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Tourism and hospitality industry
hotel industry introduction
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The hospitality industry in the United States is large, complex and intensely competitive. Within this industry is a segment comprised of hotels and motels, which will be the relevant sector for this marketing plan. To note, the hotel and motel industry in the United States had an estimated value of $137.5 billion as of the end of 2012 (MarketLine, 2012). The industry is forecasted to experience a compound annual growth rate (CAGR) of 5.5% from 2011 to 2016, to attain a value of $179.5 billion (MarketLine, 2012). In this industry, the most lucrative segment is leisure which has a market share of 71.1% (MarketLine, 2012). Sunshine Inn (fictional) is a small independent hotel that operates within the leisure segment of the hotel and motel industry in the United States. It is an adventure-themed hotel situated along the California-Nevada border in order to capture the tourist market for Lake Tahoe. Sunshine Inn has 30 bedrooms and 15 suites and offers specialty home-cooked type meals to guests for breakfast, lunch and dinner. It must be emphasized that the hotel and motel industry is one of the most fiercely competitive in the United States, and in fact, in the world (Johanson & Cho, 2009; Kosarkoska, 2010). Therefore, in order to compete with large hotel chains with five-star hotel rankings, Sunshine Inn will have to depend on strategic approaches, such as effectively targeting and positioning itself in the appropriate market, as well as developing a marketing plan that will promote the unique value propositions that only small, personalized hotels can provide: excellent customer service, customized adventure packages as well as a total customer experience that revolves around enjoyment, fun and discovery. As this marketing plan wi... ... middle of paper ... ...nces Johanson, M. M., & Cho, S. (2009). Uncovering the link between organizational behaviors and employment status in the U.S. hotel industry. Journal Of Human Resources In Hospitality & Tourism, 8(2), 184-198. doi:10.1080/15332840802269825 Kosarkoska, D. (2010). The challenges for accounting information system in hotel industry. Tourism & Hospitality Management, 411-426. MarketLine. (2012). Hotels & Motels Industry Profile: United States. (2012). Hotels & Motels Industry Profile: United States, 1-33. PKF Hospitality Research. (2013). CHAPTER 53: HOTELS & RESORTS: TRENDS. Travel & Tourism Market Research Handbook, 354-357. Porter, M. (2008). The five competitive forces that shape strategy. Harvard Business Review 86(1): 78 -97. Ricca, S. (2013). However you label them, young people are the gold mine. Hotel Management (21582122), 2.
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
The leisure travel business is also changing evidenced by the following comment, "hotel products competing in the same segment are becoming indistinguishable in the customers' eyes" (Wyndham International: Fostering High Touch with High Tech, p. 7). There has been a tendency towards increasing competitiveness in the industry focu...
Tourism is the key component that drives the growth in revenue for Cuba apart from the Tobacco and Sugar Cane industry. Meaning more jobs will become available within the next few years. This means more opportunities for the Travel and Tourism industry in Cuba to expand. As a hotel chain, adapting to the island’s standards is a must. A lot of hotels on the island, have their unique characteristics that may or may not influence people’s choices in staying in your hotel. This impacts the recommendations because people are likely to stay at a hotel that offers the amenities of an authentic Cuban hotel.
One of the Namaste International Hotel’s main strengths lies in its position as a joint venture with The Leela, an already established luxury brand hotel in India. The Leela is one of the country’s most well respected luxury hotels and it aims “to sustain and surpass excellence in service, ambience and performance hall marks that distinguishes The Leela Group. The strategic locations, individuality, architectural aesthetics, lush greens and the intrinsic Indian culture holds true for every Leela property. Reflecting thereby ‘The Essence of India’.” Furthermore, The Leela Group focuses on an “operating philosophy [that has] personalized service and comprehensive logistic support. We ensure that our esteemed clients, devote their time to the sole purpose of their stay - to conduct business and relax in the most conducive environment” (Vision and Mission). The Namaste International Hotel fits in with the mantra of The Leela Group as a specialized luxury provider to businessmen and women from all over the world. Since The Leela has worked hard to establish itself as a leader in their market, a joint venture with this hotel brand provides the Namaste International Hotel with expertise in the hotel business in a similar format already established with their other hotels. Moreover, the Namaste International Hotel has many resources at its disposal to become competitive and successful in the Hyderabad, India market. Also, as a hotel operating as a joint venture to The Leela, we gain the loyal customer base that knows what quality to expect, a huge competitive advantage for the Namaste International Hotel.
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
Hilton Worldwide carries out business through three segments: (1) management and franchise; (2) ownership; and (3) time-share. These business segments enable management to capitalize on strengths like brand recognition and economies of scale. The company focuses primarily on the management and franchise segment which consist of 3,918 hotels with 610,413 rooms. Managing the properties, rather than owning them, allows the company t...
