This presentation discusses the contemporary hospitality industry, including the impact of external factors, SWOT analysis for a hospitality business, evaluation of product and service development, and implications of current and potential trends. It provides valuable insights for anyone interested in the hospitality industry.
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ï‚—The Contemporary Hospitality Industry
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Table of content •Introduction •PESTEL analysis that affect the development of venture •SWOT analysis for a hospitality business •Theevaluationoftheimpactoftheexternalfactorsonthe developmentoftheorganisationoperatingwithinthehospitality industry: •Evaluation of the ability of the hospitality business to develop the product and service that will meet the current trends: •A critical evaluation of the how the external factor have impact on the current and potential trends and development in the hospitality industry: •The implications of current and potential trends in hospitality industry •Conclusion •Refernces
Introduction ï‚—The hospitality industry refers to the involvement of the various differentservice such as planning of the different events and accommodation facilities andvarious kinds of the transportationprovided by the organisation to the its tourist people .it is business which organisation can earn the desire level of theprofitsby offering the comfortable serviced to it customer. under this report , the Premier innorganisationwhich offer the hospitality servicesunderits hotel chain and havingthe headquarterin the England , UK marketplace
External factors : ï‚—To determine these environmental factors and their impact over the development of Premier Inn, the administration of respective firm can use PESTEL analysis framework which a model that is used by business venture to determine the impact of environmental factors. The description of this analysis in context of Premier Inn is as under: ï‚—Political-Itincludedifferentelementssuchasnational authorities policies and laws, taxation policy, political stability and instability, foreign trade, trade restrictions and many more.
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Continue ï‚—Economical-Inconsistseveralaspectslikecurrencyrate, exchange rate, economic growth, employment rate, interest rate, inflation and deflation. ï‚—Social-Thiscomponentplaysanessentialroleinthe development and success of the business venture. It include differentcomponentssuchasculture,beliefs,values,needs, demands, culture, taste and preference, living standards, income distribution and diverse demographic components.
Continue Technological-Thisfactorconsiderdiversecomponentslike technical advancement, technical innovation, artificial intelligence, research and development and many more. Environmental- The care of environment and social responsibility areincludedasthecentrephaseofclient’spreferencesand expectations. Legal- It involves diverse laws and regulations that formulated by government of the country for effective running of company.
SWOT analysis for a hospitality business SWOT Analysis It is a strategic framework that is implemented by a company to monitor the internal environment of the firm in form of analysing capability, weaknesses, opportunities and threats. Strengths •The company as an effective brand image and market position in hospitality sector. it is largest and rapidly growing brand in UK with estimated 590 budget hotels and more than 43000 rooms.
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Weaknesses •The main weakness of this venture is limited and restricted presence that affect the business operations and its progress. Opportunities •The management of company can make development in its business making business expansion by adopting option of partnership, joint venture and many more. Threats Economic recession and high competition are major threat and risk that affect the business of respective hospitality firm in term of affecting its market share and profitability.
The evaluation of the impact of the external factors on the development of the organisation operating within the hospitality industry: ï‚—The external factors includes the understanding of the political, social , economic , environment, technology and legal issues in the relation of the organisation. the political factorhelps the organisation to develop their operational activities by following the government laws , for example, the hospitality industry have different government laws which they needs to apply in their management
Evaluation of the ability of the hospitality business to develop the product and service that will meet the current trends: ï‚—While working in the hospitality sector, the Premier In organisation have to provide the good and service which are lasted in the market place so that they can take the competitive advantage in the international market places . the organisation have the resource which are needed to make the product and service according to the demand of the customer so that they can serve its customer and build the brand name in the market places.
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A critical evaluation of the how the external factor have impact on the current and potential trends and development in the hospitality industry: ï‚—As the hospitality industry is a growing industryas they are able to examine the new current trends in the market and produce new service in accordance to the potential trends so that customer are stratifiedwith the organisation service . for example, the demand of the entertainment facilities are growing in this sector at the place of the organisation, the premier in are able to provide these facilities with the increasing demand of the food and beverages , helps the organisation to grow to next level.
The implications of current and potential trends in hospitality industry There are diverse kinds of current trends that are existing in hospitality industryandinfluencefunctioningofcompaniesinfavourableand unfavourable form. •Globalisation is one of the most crucial components that are needed to by properly undertaken by the firm. It permits modification associated to accessibility of raw material, technology and business relationship with other nations. It is important for Premier Inn to efficiently consider this component in to their business functioning and formulate plan of actions as to take benefits of all components.
ï‚—This has been summarised from the above information that hospitality industry is a business sector within different kind of business operate to offer several services like accommodation, food, entertainment, teaselling, transportation services and many more are offered to individuals. By using PESTEL analysis and SWOT analysis the firm can analyse the external and internal environment affect over hospitality sector firm. Different current trends also assist in growth and development of business organisation.
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References ï‚—Kotler, P., Bowen, J.T., Makens, J. and Baloglu, S., 2017. Marketing for hospitality and tourism. ï‚—Bowie, D., Buttle, F., Brookes, M. and Mariussen, A., 2016.Hospitality marketing. Taylor & Francis. ï‚—Altinay, L., Paraskevas, A. and Jang, S.S., 2015.Planning research in hospitality and tourism. Routledge.