Competitive Market

The Price vs Value Chart compares your pricing and your venue quality against those of your competitors. The chart shows your strengths and weaknesses compared to your competitors, and if competitors pose a large or small threat to your market share. That helps you handle enquiries, negotiate pricing, and make better strategic pricing decisions.

The chart is blank until you provide two pieces of data:

Enter your competitors' quotes for bookings in the Price Input tab, based on calls that you made.
In the Quality Input tab, rank several components of your competitors' venue quality, based on your evaluation.

Competitive Market has two pages, Meetings/Conferences and Banqueting/Events, so that you can maintain separate charts for each type. The two pages have identical functionalities.

Using Competitive Market

In the first two steps, you provide the data in the Price Input and Quality Input tabs. Then, view and analyse the output in the Price vs Value Chart.

Step 1: Complete the Price Input

Research your competitors and contact them about pricing. If you need to make separate enquiries for different event types, attendee size, and dates, be consistent. Only use comparable values, for example, don't compare a quote for a daily Attendee Package to one with Function Room Rental. Use the five queries by selecting different demand periods, for example, weekend versus weekday or medium versus high demand.
On the menu bar, point to Competitive Market.
Click Meetings / Conferences or Banqueting / Events.The selected page displays.
Select the Price Input tab.
Click How to use this screen for more information.
Your selected property automatically shows as the first in the list. Click Edit to enter competitors.
Enter the competitor name in the Property field.
For each call, enter the enquiry information in the first row.
Enter the quoted pricing in the Call 1 to Call 5 columns.
Click Save to save your changes or Cancel to discard them.

Step 2: Complete the Quality Input

If you don't have this information, research and rank the quality of your competitors for seven categories. See the Data section for their descriptions.
On the menu bar, point to Competitive Market.
Click Meetings / Conferences or Banqueting / Events.The selected page displays.
Click the Quality Input tab.
Click How to use this screen for more information.
Your selected property automatically shows as the first in the list.
Click Edit to enter competitors in the table.
Enter the competitor name in the Property field.
Enter your evaluation ratings for each competitor and offering based on a range of -3 to +3.
Zero means same quality as your property, +3 means exceptionally better than your property.
Click Save to save your changes or Cancel to discard them.

Step 3: View and Analyse the Price vs Value Chart

Select the property you want to view from the Current Property list.
On the menu bar, point to Competitive Market.
Click Meetings / Conferences or Banqueting / Events.The Price vs Value Chart for the selected page displays. The circle at the centre of the chart represents your property. The legend on the right side of the chart shows the icons for your competitors. Click any of them to remove them from the chart.
Point to any competitor on the chart to view their average quality score, followed by the difference in average quoted rate compared to yours.
Review where your competitors appear on the chart, based on the four quadrants:
- Least Risk to Market Share: properties that represent minimal risk of taking any of your market share. The quality of facilities and services are below your standards and they are charging higher prices.
- Normal Competition: properties represent normal market positioning. These competitors likely don't directly impact your business because they price and are rated either below or above your positioning. Customer preference drives this market and budget instead of competitor price or quality comparisons.
- Most Risk to Market Share: these properties represent the greatest risk of taking part of your market share. The quality of facilities and services are higher than your standards, but they are charging lower prices.
Click the Menu to print or export the chart for presentation purposes.
Click the PDF option to convert and save the current page as a PDF file.

Data Details

Price vs Value Chart

Field	Description
Price Assessment	The difference in average rate between your property and your competitors, based on the Price Input tab.
Quality Assessment	The overall rating values, from the Quality Input tab.

Price Input

Field	Description
Notes	Enter information about your request like event type, attendee size, and the date. You can type up to 50 characters.
Property	Enter up to nine of your true competitors to research, contact, and track.
Average Rate	The average of the values in the Call 1 to Call 5 columns.
Call 1 to Call 5	You can track up to five events and choose to conduct up to five research calls.

Quality Input

Field	Description
Property	Enter up to nine of your true competitors to research, contact, and rank.
Average Rate	The system calculates the average rate automatically by adding up all the prices in the Call 1 to Call 5 columns and dividing by the number of entries for that competitor.
Welcome Sense of Arrival & Ambiance	Rate items like your first impression, staff presence, greeting, ambience, lighting, views, and ease of finding your way around.
Physical Condition of Venue	Rate items like the exterior and grounds, cleanliness, updated look, lobby, and public space.
Service Standards	Rate items like the attentiveness of staff, responsiveness, friendliness, efficiency, and consistency of service.
Quality & Variety of Food & Beverage offering	Rate items like the breakfast, lunch, dinner, tea, and coffee service, snacks, presentation, quality, quantity, variety, and choice.
Event Facilities & Equipment	Rate items like your general impression, AV equipment, tables, chairs, comfort, air–conditioning, and extras.
Package Inclusions	Rate items like the refreshment breaks, food, equipment, parking, and WiFi.
Accessibility & Location	Rate items like the accessibility, proximity to city centre, highway, or attractions and transport links.
Overall Rating	The system calculates this field automatically by adding the total ratings in each column. Overall Ratings that total less than -12 or more than +12 do not display on the chart.