How Attractive the Hospitality Business Is

In: Business and Management

Submitted By EvanPdoe
Words 270
Pages 2
How might the attractiveness of the hospitality industry, as proxied by the share of rents accruing to its firms, differ from one institutional setting to the next, even though the technical determinant of structure, i.e., the scale of economies, entry barriers, product and services may be identical?

The hospitality business in one of the largest industries in the world and it is clear why it is a very attractive market to enter. The entire hospitality industry is comprised of many different sub-markets that make the business very dispersed. According to Shetty (2008), “the presence of high entry barriers inhibit competition from entering the market, increase and incumbent lodging products rate of growth, improves the lodging products market share, and increase the incumbent lodging firm’s profits by allowing then to charge higher prices”. When it comes to barriers entering the hospitality market it is fairly limited because suppliers are easy to access. It is typically easy for someone to enter the hospitality industry but also problematic to ensure the business functions properly. The competition factor can also make it difficult to maintain the business adequately due to new methods of management. In order to differentiate yourself in the hospitality industry, it is critical to better serve guests and break out of communization but thinking outside of the box (Mayock, 2012).

References
Mayock, P. (2012). 5 Challenges facing hoteliers of tomorrow. Retrieved on February 5th, 2016 from: http://www.hotelnewsnow.com/Article/9126/5-challenges-facing-the- hoteliers-of-tomorrow
Shetty, M. (2008). The lodgin industry market structure. Retrieved on February 5th, 2016 from:…...

Similar Documents

Hospitality

...Hospitality and Tourism Education and Training A Case Study of Scotland. Geno Trapaidze The Department of Hospitality and Tourism Management University of Strathclyde A thesis submitted in part of the requirements for the degree of MSc in International Hospitality Management September, 2007. ABSTRACT 1 The purpose of this study is to examine the role of education and training and its impact on labour supply to the Scotland hospitality and tourism industry; what are the current issues are there? And how those issues can be minimised? Its also seeks to identify the relation between the customer satisfaction and the service employees via service quality for maintain the growth of the hospitality and tourism industry. It also tries to identify the current labour market issues of the hospitality and tourism sector in Scotland, and how these issues can be minimised. Research will be conducted through five individual interviews. This research should help the hospitality and tourism managers/employers understand the importance of retaining staff. Also it will aim to make educational institutions aware of the gap between the content and the design of their hospitality and tourism courses/degree programmes in relation to industry demand, as highlighted in relation to current labour market issues such as staff turnover rate, retention problems, and the image of the hospitality and tourism industry in Scotland. Key words: Service quality, staff turnover, poor image...

Words: 16899 - Pages: 68

How to Start a Business

...Transilvania University of Brasov Faculty: Economic Sciences and Business Administration Section: Business Administration Year: 1st STARTING A BUSINESS Student: CARBUNARU Dragos Nicolae Group: 8821 Contents Introduction 3 1. Choosing the company name 3 1.1 functionality 3 1.2 memorability 3 1.3 simplicity 4 2. Description of main activity 4 2.1 company summary 4 2.2 products and services description 6 2.3 future products and services 7 3. Choosing a managerial style 8 4. Requirements of a self-managed team leader 8 5. Leader skills 9 6. The general environment 9 7. Management functions 11 8. References 11 STARTING A BUSINESS Introduction CompTech Support is a consulting-oriented company, intending to fill in the market need for a professional, customer-focused computer company. The current trend towards an increase in the number of entrepreneurs and competition among existing companies presents an opportunity for CompTech Support to enter this market. We realize that, for us to bring a fresh breath of air, we need to be flexible and responsive, to delight clients by......

Words: 2553 - Pages: 11

How to Write Business Plan

...Training & Design www.aquaafrica.co.za Step 1 Introduction. The introduction part of the feasibility report should outline the importance and the advantages of small scale fish farming. Explain your project fully in this section. Outline briefly how the project will be rolled out, how you plan to benefit from the project and the processes that will be involved. Basically it is a summary of the small scale fish farming project. Step 2 Description of the project. In this section, clearly outline the project's location, the environment surrounding it and the availability of the resources required to start a small scale fish farm. Highlight the project's mission and vision. Business goals and the objectives should also be included. Also include a brief history of the project and what motivated you to start the fish farm. Step 3 Market description. Describe the type of industry you will be operating in, whether you will be selling your products as a wholesaler or a retailer. Identify your target market and how you plan to penetrate that market. Outline the marketing strategies you will employ to market your fish. Step 4 Description of your products. Highlight different species of fish that you will be rearing. Describe how you selected those species. Explain the pricing of your products and the competitive edge your fish products have over other products in the market. Step 5 Organization plan Outline the legal structure under which the small scale fish farm......

