(PDF) Future trends of the hospitality industry
Added on 2021-02-21
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Future trends of the hospitality industry:Bleisure – The word bleisure may be define as the extended vacation after aweek of the compulsory meetings and networking. Or it it is a goldenopportunity for the professionals to take an advantage of the extendedvacation after a business trip. Hotels are working deliberately to carter thefuture trends of hospitality as Bleisure to keep rooms and dinner reservationbooked as well as happy millennial is almost assured to spend amount on theother amenities which hotel industries have to offer too.Keeping rooms smart and clean are the one of the future trends of thehospitality industries for example Hilton has already started implementingsmart technology in the rooms to make them more user friendly and tokeep a healthy records of the room data.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 Hiltonhotel, Holiday Inn, Crowne plaza and some other international large hospitality company, for newindustry or hotel it is very hard or difficult to enter in the market of the hotels because entering in thelarge market it required huge capital , initial investment and build up hotel goodwill among the various5 stars rated hotels, that is why threats of new entrants is very difficult or low for hotelindustries(Brookes and Altinay., 2015).Bargaining power of supplier : Hotel is the department of the service field and it requires large no ofthe manpower to run there hotel business, bargaining power of the supplier under the hospitality hotelindustries is very poor. Bargaining power of the customer : the customer power of bargaining is highlty grater in thehospitality hotel industry in the situation when there is more competitor or competition in the hotelmarket, the customer power of the bargaining gamble on the location of the hotel situatedThreat of substitutes: From the past few years the hospitality hotel industries are causing threat ofsubstitutes . Substitutes such as cottage and bed and breakfast , under the Inn this substitutes are morefamous or popular and acceptable for the customer because it grant the standard services at areasonable price.Degree of rivalry : According to the hospitality hotel industries there is very low sot for thecustomers. 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: UnderstandingHotel 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 byaccomodation facilities in the Czech Republic.Lombarts, A., 2018. The hospitality model revisited: Developing a hospitality model for today andtomorrow. Hospitality & Society. 8(3). pp.297-311.Key issues of the hospitality industry:Issues related to the changing expectation of customers – customeract as a king in the hospitality industry, hospitality industry facingissue or problem related to the customer expectation, hospitalityindustries are facing many new and different problems related to thecustomer expectation at present generation than they did beforeowing to new technological advancement and different customerbehavior.Issue related to the technologies changes and regular innovation -negotiate effectively and profitability with hotel guest savviness isthe one of the biggest key issue of the hospitality industry in thepresent scenario. Hospitality industry such as hotels , restaurants areinvesting heavily on the technology to establish their services. Hotelindustry technology is helping transform businesses in the currentcompetitive era.Issues related to the political and security challenges _ This issue isone of the top management key issue of the hospitality industry.Hospitality industry facing the issue in the term of the security andsafety including staff safety, food safety, customer safetyAim of hospitality industries : Customer services : Excellent or good customer service isone most important aim of the hospitality industries. Customers or visitorsusually depends on the hospitality staffs for many of their travel needs,hospitality industries staffs inspire there valuable customer to visithospitality website and allot them discount coupons as a gift forcompleting online survey for a hospitality industries objective to providethere customer god services and making them feel comfortable for stay orimportant even they are away from there home, providing customizedservices to customer prior they request for reflect good impression orattraction to detail and dedication to exceptional service(Uran Maravić.,2017). Product quality : This is also one of the common aim of thehospitality industries to provide there customer good quality product forsatisfying their wants, customer of the hospitality industries demands forthe good , fresh and hygiene food for the meal or they want quite , cleanand comfortable rooms where they can get a good nights sleep andspotless , spa like bathrooms.Volume : Next primary aim of the hospitality industries is thecustomer volume. Under the hospitality industries primary objectives ofthe hotels and restaurants are the 100% rooms occupied as well as 100%of there restaurant tables are occupied in the given period. Accommodation hospitality industry
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