The Future of Hospitality: Trends, Challenges, and Opportunities

This report delves into the future trends shaping the hospitality industry, focusing on the rise of 'bleisure' travel, where business trips extend into leisure time. It analyzes Porter's Five Forces within the industry, assessing the competitive landscape through the lens of new entrants, supplier power, customer bargaining power, threat of substitutes, and degree of rivalry. The report also identifies key issues, such as changing customer expectations, technological advancements, and political/security challenges. Furthermore, it explores the aims of hospitality industries, emphasizing customer service, product quality, and volume. The analysis includes smart room technology implementation and the impact of customer-centric approaches. The report also references several books and journals to support its findings.

Accommodation hospitality industry
Aim of hospitality industries :
Customer services : Excellent or good customer service is
one most important aim of the hospitality industries. Customers or visitors
usually depends on the hospitality staffs for many of their travel needs,
hospitality industries staffs inspire there valuable customer to visit
hospitality website and allot them discount coupons as a gift for
completing online survey for a hospitality industries objective to provide
there customer god services and making them feel comfortable for stay or
important even they are away from there home, providing customized
services to customer prior they request for reflect good impression or
attraction to detail and dedication to exceptional service(Uran Maravić.,
2017).
Product quality : This is also one of the common aim of the
hospitality industries to provide there customer good quality product for
satisfying their wants, customer of the hospitality industries demands for
the good , fresh and hygiene food for the meal or they want quite , clean
and comfortable rooms where they can get a good nights sleep and
spotless , spa like bathrooms.
Volume : Next primary aim of the hospitality industries is the
customer volume. Under the hospitality industries primary objectives of
the hotels and restaurants are the 100% rooms occupied as well as 100%
of there restaurant tables are occupied in the given period.
Future trends of the hospitality industry:
Bleisure – The word bleisure may be define as the extended vacation after a
week of the compulsory meetings and networking. Or it it is a golden
opportunity for the professionals to take an advantage of the extended
vacation after a business trip. Hotels are working deliberately to carter the
future trends of hospitality as Bleisure to keep rooms and dinner reservation
booked as well as happy millennial is almost assured to spend amount on the
other amenities which hotel industries have to offer too.
Keeping rooms smart and clean are the one of the future trends of the
hospitality industries for example Hilton has already started implementing
smart technology in the rooms to make them more user friendly and to
keep a healthy records of the room data.
Key issues of the hospitality industry:
Issues related to the changing expectation of customers – customer
act as a king in the hospitality industry, hospitality industry facing
issue or problem related to the customer expectation, hospitality
industries are facing many new and different problems related to the
customer expectation at present generation than they did before
owing to new technological advancement and different customer
behavior.
Issue related to the technologies changes and regular innovation -
negotiate effectively and profitability with hotel guest savviness is
the one of the biggest key issue of the hospitality industry in the
present scenario. Hospitality industry such as hotels , restaurants are
investing heavily on the technology to establish their services. Hotel
industry technology is helping transform businesses in the current
competitive era.
Issues related to the political and security challenges _ This issue is
one of the top management key issue of the hospitality industry.
Hospitality industry facing the issue in the term of the security and
safety including staff safety, food safety, customer safety
Porters five forces of the hospitality industries :
Five porters forces of the hospitality industries are briefly discussed below in the given point,
Threat of new Entrants – The hospitality industries is primary lead by major competitor like Hilton
hotel, Holiday Inn, Crowne plaza and some other international large hospitality company, for new
industry or hotel it is very hard or difficult to enter in the market of the hotels because entering in the
large market it required huge capital , initial investment and build up hotel goodwill among the various
5 stars rated hotels, that is why threats of new entrants is very difficult or low for hotel
industries(Brookes and Altinay., 2015).
Bargaining power of supplier : Hotel is the department of the service field and it requires large no of
the manpower to run there hotel business, bargaining power of the supplier under the hospitality hotel
industries is very poor.
Bargaining power of the customer : the customer power of bargaining is highlty grater in the
hospitality hotel industry in the situation when there is more competitor or competition in the hotel
market, the customer power of the bargaining gamble on the location of the hotel situated
Threat of substitutes : From the past few years the hospitality hotel industries are causing threat of
substitutes . Substitutes such as cottage and bed and breakfast , under the Inn this substitutes are more
famous or popular and acceptable for the customer because it grant the standard services at a
reasonable price.
Degree of rivalry : According to the hospitality hotel industries there is very low sot for the
customers. Customers can change hotel anytime so degree rivalry is comparatively high(Antonyová,
Antony and Soewito., 2017).
REFRENCES
Books and journal
Blagoev, V., Nikolskaya, E.Y. and Popov, L.A., 2019. THE HOSPITALITY INDUSTRY: Understanding
Hotel Business. Varna University of Management.
Brookes, M. and Altinay, L., 2015. Entrepreneurship in Hospitality and Tourism.
Jenčková, J., 2017. Implementation and regional development of hotel management systems by
accomodation facilities in the Czech Republic.
Lombarts, A., 2018. The hospitality model revisited: Developing a hospitality model for today and
tomorrow. Hospitality & Society. 8(3). pp.297-311.