In today’s class, I shall be receiving a presentation from my fellow classmates as they will be teaching us the material of the day.
But before that! My lecturer will open the class and provide us with some additional information about today’s material.
Today’s class will be about Millennials in Indonesia as well as market behaviour I assume from where this is going.
Mid terms is apparently next week. As well as an interview of how well you know your business plan. Your business plan being your mid terms and finals.
Millennials are basically a hot topic since they comprise of a majority of the population in the world today, us being in the hospitality major makes this fact a very important thing. Millennials have 9 habits (well in Indonesia, as this material covers).
1:3 people in Indonesia are Millennials. 8 out of 10 are connected to the internet. 30.7% of the population go to the mall a minimal of twice a week. 40% have an instagram, and 22% still read the newspaper.
Another name for Millennials is the “Digital Native”. (Though indonesians call us Youth, Women and Netizens.)
As they make up the majority of the market, what they want is what we need to cater to. Were we to sell something they aren’t interested in, we would surely go bankrupt.
THE NUMBER ONE THING THAT A MILLENNIAL LOVES TO DO IS GO ON THE INTERNET.
Yes, Millennials are addicted to the internet.
They are also very easily affected by the bandwagon effect.
3rd would be that they have no cash, but that doesn’t mean that all of them have no money. Sure you could say that a majority carry no cash, and some might not even have money and are poor. But there are also some that simply use cards instead of cash.
4th is that they work fast, and work smart.
5th is that they can be whatever they want.
6th is that they take a holiday wherever and whenever
7th is that they give no fucks about the politics
8th is that they love giving and sharing,
9th is that they also love taking (I mean borrowing).
So going into details of the 9 habits, we start with number 1: Internet addiction.
Most of the internet users in indonesia are Millennials, of which they will continue to use the internet for an average of 7 hours a day.
2. Bandwagon effect. More like they actually just follow trends. Whatever trends are “hot”, are what they’ll follow, and trends change like a girl changes clothes. They are as attached to a single brand as a cat is to a single owner. That is, as long as you provide, they’ll be your pet. Don’t, and they’ll run away.
Food and Beverage companies already have a hard time as it is. Lasting 2 years is considered amazing in Indonesia.
3. No cash. Since it turns out that 59% are middle-upper class. They either have no cash or just don’t use ’em. Some have cards for that.
4. Work fast, work smart.
Millennials need to, since they’re in a very competitive environment. In here, they’re required to work fast AND work smart if they wanna survive for long.
5. They basically multitask. They need to. They have to be a jack of all trades, master of all too. Or at least close enough for them to keep themselves financially afloat.
6. They take a holiday whenever and wherever. 1 out of 3 millennials will take a vacation at the very least, once per year.
This is important because this is where Leisure Business kicks in. The important part of creating a leisure business is like any hospitality-based industry: To create a wonderful experience, so great that they’ll keep coming back for more.
By god if we want to make a business like that, we’ll have to make one good enough to keep the millennials coming.
7. We give no fucks about politics. Some are dumb, some just don’t care even though they’re well-informed. It’s good that we aren’t, since Millennials believe that politics should be left to the old. It’s bad for those who don’t know well enough because politics is still somewhat important.
8. We love to share and give
We care, we share, we take care of our own, and our own is practically everyone now with the advent of the internet. Anyone gets shit on, aw man fam’s gotchour back.
9. We love borrowing.
We rent, we borrow, we outsource whenever we can. Not that everyone does that mind you, since desperate times calls for desperate measures, and Millennials are always desperate. Usually for good reason. Not all but usually.
This is something that we should teach our kids to be careful with. There are things that we can borrow and there are things that we can’t and never should.
That’s it from my lecturer. And now next up will be the classmates presenting today’s material.
Marketing Planning in Leisure.
Oh man their powerpoint looks weird.
There are three steps to assessing the current market
Political, Economic, Social and Technological factors affect the external market.
We also need to pay attention to the competition and their marketing strategies and adjust accordingly.
SWOT works quite well in this as well when dealing with your place in the competitive market.
..quite honestly I don’t think I’ll be able to follow them very well with how fast they’re going. It feels.. confusing? I guess I’ll have to refer to the book later.
Hopefully this will all be in the book. Since it seems like this was all taken from the book. I just need to make a summary of it all.
Most of it deals with marketing planning and execution so it should be okay as long as I know what it’s about.
Sofitel Hotel and Resorts Case study
Sofitel is originally french.
They like to build according to the culture and environment of where they build. One built in bali was built according to the architecture of Balinese buildings. They still however retain some of their french heritage and international experience.
They also accommodate based on the demographic of the environment the hotel is in. Lotsa cripples? You get a cripple toilet. Lotsa smokers? You get smoking rooms.
Downsides? Sofitel is under the Accor group, and other hotels under the Accor group will be compared to them. This might affect Accor negatively in general as customers will compare these two different hotels and see which one is better or worse. Either way, one of the hotels that will be seen as worse will still be in the Accor group and this will affect their image regardless.
Maybe having our classmates presenting isn’t such a good idea. I’m having a hard time keeping up with what they’re saying and their power points aren’t really helping.
Local case study – 99 Reflexology
This is mostly a financial report on 99 Reflexology’s business.
I can’t. My ears. Even with my earplugs she’s still too loud.
But to give a quick summary, if you wanna open a reflexology, you wanna open in a place where there are lots of people working or lots of housewives.
Everything else is just details on how to run a reflexology internally.
99 Reflexology seems like a business that’s running smoothly and is fairly successful for it’s field.
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