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Economic Value Estimation

On Service Apartments
Service Apartments
• A serviced apartment is a type of
furnished, self-contained apartment
designed for short-term stays, which
provides amenities for daily use.
What efficiencies does the serviced
apartments model bring in

1. Increasing number of multinationals coming


into India has seen a number of professionals
entering the cities on account of business for
short- to medium-term stays.
2. They are a cost effective alternative to
extended-stay hotel accommodation.
3. They also work out cheaper than quality
unfurnished or furnished accommodation that
companies need to provide to their expatriate
employees.
4. Lower-rated extended-stay products often find themselves
competing with operators of conventional limited-service hotels,
while higher rated extended-stay products often compete with all-
suite hotels or the high-end category of rooms in luxury hotels.
Sometimes, the hotels succeed, as the strong investment in the
guestroom offerings present a strong price-value perception for
guests.
5. Serviced apartments can be less expensive than equivalent hotel
rooms.
6. Company budgets have been squeezed and since when staying in a
hotel one is paying for facilities such as restaurants and bars which
are often not needed, many companies have switched their
accommodation budgets to serviced apartments.
Target-market for serviced apartments

• Middle to senior management positions in many international or


foreign companies are held by expatriate employees, requiring
medium- to long-term accommodation. IT and ITeS-based
companies also generate huge demand for serviced apartments.
• Single female travellers to the Indian sub-continent travelling for
business and this could form a strong target-market for serviced
apartments.
• Management and consulting companies, including accountancy and
legal firms, bring in employees from other offices on temporary
assignments.
• Embassies and foreign trade commissions tend to generate
demand for serviced apartment accommodation as the consular and
other senior members of staff may require medium- to long-term
accommodation.
Seasons Service Apartments…
a place to stay for all Seasons!
STEPS IN ECONOMIC VALUE
ESTIMATION
Step-1
Cost of the competitive product ,as the best
alternative
Step-2
Differentiating factors of both the products
Step-3
Value to customers for these differentiating factors
Step-4
Calculation of total economic value .
Step-1
Cost of the competitive product ,as the best alternative

Competitive product: Lemon Tree Hotel,


Hinjewadi Pune
Step-2

Differentiating factors
• Location Aundh-15 minutes away from IT
Park i.e.. Target customers.
• Home away from home.
• More distinctiveness.
• All Basic amenities under one roof.
• Meeting Facilities
• Recreations
Step-3
Step-3
Value to customers for these differentiating factors

In terms of extra benefits achieved for a given cost


General Amenities
Complimentary Services
Kitchen Amenities
Entertainment and Recreation
Business Amenities
Guest Services
Time out Sports Bar
The Galaxy Grill
Total economic value
Step-4

• Total economic value (*tax 10%)

General Amenities
Complimentary Services 9 kms from Hinewadi
Kitchen Amenities
Entertainment and Recreation
Business Amenities
Guest Services
Time out Sports Bar
The Galaxy Grill

Total Economic Value


Rs. 16000/-* =13500/15500*
Executive suite
Lemon Tree Hotel
Positive differential value
• Complimentary Services- Rs.1500
• Kitchen Amenities- Rs. 500 + 50
• Entertainment and Recreation- Rs. 500
• Laundry( 2 garments a day)- Rs. 100
• Leisure lounge – Rs. 600
• Time out Sports Bar (at least 15% discount)- Rs.150
• The Galaxy Grill (at least 20% discount) – Rs. 250
• Status Quo – Rs.1000
• The location…Aundh- 500
Negative differential value
• 18 kms to and fro (Hinjewadi-Aundh)-
Rs.300
• Mental fatigue- Rs. 200
• Miscellaneous- Rs.200
• Price to capture the share
= positive differential value- negative
differential value
= 5150-700
= 4450
Lemon tree
Room category Single Double Type of room

Superior 8000 NA Single bed compact

Deluxe 9000 NA Single bed

Executive 10000 11000 Large room twin beds


&electronic safe

Studio 12000 13000 Extra large room, king


beds, microwaves, bath
tub, electronic safe

Executive suite 16000 16000 Separate sitting room,


microwaves, bath tub,
electronic safe, airport
pick up.

* Extra bed at Rs. 1000


Seasons Service Apartment
Apartment type Elite (Rs) Royal (Rs)

Executive 8500 9500

Studio 9500 11500

One bed room 11500 13500

Two bed room 13500 15500

Extra bed 1500 1500


Seasons service Apartment
• Elite • Royal Guest
– Fully furnished kitchen – Complimentary car
– Ozonized drinking wash
water – Complimentary
– Complimentary usage breakfast
of fitness station – Complimentary utensil
– Welcome gourmet wash
arrival for long stage – Complimentary airport
– Self service transport on departure
Laundromat – Complimentary laundry
Special Offers
• Seasons • Lemon Tree
– 3 days and 2 night – Chill out in Goa For 3
offer in Pune at Rs. nights/4 days at Rs.
32000. 39,990 to Rs.42990.
Pricing the product
• Price offered by the Lemon tree for the services they are
offering =16000/day
• Seasons is providing extra amenities at the price =
15500 less than that of a 4 Star hotel in the same city
• Total cost value received by consumer is equivalent to
cost of competitor + the additional services offered by
service apartment.
• That is= 16,000+4,450
• =20,450 so consumers are getting the percived value of
Rs 20,450 at the price of Rs.15,500

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