2.1 Industry profile
Hospitality Industry is one of the oldest trade endeavors in the world. Now a days Indian hospitality industry is growing very quickly and generates employment for the local people at a large scale. The human mind has an innate interest towards travel. Over the centuries, travel has developed for business, health, social, and cultural reasons. It is an important component of the tourism industry. The hospitality industry is an inclusive term for Hotels and food establishments. It is a part of a broader service industry where people create the service experience with specific skills to generate profit.
Ancient travelers were either warriors or traders or people in search of knowledge and there were no hotels. Warriors and conquerors pitched their tents for
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Due to a huge demand-supply gap, this segment holds enormous business potential. India is one of the world‘s most dynamic economies today. So with the rapidly growing trade the number of inbound, outbound & domestic tourist has also increased. In fact the world‘s GDP of India is expected to rise from 6% to 11% by 2025 & as such India may emerge as the 3rd Pole in the global economy. So, with a growing number of wealthy Indians as well as an expanding middle class, the number of Indians traveling within the country has nearly doubled in the past decades to about 450 million. It means that there is a huge domestic tourist market in India itself including business & leisure travelers. An estimated 300 million tourist trips annually are there, on average, which may also include those traveling for social & religious purpose. The industry expects a boom in tourism in the domestic sector in India, & a growth of 10% to 15% over the next few years. A growth in tourism will certainly mean a boom in hotel & restaurants & in turn focus on its service sector & the human resource manning those
SWOT is a business model used to investigate a case study and can help in problem recognition. SWOT study’s the external and internal environment of a business in term of four factors, the strengths, weaknesses, opportunities and threats. This essay will be explaining each feature and examples will be provided.
Definition/Purpose: A SWOT (Strength, Weakness, Opportunity and Threat) Matrix is used to create a compelling need to change. It is a listing of strengths and opportunities as well as the weaknesses and threats of the current and future states. It is used during the Improve phase to consider
“To care for people so they can be their best.” We continuously listen, learn and evolve to both meet and anticipate the needs of our guests. We believe that being your best is about being your true self - engaged, fulfilled and ready to take on the world. (www.hyatt.com),
Retailing consists of the sale of goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by post, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be individuals or businesses. A "retailer" buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells smaller quantities to the end-users / consumers. Retail establishments are often called shops or stores. Retailers are at the end of the supply chain. Manufacturing
The fast food industry for example, McDonald, Domino Pizza, Dunkin, Starbuck, Wendy's, Papa John, Burger King, YUM and so on. All of this company is a monopolistic market. This is because these fast food companies fulfill the characteristic of monopolistic. The number of firms in monopolistic is less than perfect competitive market, but larges than the oligopoly market. The fast food industry is the franchiser, no all people able to open this franchise company in the market because need a larger money to buy the product brand name. For example the costs of starting an entirely new McDonald's restaurant can be anything between RM2.0 million to RM4.5 million. The costs also depend on the restaurant size and type, its location, style of decoration and landscaping. (Appendix 6.1)
The reason I chose the Hotel Management industry is because it is a career path that I have always been interested in and curious about. It is a fast growing widespread global industry. I’ve always wanted an exciting career, which would integrate my business and creative skills in a way, which would be more energetic, active and fun than most orthodox and boring office desk jobs. I also desired to work in an industry, which I was fervent about. For my first year Applied study period I had the opportunity to work at The Taj hotels, resorts and palaces, India and my experience there established many of my principles of how the hotel industry operated. Despite my refining on the job experience, that allowed me to explore the various departments and requirements of the everyday job, I had never elaborately researched the prospects of working and skills and requirements required in the Hotel Management industry; and this Is exactly what I aim to accomplish with this report.
Today hospitality sector is one of the fastest growing sectors in India. It is expected to grow at the rate of 8% between 2007 and 2016. Many international hotels including Sheraton, Hyatt, Radisson, Meridien, Four Seasons Regent, and Marriott International are already established in the Indian markets and are still expanding.
Organizations cannot function successfully with having a solid Mission, Vision and Values. Although this can be said in any type of organization, it is especially true for fast food restaurants that come in different types and styles and along with that, each has their own Mission, Vision and Values that they follow. Three fast food restaurants that are leaders in their industry are McDonalds, Sonic and Chic-Fil-a. All of these restaurant’s Mission, Vision and Values most represent that restaurant and how they do business in their market.
Look for opportunities that help your restaurant increase its profits, such as expanding or providing different types of food and beverages. Taking advantage of trends related to eating healthier may mean featuring more organic dishes or salads on your menu. Besides that, Using a smartphone or the internet on or ordering food become a popular trend. Finding new ways to adapt to the development of technology can increase restaurant ‘s profit.
Attractive to all age groups: Because of the different activities, there is something for everyone to do and all the vehicles are attractive.
Information technology is a buzzword in the modern competitive business arena. Without information technology no business is successful globally even locally. The role of Information and Communication Technology (ICT) in the tourism and hospitality sector is beyond the description. Visitors or clients now want to see the glimpse of the services quality, costs and compare with other channels in order that they can be benefitted. So, there is no alternative to disregard the ICT rather it should be treated as investment part and try to maximize the benefit derived from it. The hospitality industry also includes tourism sustained commercial activities like airline cabin staff or agents in travels. Information technology (IT) and
The travel and tourism industry has blessed the country. India ranks third in the world for its tourism. Social rules are defined by culture in terms of what is appropriate, what is not, what affects people's approach to time and activities. It is important for companies to adopt multicultural environment of its workforce for the purpose of good relationship between customers and employees, it is thus necessary to train our employees in order to recognize the request by the culturally different customers.
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
Cleanliness is must for any restaurant to grab customers attention, so our plan will be to provide clean hygienic food.
Tourism is the one of economic and social activities that increasingly vital. Number of travellers domestic and international is increasing. In fact, several countries in present world develop tourism sectors as primary sector which generate national income. According to Salah Wahab and Cooper (2003). Tourism is also sector which involves role that mutually link between government, private sector and also public.