Words: 581 - Pages: 3

How to Develop a Business Plan

...Business plan essentials I. Executive Summary (not to exceed two pages) A. Company name, address, and phone number B. Name(s), addresses, and phone number(s) of all key people C. Brief description of the business, its products and services, the customer problems they solve, and the company’s competitive advantage D. Brief overview of the market for your products and services E. Brief overview of the strategies that will make your company successful F. Brief description of the managerial and technical experience of key people G. Brief statement of the financial request and how the money will be used H. Charts or tables showing highlights of financial forecasts II. Vision and Mission Statement A. Entrepreneur’s vision for the company B. “What business are we in?” C. Values and principles on which the business stands D. What makes the business unique? What is the source of its competitive advantage? III. Company History (for existing businesses only) A. Company founding B. Financial and operational highlights C. Significant achievements IV. Industry Profile and Overview A. Industry analysis 1. Industry background and overview 2. Significant trends 3. Growth rate 4. Barriers to entry and exit 5. Key success factors in the industry 6. Outlook for the future B. Stage of growth (start-up, growth, maturity) V. Business Strategy A. Desired image and position in market B. Company goals and objectives 1. Operational 2. Financial 3. Other C. SWOT......

Words: 717 - Pages: 3

Hospitality

...South African hospitality outlook: 2013-2017 (featuring analysis of Nigeria and Mauritius) 3rd annual edition June 2013 Destination Africa www.pwc.co.za/hospitality-and-leisure The information contained in this publication is provided for general information purposes only, and does not constitute the provision of legal or professional advice in any way. Before making any decision or taking any action, a professional adviser should be consulted. No responsibility for loss to any person acting or refraining from action as a result of any material in this publication can be accepted by the author, copyright owner or publisher. Destination Africa South African hospitality outlook: 2013-2017 PwC Third South African edition PwC’s team of hospitality specialists provide an unbiased overview of how the hospitality industry in South Africa is expected to develop over the coming years. The publication focuses on the following major industry segments: hotels, guest houses and farms, caravan/ camping sites, bush lodges and other accommodation. It details the key trends observed and challenges facing these sectors as well as considering their future prospects. South African hospitality outlook: 20132017 demonstrates deep knowledge of the local hospitality market and is a powerful tool for understanding critical business issues. To learn more about the challenges and opportunities that lie ahead for the hospitality industry in South Africa, please visit......

Words: 19158 - Pages: 77

Hospitality Business Solution

.... mplications of business Implications would exist after applying the above stated solutions. Benefits would be discussed first. First of all, through the immediate announce of the incident’s news and detail, media would report the official news from Malaysia Airline but not the rumours. This would be able to minimized the misunderstanding. Also, it could be able to build up a complete honesty image to the consumers. By the clear process and spread out of the new. It could be help to maintain the confident of consumer and avoid the lost of trust from public. It could become worsen once the reputation had been hardly destroyed. Moreover, it could be able to enhance the internal and external communication of Malaysia Airline. News would be delivered fast with only the communication and corporation of different department of a company. Chaos could be avoided and reputation could be protected. Secondly, sincere apology would let the consumer rebuild their confident to Malaysia Airline. It would have a better impression immediately and gave out a strong promising to the consumer that they would be completely honest on both the investigate and operation. It could help to maintain the reputation of the Malaysia Airline and calm the anger emotion of he public. With a sincere attitude, it would also affect the other company in the industry. Once the consumer have confident on the airline, the business would not fall or decline. It......

Words: 484 - Pages: 2

How Business Runs

...I was home alone, and I was bored because all of my friends were busy and I couldn't think of a single fun activity to do. It was a boring day, But there are so many fun things to experience on a boring day, so I decided to convert this bad day into a day of fun. I went for a walk with my nephew in New York city. While I was walking, a great shop attracted my eyes from a long distance and as I got closer to this shop, I figured more details about it, and I was mostly attracted by the huge welcoming sign that says: "Welcome to our cafe". So I decided to invite my nephew to try out this attractive cafe, and he accepted my invitation as he was amazed by the views next to the cafe. As we entered the cafe, we were welcomed by the respectful waiter. As I walked in, I had a fast look over the decorations and the furniture of the place, I was amazed by the clean and tidy tables. The place was crowded by people, all I was aiming for was to take a spot in the order queue. The atmosphere was amazing, especially the light blue walls and dark brown tables throughout the wide area. The sound of soft conversations filled the air with the smell of chocolate and coffee. After having a look at the menu, which offers a variety of hot and cold beverages. We were finally led by the smiley waiter to a free table for my nephew and me, after passing through the tight gaps which was crowded by filled chairs and tables. We were placed in one of the best tables. The table location was spectacular......

