Innovative Concept for the Hospitality Industry

INNOVATIVE
CONCEPT FOR THE
HOSPITALITY
INDUSTRY
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Table of Contents
Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
P1) Concept of ‘innovation’ and different sources of innovation..........................................3
P2) The importance of innovation to business performance..................................................5
M1) Evaluate the contribution of innovation to business performance and analyse the benefits
................................................................................................................................................6
D1) Critically evaluate the contribution of innovation to business strategy and performance6
TASK2.............................................................................................................................................6
P3) Factors driving innovation in the hospitality industry using a range of organizational
examples.................................................................................................................................6
M2) Critically analyse the advantages and disadvantages of factors driving innovation in the
hospitality industry.................................................................................................................8
D2) Critically evaluate how the factors across a range of organisations in the hospitality
industry sustain profitability and competitive edge................................................................8
TASK3.............................................................................................................................................8
P4) Review a range of different innovative concepts and approaches that have been
implemented in the hospitality industry.................................................................................8
M3) Evaluate a range of innovative concepts and approaches within the hospitality industry
................................................................................................................................................9
D3) Critically evaluate the success of a range of innovative concepts and approaches adopted
by hospitality organisations....................................................................................................9
TASK4...........................................................................................................................................10
Covered in Ppt......................................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Hospitality is the term used to describe the efforts made by an individual; whether in a
business or personal life, order to comfort and entertain a customer or a guest. The practice of
hospitality has a business industry of its own. Business like restaurants, hotel's, cafe's and up to
an extent even hospitals are governed on the principle of hospitality(Amoako and et. al., 2019).
In order to provide better services and value worthy experience to the customers more and more
ideas and innovation in the hospitality is needed. This report is based on the concept of
innovation in the hospitality industry; that how the industry affected and the success of the
industry depends on the innovation in the delivery of comfort and the way of providing services
to the customers. This report also consists of different sources and critical evaluation of the
importance of innovation in the hospitality industry.
MAIN BODY
TASK 1
P1) Concept of ‘innovation’ and different sources of innovation
Innovation is the process of converting new ideas into reality. Through this process new
methods, products or services are develop to satisfy the market needs. There is a very thin layer
of difference between improvement and innovation which are otherwise confused to be the same.
Improvement is slight addition and change in the working of service or product in order to make
it better but in innovation a completely new way is to be created in order to solve an existing
problem of the customers. It is the innovation that attracts the customers as it provides sense of
newness and adds an excitement to the services. There are several source of innovation which
are otherwise difficult to bring into existence. Following are the sources of innovation,
Unexpected : There are several factors that make innovation a difficult process. One of
these factors is the already existing and not effective method of delivering the service because of
which the innovative ideas get blocked (Baum, 2019). Hence most of the times the innovation
originate in the form of unexpected ideas. Although the person to whom this innovative idea
struck has must be somehow related to the solution of the innovation but wast deliberately and
constantly looking for the it. Invention of fire is one the most famous example of such a source
of innovation.
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Incongruity: Incongruity which literally refers to a situation when things don't match
when they are supposed to. When a situation or cause and effect balance of the market become
incongruent then a condition for innovation arrives.
Market Structure: This source of the innovation is through the inefficient working of the
existing solution in the market. This gives rise to make the service better than ever which in turn
helps in innovation related to the product of service entirely.
Necessity: It is the necessity of the market that demands the innovation. This statement
clearly explains that every problem of the market and need of the customers is indirectly a
demand to the entrepreneurs to solve them with an innovation (Cismaru and Iunius, 2020). Such
an innovation as was a necessity of the market is expected to perform brilliantly.
Demographic: This source of innovation is due to the the lifestyle and culture of people.
Such a source of innovation has a lot of potential to give rise to many innovation as the culture
and lifestyle of the people around the world differ a lot, hence with so many difference. It is with
the different culture and regional practices that give rise to problems faced by specific problem.
Such an innovation might not have a chance of huge success but a surety comes with the solution
of the problem.
Changing perception: With a constantly changing world in terms of technology the
perception and mindset of the people is changing equally rapidly. With this change in the
perception arises the opportunity of innovation. Such a source of innovation gives rise to a
product of service that have a potential to a huge potential. For example: during 20th century the
need for better and faster transport was felt that gave rise to diesel and petrol engine, but a
century later there is a change in the perception of peopl: FINANCIAL De changed towards the
use of clean energy and hence the innovation of the electrical source of power gave rise to the
Tesla cars.
New Knowledge: For any innovation to successfully come to life there must either be a
new problem in the market or a new invention of technology. The application of this invention
can be brought to life through the effective use which is clearly an innovative way of using the
invention. Such a source of innovation has a remarkable potential for success given the fact that
there is a first mover advantage (Dzhandzhugazova and et. al., 2019). Technological
advancement and its commercial application are two different sectors which when merged
together can definitely bring a successfully innovation to life.
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