For the introduction, brief information regarding my purchase and the travel and tourism industry is presented. It was then followed by the explanation of the 2 chosen theories from two different chapters.
The overall industry saw a strong boom rate from 2010-2014. The global hotels & motels industry had total revenues of $677.1bn in 2014, representing a compound annual growth rate (CAGR) of 4.6% between 2010 and 2014. In comparison, the Asia-Pacific and US industries grew with CAGRs of 6.6% and 5% respectively, over the same period, to reach respective values of $163.7bn and $166.2bn in 2014(Global Hotels & Motels 7). The reason for this growth is due to the Asia-Pacific Region and Americas. The US alone with its world’s largest hotels/market has conquered net value growth, while China has literally doubled the revenue in the same time span. The leisure segment
Hospitality and tourism have evolved into truly global industries are dispersed worldwide. Due to changes in lifestyle, the services offered by hospitality businesses are now considered to be necessities. Consequently, during the past decade, there has been an exponential growth in hospitality businesses to meet the demands of the growing market. Today, hospitality organizations are faced with intense competition. Hence, in the scheme of business, it has become apparent that the ultimate goal of any organization in a hyper- competitive market, is to maintain a loyal customer base. It is essential for any hospitality organization to seek opportunities to gain a competitive advantage by adopting various strategies.Thus, hospitality firms should develop proactive strategies to gain customer loyalty, as opposed to relying on pricing strategies to attract new customers. Customer-supplier relationship, and the resulting loyalty of the customer, can be assumed to be necessary prerequisites for any firm to prosper in the competitive market. Management thinker Peter Drucker (1973:79) wrote, “to satisfy the customer is the mission and purpose of every business.” Thus, for many years, business organizations have focused on customer satisfaction programs (Bhote, 1996). It is now becoming apparent that it is no longer customer satisfaction, but customer loyalty, that constitutes the dominant factor in the success of a business organization. The increasing sophistication of customers’ demands also poses a challenge to the development of customer loyalty in the service industry (Kirwin, 1992). Modern consumers demand high-quality products and services and exhibit a low tolerance for products and services of mediocre qual...
this feasibly study will outline the proposed business plan for developing Silver service coach holidays, it will include market research into current trends in tourism choice holidays booking habits and highlight how differentiated product range will respond to the gap in the current market.
The Sin City, Las Vegas, is known for gambling, entertainment, and nightlife – which attract millions of visitors every year. The resort industry there is highly developed. Statistics in 2014 from Las Vegas Convention and Visitors Authority show that there are 150,593 hotel rooms in total and the occupancy rate of hotels is 87.1% at the year of 2013. Every resorts and casinos in Las Vegas offer different prices, facilities, services, and experiences. Each resorts and casinos serves for their target audiences, who are chosen based on their own customer needs analysis. It is extremely important for resorts make their positions in this huge competitive
Technology has created a major impact on the way in which all organizations market their products and services. With the development of the internet, companies are now able to economically market themselves on a global level. Even smaller companies that were once not able to capture international business due to the cost factor can now do just that. The Washington Plaza Hotel is no exception. The hotel industry in DC relies heavily on tourism as a major part of its client base. Many of these tourists who visit the city are of foreign nationality. It is important that the Washington Plaza Hotel targets these people when marketing the company. Not only do they target the tourist but they also target the international business travelers that come to the city on business related trips. The hotel's website, which gives detailed information about the hotel's accommodations and services, can be accessed by potential customers all over the world. In addition, the Washington Plaza Hotel has teamed up with such web-based travel services like Orbitz, Expedia, Travelocity, Etc. in order to capture more of the global market. Before the existence of the internet, the global market was not easily reachable. Technology has the greatest affect on marketing for many organizations and certainly for the Washington Plaza Hotel as well as the hospitality industry itself.
(2015) explains the importance of stakeholders with the tourism industry by explaining how each stakeholder influences the industry in offering new destinations, packaging destinations for new clientele, remarketing vacation destination and additional tour companies. Each industry stakeholder has their own agenda in achieving success, but the industry needs to work together in order to achieve success due to the highly competitive nature of business. Economically the industry has been expanding and developing tourism by offering a wide range of destinations and package vacations globally. The industry stakeholders are listening to the customers and offering unique and exciting destinations, thus increasing sales and opening up the tourism industry into a new
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 target market for Vivere Hotel is the Korean business men who are in the age bracket of late 30s. This has been decided to the target market for this assessment, due to the increase of Korean investors and business men that are coming in the premises of Phi...