trend of customerswanting to organize weddings on beautiful days In a media article on the website,CTM Palace gave the recommendation about the benefits and disadvantages of gettingmarried during the lunar year

Besides, the 7th month of the lunar calendar is considered a bad month to getmarried because it brings bad luck to the couple According to ancient beliefs, July isalso known as the month of ghosts, couples getting married at this time will not haveluck

2 Days of week

Day of the week is also a factor that customers are carefully chosen during thewedding preparation process Most couples tend to choose a wedding date on theweekend to make it more convenient for guests to attend the wedding Most of theguests attending will be of the working age, so travel time lasts from Monday toFriday, even Saturday Therefore, if the wedding takes place during the weekday, itwill be difficult for guests to arrange time As a result, the weekend, usually Sunday,will be the appropriate time for both the main characters and guests to make itconvenient

3 Time of holidays

Similar to days of week, holidays of the year are also prioritized by couples.Vietnam is one of the most long holidays in the world, and these days are the idealdate for wedding events to happen On holidays, the number of guests attending islarger than on normal days From the viewpoint of Vietnamese people, holidays arethe time they spend for their family and friends, so weddings are also the occasion foreveryone to union and meet the close people

III Strategies

1 Serve different purposes of use

CTM Palace offers 4 main services including wedding service at itsheadquarters, mobile wedding service, conference service, and outdoor weddingservice Each type of service is supplied with top-quality menus, facilities, equipment,and a personalizable servicescape

1.1.Wedding service

Targeting married couples of the higher income group, CTM Palaceprovides the top service at their main headquarters, located in the middle of Hanoiat Cau Giay or Nam Tu Liem This type of service supplies customers with anexceptionally professional wedding organizing procedure from top to bottom tosave consumers the planning efforts yet assures quality

Its headquarters includes 4 floors, each floor separated into 3 differentbanquets providing different decorations and themes Each banquet is equippedwith the finest technological equipment that can serve up to 1200 customers atthe same time This emphasizes the statement of being one of the largestwedding service providers in Vietnam that can market the brand’s credibility

The palace also provides consumers with a spacious parking lot to bringabout much more convenience Additionally, there are other complementaryservices such as hosting MC, guest welcome, entertainment, and festivities

1.2.Conference service:

Converging all the elements of a modern conference center, CTMPalace is the perfect destination to organize important events, year-endmeetings, dinner parties fairs, and exhibitions , cultural exchanges, fashionshows, music shows, press conferences, cocktail parties, buffet parties

CTM Palace luxury conference center with a super large space, and amodern sound and light system, meets all of the consumers’ requirements Thepalace offers different decoration layouts depending on consumers’ tastes

The menus are designed flexibly to meet consumers’ requirements Thecuisines offer to treat distinguished guests to the most delicately combineddishes from taste to appearance at CTM Palace

- Welcome drink

- Finger food

- Cocktails

- Set menu for luncheon/dinner party

- Buffet for luncheon/dinner party

- Light buffet at noon/dinner

- High-class party

- Drinks: soft drinks, purified water, beer, wine

The facilities are also fully equipped with technological equipment, andthe mobile stage can be tailored to suit consumers’ requirements

- Mobile projection screen, P4 LED screen with large resolution, mobilepartition

- The lighting system is sophisticatedly designed, integrating the mostmodern technology with Par Led temples, Moving Head, effect lights, andsmoke generators

- The sound system is designed in harmony with lighting to create a dualaudio-visual effect in each lobby space, with wireless microphones.