Words: 618 - Pages: 3

Cultural Diversity in Hospitality Management – How to Improve Cultural Diversity Workforce

...Bachelor's thesis Degree Programme In Hospitality Management Hospitality Management 2012 Veera Korjala CULTURAL DIVERSITY IN HOSPITALITY MANAGEMENT – How to improve cultural diversity workforce BACHELOR'S THESIS | ABSTRACT TURKU UNIVERSITY OF APPLIED SCIENCES Degree Programme In Hospitality Management | Hospitality Management 2012 | 64 Susanna Saari Veera Korjala CULTURAL DIVERSITY IN HOSPITALITY MANAGEMENT The bachelor´s thesis investigates cultural diversity in the hospitality management. It aims at presenting effective ways to improve cultural diversity in a workplace. This study was commissioned by JW Marriott San Antonio Hill Country Resort & Spa in Texas, USA and three hotels in Stillwater, Oklahoma, USA: Atherton Hotel, Hampton Inn & Suites and Residence Inn. The bachelor´s thesis incorporates culture theories and their applications to the workplace. Additionally, it focuses on cultural diversity dimensions in hospitality workplace, such as its benefits and challenges, its reflection in the work environment which have been related to the organization’s cultural diversity management. Eventually it provides solutions, such as a corporate strategic plan which focuses on the improvement of cultural diversity in the workplace by means of cultural diversity training. These best practices of cultural diversity are discussed in detail both in the literature review and in the study. The bachelor’s thesis has used two research methods, both qualitative and......

Words: 13922 - Pages: 56

How to Start Online Business

...How to start online business in Malaysia. * Effective 1st July 2013, all online businesses need to comply with the Malaysian Consumer Protection (Electronic Trade Transactions) Regulations 2012. * As reported in all major newspapers on 16th Sept 2014, Chief Executive Officer of the Companies Commission of Malaysia (SSM), Datuk Mohd Naim Daruwish had again reminded people that do business online to register with SSM. This includes business that sells their product through social networking sites such as Facebook and Instagram. * It is an offence punishable under the Registration of Business Act, if they failed to do so. The maximum fine is RM50,000 or jailed up to two years. This is not a small matter and for people that try to supplement their existing income, it is not worth the risk. * Datuk Mohd Naim mentioned that cost of registration is only RM30 and the registration is a simple process. They will also gain from other benefits such as access to microloans and insurance coverage. * To catch these errant online shop bosses, SSM is working together with Malaysian Communications & Multimedia Commission to identify these people. How to Do Online Business in Malaysia To recap, to start an online business in Malaysia, you need to: 1. Register with MMC, if your business activity relates to telecommunication sector. 2. Register with CCM as a business enterprise 3. Get a domain name, a hosting account and a properly designed website. If you want...

Words: 1265 - Pages: 6

How to State Business Objectives

...EXAMINATION 1, Version F Use a Scantron Form No. 886-E to record your choice of the best answer to each of the following questions. You have the full period to answer the questions. The following questions are worth three (3) points each. 1. Operations management is the business function that plans, coordinates, and controls the resources needed to produce a company’s products and services. a) True b) False 2. Firms that focus on quality as their primary competitive priority usually implement either product design quality or process quality, but not both. a) True b) False 3. To remain competitive, companies must be innovative and bring out new products regularly. a) True b) False 4. The time between order placement and the receipt of goods is called lead time. a) True b) False 5. ISO certification has become a requirement for conducting business in many industries. a) True b) False 6. A process that is in control has no variation. a) True b) False 7. An example of an operation that does not add value is ____________________________. a) removing iron ore from the ground and shipping it to a steel mill b) filling the underground gasoline tanks at a service station c) making a wedding cake d) moving components to a warehouse for storage until the factory needs them e) moving luggage from a cab to the airport ticket counter ...

Words: 1108 - Pages: 5

How to Operate a Gym Business

...How to Operate a Gym Business The first step in getting my gym started up has to deal with what type of clients I want to attract. I want mine to offer a variety of equipment so that all age groups can exercise and be healthy. The next step is financing everything I need. I will calculate the cost of a all the equipment and the building of the gym to see what kind of money I need for this. Location is everything when it comes to attracting people by the masses! I was thinking a place out by the mall or movie theater which would be easily accessible to many. However, the better the location typically means it will be very expensive. Another key factor to making this gym run is experienced staff. Trainers and dieticians will be needed to help others out on their weight loss regime. A maintenance crew and front desk for other jobs such as cleaning the equipment and answering phone calls. For people to know that I am starting a gym in their area, it is necessary to advertise. I will start the marketing even before the furnishing work of the gym is complete. A good name and logo with a tagline needs to be important. I can advertise through newspapers, radio, television and also by posting banners. Along with the advertisement of the new gym, to attract customers initially I can give them some offer. For instance, you can publicize that the first 100 members would receive a discount or people who take a membership within a period of time would receive some gift vouchers or free......

