3. 1.2 Industry Players
When it comes to commercial and residential properties, China has several industry players. First on the list are the property developers. According to ibisworld.com, Over the past few years, the revenue for the real estate development is expected to reach $1.25 trillion and with an annualized growth rate of 17.1%. The strong demands for the residential properties have given property developers a strong position in the market place; especially now that household incomes are increasing and low interests rates are lend by banks in China, which gives more people a chance to buy their own properties. In year 2013, the top 20 property developers had a 20 percent market share in the first three quarters of 2012, the report said. In year 2014, China currently has 101,500 property developers with 2.8 million workers with total wages amounting to $44 billion. The total assets in the real estate industry is estimated at $5.55 trillion. Most Chinese people would still favor property
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Hotels provide almost all the necessary things that a person needs. Usually hotels are equipped with mini refrigerator, a cable television, telephone, wireless internet service, and private bathroom. Based on numbeo.com, the current average price of a hotel in Beijing is 334.04 RMB per night. Despite this expensive price, the sales income of hotels is still high. The China Hotel Industry 2012 - 2015 report published by Sino Market Insight states that sales income of hotels will reach 308.6 billion RMB by year 2015. As of now, China has 12,280 star-rated hotels. Among these, 194 one-star hotels, 3,487 two-star hotels, 5,699 three-star hotels, 2,242 four-star hotels, and 658 five-star hotels. China’s economic development will allow more people to travel for leisure and business, thus the increase in demand for the hotels. Moreover, the prices of hotels are expensive. Most people would not make hotels as their permanent
After the financial crisis, large countries, including China, faced a decline in foreign demand. China, as the world’s largest producer, faced dramatic production decrease during the 2008 recession. In addition to this, domestic slow down in construction, decline in real estate sales and investments, soaring prices and low domestic demand caused major trouble in China. The expectation of the market was very low, which led to domestic numbers to decrease faster than expected. Conversely, China saw bigger opportu...
Each year, America’s travel and tourism industry generates approximately $1.5 trillion dollars in economic output, or about 2.6% of the country’s gross domestic product (Select USA, 2016). Nearly 20% of this economic activity is directly related to accommodations, which serve the short term lodging needs of pleasure and business travelers. Unlike other American economic sectors, this lodging industry is a highly fragmented, diversified market with an incredible variety of suppliers. Temporary overnight lodging can range from undeveloped campsites, hostels, and capsule hotels all the way up to mansions and incredibly luxurious five store hotels. Price ranges run the gamut from just a few dollars a night to thousands of
Other factors are strict visa restrictions keeping foreign ticket holders away. According to the hotels and tourist sites, the Olympics should have brought business to Beijing, but the reality is too far from the expectation. Means they have to decrease their rate to attract more tourists to stay at their hotels.
The hotel industry performs within a saturated market, driven by customer loyalty and competitive pricing to stand-out. This competitive nature makes it extremely important to capitalise on strengths while improving on
The most prestigious name in the industry, Hilton Hotels & Resorts stands as the stylish, enthusiastic and global leader of hospitality. With over 92 years of experience, Hilton continues to be synonymous with hotel because of innovative approach to products, facilities and service. They help make traveling easier with smart design, innovative restaurant concepts, authentic hospitality and assurance to the global community.
The company Established in Hong Kong in 1963, Mandarin Oriental Hotel Group is. international hotel investment and management group operating ten hotels in the Asia-Pacific region. The company manages each of these. hotels and has significant ownership interests in all but Mandarin. Oriental, San Francisco and the Phuket Yacht Club Hotel and Beach.
Mandarin Oriental Hotel Group is a luxury hotel line which owns and manages hotels and residences (linkedin.com, n.d.). They currently have 45 hotels and 15 residences and are steadily continuing to grow (Mandarinoriental.com, n.d.).
