Change occurs rapidly in the hospitality and tourism industry and marketing plays a key role in a business's ability to cope with the changes. Competition is also greater today. Now that can depend on your location and the number of other lodging choices available where you are and if they are needed. Competition is not all bad. Pooling resources is economical for everyone as far as advertising etc.
Referrals are also shared.
Next consider to whom you will target your marketing efforts. The economy, social, cultural and lifestyle issues all play a role in market segmentation. You cannot cater to everyone. You must aim for a specific group for the majority of your marketing efforts. Travelers are much more sophisticated these days.