Words: 352 - Pages: 2

How to Start a Business in Canada

...Starting a Business in Canada Starting a new business in Canada can vary in degrees of difficulty depending on the industry you choose to pursue, and the province in which your business will reside. Fields such as telecommunications make it nearly impossible for new entrants to grab market share, as mega-corporations such as Bell, Telus, and Rogers, have essentially monopolized the entire industry. In contrast, industries with little to no barriers to entry, such as the restaurant industry, make it very easy for new businesses to enter. In order to start a business in Canada, you first need to come up with a business idea and then methodically turn it into a structured plan, while ensuring to consider the degree of competition in your respective industry. This is a critical first-step, as the smoothness of your day-to-day operations will rely a great deal on the organizational model you established in your business plan. In Canada, there are four legal forms of business to choose from: sole proprietorship, partnership, corporation, and cooperative. In sole proprietorship, the business owner is directly responsible for all debts and obligations related to their business. In turn, all profits generated by the business are for their keeping. Some of the advantages of choosing a sole proprietorship form of business are: simplicity and inexpensiveness, direct control of decision-making, and a limited regulatory burden. Disadvantages of sole proprietorship......

Words: 2243 - Pages: 9

How to Use Twitter for Business

...When I first heard about Twitter—a tool for instantly broadcasting the minutiae of your day and following the trifles of others—I couldn’t imagine a bigger waste of time. Why would anyone care about what I had for lunch, or whether someone was headed off to the gym? Why would any business person add more noise to the signal to noise ratio? Or—thought I—maybe Twitter is the inevitable conclusion for a culture fascinated by fame, fed by sound bites, and forced to short attention by an overwhelming amount of data. Well, as is often the case, Twitter is not the end of civilization as we know it; it may in fact be a glimpse into the future of communication. Because, at its heart, Twitter is just a communication tool. Like the Web, and the phone and the telegram before it, it’s just a tool to let one person connect with another. How Does Twitter Work? Twitter users–often called Tweeple (or worse)–have 140 characters to answer the question, “What are you doing?” If you join Twitter you can “follow” other tweeple, which causes their updates to appear on your home page. In turn, they can follow you, a form of permission-based marketing. You can also direct message them, but always in 140 characters or less. Twitter communications can be viewed and updated on the Web, through desktop apps, and on mobile devices. Although I use all three methods, I prefer twhirl, a desktop app that has some nice added features and updates my incoming tweets in the background while I work. A quick...

Words: 901 - Pages: 4

Devoloping Hospitality Business

...MANAGING HOSPITALITY BUSINESS CH3206 ANN BALASINGAM BABHM GROUP MEMBERS : COLLIN ANDREW SIVAN NATHAN(208-4375-02) KINUKO INTRODUCTION LEGEND HOTEL is a none star rating hotel. Legend hotel is a traditional hotel and its was built in year 1950.And its located in a small town wit population of 145,000 and its closer to the airport and having a good transportation system. The hotel is situated face to the seafront, close to other hotel as well and the main shopping center. Legend hotel is having 250 rooms with air-conditioned, with private bathrooms. All rooms are available to accommodate singles, couples, and also families. Rooms are comfortable and the rooms are large enough. Legend hotel doesn’t provide leisure facilities, business services, conference facilities or meeting rooms FOOD AND BEVERAGE DEPARTMENT TABLE In year 1 our sales are low because of the price of each meal, supplier and menu type. Year 1 the average price of each meal is $24.00 and the average meal served per day is 95. .And as an outcome our revenue where low for the year 1 ($794,776) because our price where to low. We set the price low because to attract the customer to have meal on our restaurant and customers always concern about the prices very well. Another factor that influences us to low the price is our star rating. In other hand our cost of sales is high......

Words: 1235 - Pages: 5

How to Write a Business Plan

...UNCTAD/ITE/IIA/5 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT How to Prepare Your Business Plan UNITED NATIONS New York and Geneva, 2002 Note UNCTAD serves as the focal point within the United Nations Secretariat for all matters related to foreign direct investment and transnational corporations. In the past, the Programme on Transnational Corporations was carried out by the United Nations Centre on Transnational Corporations (19751992) and the Transnational Corporations and Management Division of the United Nations Department of Economic and Social Development. UNCTAD seeks to create an enabling environment for international investment and enterprise development. Its work is carried out through intergovernmental deliberations, technical assistance activities, seminars, workshops and conferences. The term “country” as used in this study also refers, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgement about the stage of development reached by a particular country or area in the......

Words: 55910 - Pages: 224