1.3.Mobile wedding service:

CTM Palace hopes to provide its consumers with an intimate, cozy homewedding with the highest satisfaction

The menu at CTM Palace is extremely rich, the dishes are invested not only interms of quality but also in beautiful decoration With the motto of "doing our best forcustomers, giving customers the best", CTM Palace will certainly bring you anattractive service experience, complete with food as well as a harmonious menustructure

Any wedding, whether simple or complex, from small to large, will have itsown themes and concepts throughout the entire wedding If customers can’t decide ona theme of their own, CTM offers detailed planning and supports them in developingand implementing that idea in the most perfect way

Lastly, after the wedding party ends, to save customers the effort of having toclean up, CTM also offers a clean-up service, assuring a neat and tidy finish Comingto our mobile wedding service, you won't have to move a hand or foot to cleananything, everything will be neat and clean before you even realize it

1.4.Outdoor wedding service:

Located on the rooftop of CTM’s main establishments, CTM offers a spaciouslayout that can serve up to 400 people with a gentle yet soaring blue color to make astrong impression on the attendees

2 Offer price point variations

Depending on the income levels of the consumers, CTM Palace decided to offermany wedding service variations to adapt to not only their taste but also theirpurchasing power Many factors can impact the total cost and each one has its ownrange The cost includes the Venue costs, Decoration and service costs, food costs, andcontingency costs depending on the customers’ choice of additional services

The venue costs, for an event located in the capital, are expected to rangefrom 15,000,000đ to 40,000,000đ This can be altered as customers can choose theirfavored location, an event center, outdoors, or at home

The cost of decoration and the use of accompanying services can heavilyimpact the total cost if the consumers choose to book a party at a restaurant or eventcenter The decoration cost that needs to be calculated includes everything arranged atthe party such as canvas, welcome gate, tables, and chairs or souvenirs of the bride andgroom, Currently, there are many units providing wedding decoration services onrequest In particular, many locations have built-in quotes for weddings in Hanoi, soyou can research and choose to save more costs and optimize preparation time Thecost ranges from 30,000,000đ to 70,000,000đ

Currently, based on the price of a wedding party in Hanoi, the food setfor a table of 10 people in a restaurant or event center will usually range from3,000,000 to 5,000,000 As for the party held outdoors, the price will be higher from1,000,000 to 1,200,000 More importantly, CTM also offers a vegetarian menu thatcan directly cater to vegan consumers

3 Provide informational wedding-related articles:

Planning for a wedding can be a real struggle as consumers can’t be veryprofessional at organizing weddings Therefore, CTM Palace also focuses on buildingits social media platform, most especially its website

The website acts as the main base where consumers can further learn about thebrand and its services, and deal with problems concerning weddings CTM providesloads of helpful articles to help its consumer make critical decisions about theirweddings such as where to organize, the menu, time, important tips,

By prioritizing its website, CTM can better approach potential consumersthrough SEO Moreover, CTM provides a counseling service to help answer thequestions of its anxious and concerned customers, creating a further bond between thebrand and the audience

The user base for CTM Palace is mostly previous wedding guests, who havepersonally experienced the brand’s services and from which entrusted the brand to

organize their events This creates the best credibility for the brand as it is spread inusually the most entrusted form of marketing, word of mouth

Reference:

https://ctmpalace.vn/dich-vu/tiec-cuoihttps://ctmpalace.vn/dich-vu/tiec-cuoi-luu-dong#https://ctmpalace.vn/dich-vu/hoi-nghi

https://ctmpalace.vn/dich-vu/ngoai-troihttps://ctmpalace.vn/blog

III Recommendation

In the dynamic landscape of the wedding industry, the success of a weddingservice organization hinges on the effective management of its facility and a strategicpricing strategy As weddings continue to evolve, adapting to changing trends,preferences, and economic factors becomes imperative Thus, we will giverecommendations for optimizing the management of the facility and refining thepricing strategy to

Firstly, regarding facility management, CTM needs to have a strict system ofrepair and maintenance When there is a specific schedule for regular repairs andmaintenance, CTM can promptly detect broken or missing items, thereby ensuring thefacilities are in the best condition Furthermore, regular inspection will help preventCTM from experiencing emergencies such as missing items Besides, furniture anddecorative landscapes also need to be invested in to create a luxurious and comfortableCTM This will help attract customers and give customers the best experience Alongwith the era of technological development, CTM should apply technology tooperations such as online booking systems and virtual tours With the help oftechnology, employees will have less burden so they can work more comfortably and