An Innovative Concept for the Hospitality Industry

AN INNOVATIVE
CONCEPT FOR THE
HOSPITALITY
INDUSTRY

Table of Contents
INTRODUCTION.......................................................................................................................3
LO 1.............................................................................................................................................3
P 1 concept of ‘innovation’ and different sources of innovation .....................................3
P 2 Importance of innovation to business performance....................................................4
LO 2 ............................................................................................................................................5
P 3 factors driving innovation in the hospitality industry .................................................5
LO 3.............................................................................................................................................6
P 4 Range of different innovative concepts and approaches.............................................6
LO 4 ............................................................................................................................................7
CONCLUSION............................................................................................................................7
REFERENCES............................................................................................................................9

INTRODUCTION
Innovation in its modern meaning is a new idea, creative thoughts, new imaginations in form
of device or method. Innovation is often also viewed as the application of better solutions that
meet new requirements, unarticulated needs, or existing market needs. This report covers
issues such as concept and sources of innovation, importance of innovation, factors driving
innovation, range of different innovative concepts and approaches, Innovative concept for the
hospitality industry.
LO 1
P 1 concept of ‘innovation’ and different sources of innovation
Innovation refers to thoughts which are creative, developing new ideas, imaginations which
can help to revolutionize and through new methods. It is seen as solutions which are better and
helps to meet the requirement and standards which are existing in the current market.
Innovation is considered as an original measure which can help the market to break and keep it
updated according to the current trends (Kuo and et.al., 2016).
Process Need-
This aspect is concerned with identifying the needs and wants of the market and find
out what company are the gaps in their structure so that they can come up with some of the