Business Opportunity Report.

Business Opportunity
Report
1

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Mega trends and emerging trends in hospitality market........................................................3
Impact of the above stated trends on the Hospitality market.................................................5
Entrepreneurial Business Opportunities.................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9
2

INTRODUCTION
The hospitality industry comprises of various fields like accommodation, transportation,
food and beverage service, lodging etc. The hospitality market is among the fastest growing
across the world because people frequently travel either because of business reasons, for leisure
etc. The hospitality market has been facing tremendous changes that are reshaping the way in
which it functions (Alpar and Schulz, 2016). The industry is majorly concerned with providing
services to the customers and gaining their satisfaction through memorable and lasting
experiences. This report is based on the hospitality market and assesses the impact of various
mega as well as emerging trends on the same. It also identifies the various entrepreneurial
business opportunities that arise due to the impact of these trends.
MAIN BODY
Mega trends and emerging trends in hospitality market
The hospitality market is very competitive which makes it important for it to keep up
with the latest trends in the industry that can impact its overall functioning. The various major
trends as well as emerging trends currently prevailing in the market are explained below -
 Virtual Communities – Various social networking sites like TripAdvisor etc. are among
the major trends in the hospitality market today. This has resulted in more transparency
and an overall improvement in the services provided to customers. Guests can easily
access various online communities where they can read reviews posted by other people in
order to get an idea about which hotels are better as compared to others.
 Memorable and Lasting local experience – One of the other major trends in the
hospitality industry is that organisations know the requirements and demands of their
guests and thus make sure that they get a lasting as well as memorable experience when
they stay with the hotel (Beckwith, 2018). Hotels focus on providing local products as
well as an experience of the local culture to the guests.
 Sustainability – Customers are increasingly becoming concerned about the environment
and want to know more about businesses that follow ethical practices and also contribute
to safeguard the environment.. Keeping this in mind, organisations are working towards
building a sustainable business. They promote eco-friendly practices to build an image of
3