Indian Hotels Company (IHCL) all their subsidiaries collectively known as TAJ group of hotels it s owned by TATA group India .it is one of the largest and finest hospitality origination in Asia. This company opened first hotel Taj Mahal place in Mumbai , India in 1903 .this company is the symbol of Indian hospitality .it operate 108 hotels in 60 locations in Indian 16 hotels internationally.IHCL operate four segments first one TAJ it is the flagship brand its provide luxury and full services and palaces. TAJ Exotica resort it is a spa brand, TAJ safari its provide wild life lodges, Vivanta by Taj Hotels and Resorts it is premium brand provide contemporary luxury .The Gate way hotels is the Mid market upscale hotels by TAJ mainly
Hospitality is one of the largest and fastest growing industries. It constantly needs a reliable work force to support the industry and its’ growth. The hospitality industry is divided into two parts: lodging and foodservice. Within the lodging sector, jobs range from a housekeeper to a receptionist to a general manager. I chose to research the job of hotel and motel managers, because it is within my field of study. A hotel/motel manager plans, supervises, and controls operations of a hotel or motel.
Hotel industry has been considered as one of the key sector of the Indian economy, plays a significant role in the growth of the country and contributing 12.4 percent of the total employment to the country. This sector is one of the prosperous sectors, offers a variety of services to foreign tourists as well as increased tourist movement within the country and it has become one of the leading players in the global industry. It is amongst top 10 sectors to attract the highest foreign direct investment. According to department of industrial policy and promotion (DIPP) from April 2000-November 2014, this sector involved around US$7661.6 million of FDI. The market is expected to reach US$ 30 billion by 2015.
Thanks to these factors, pricing becomes one of the primary uses with which hotels attract customers. However, due to customers’ independent nature, there influence over industry players is limited. In the high-end segment of hotels, price influence becomes even less as hotels find it easier to differentiate themselves from the competition and customers become less price sensitive coming to expect higher prices as a symbolism of superior quality and services. Lastly, corporate business and tour operators can exert more influence due to their large purchases but this affect is of a limited nature and does not extend across the whole
The Hotel industry has become very important in the past years due to immense traveling and growth of international business. Hotel industry not only plays an important role in the life of people but as well as the economy of the country. Development and advancement in the Hotel industry have rapidly been taking place and especially since the rapid change in technology, it is very important for hotels to be promptly keeping up to date. When the hotel industry is spoken of, there are many famous hotels but one hotel company that has been outstanding in growth and other aspects of business, like in Leadership, Teamwork (Employee turnover), Motivation (Customer retention and satisfaction, Goals and objectives, (changing the way hotel business has worked), and Change within the company; structurally inside and physically outside, adding elements, like entertainment, gaming, and outdoor activities, is the Hilton Hotel Company.
The hotel industry is one of the fastest growing industries in India. The total market size of Indian tourism and hospitality sector stood at US$ 117.7 billion and is expected to touch US$ 418.9 billion by 2022. The foreign direct investment (FDI) inflows in hotel and tourism sector during April 2000 to July 2013
Moreover, the InterContinental Hotels & Resorts is considered the first international hotel brand in the world, as it began operations in the year 1946 (About InterContinental Hotels Group Brands, 2015). Over time the hotel group has evolved to encompass quality hotel rooms not only in North America, but in Central and South America, Europe, the Middle East, Africa, Australia, and Asia-Pacific (IHG – InterContinental Hotels Group, 2015). In addition, they have acquired extended stay facilities and the Hualuxe Hotels & Resorts, which specifically “celebrates the essence of Chinese hospitality” (About InterContinental Hotels Group Brands, 2015). In my opinion, this shows that their target market has changed by expanding their scope of travel, which means they are traveling to farther and farther locations and require the familiar surroundings with equivalent product quality at the final destination. The InterContinental Hotels Group is in the fourth and final stage of the product life cycle, which is the decline stage (Editorial Board, 2014, p. 212). Indeed, the brands lengthy history indicates it has loyal customers, but its addition of innovations indicates the targeting of new customers for the organization, which are clear signs of a business in the decline stage of the product life cycle (Editorial Board, 2014, p.
The hotel industry is by far one of the biggest business industries known to man in this era. The businesses of this industry are affected by many factors. The businesses environmental factors in external factors are demographic, economic, global, political, sociocultural and technological.