Opportunity, Innovation and Entrepreneurship in Hospitality and Tourism Industry

This report explores the influence of digitalisation and use of artificial intelligence on tourism and hospitality industry. It covers mega trends, opportunities, and feasibility study for new product or service. The report also highlights the need for extensive market research to gain insights about consumer preferences and perceptions.

Opportunity, Innovation
and Entrepreneurship

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Influence of digitalisation and use of artificial intelligence on tourism as well as hospitality
industry........................................................................................................................................1
Mega trends to be considered in hospitality sector as well as tourism industry..........................2
Trends emerged in hospitality sector...........................................................................................3
Opportunities to be assessed due to analysis of mega trends.......................................................3
Proposal for new product or service on the basis of analysis of mega trends ............................3
Feasibility study or justification of business idea .......................................................................3
CONCLUSION ...............................................................................................................................4
REFERENCES................................................................................................................................4

INTRODUCTION
Innovative entrepreneurship can be described as an exercise whereby new business ideas
are designed and established for the motive of generating profits as well as attaining
organisational goals or objectives (Caputo and Ayoko, 2021). Innovative practices undertaken by
entrepreneurs provides an opportunity of developing an effective business model as well as gain
competitiveness in market. Innovation and creative thinking assists entrepreneurs in increasing
their chances for discover varied new opportunities form the business environment. For better
understanding on how entrepreneur adopt innovative practice for grabbing opportunities, Ruby
Lucy Hotel is taken into consideration. This hotel is situated in London, United Kingdom offers
luxurious amenities to their guests.
This project demonstrates an investigation into relevant opportunities provided with
entrepreneurs in relation to performance of varied business operations. This project also
highlights an understanding of differential mega trends which helps an organisation to move on
for attaining their specified objectives.
MAIN BODY
Influence of digitalisation and use of artificial intelligence on tourism as well as hospitality
industry
This analysis is based on investigating opportunities present in market for smooth
functioning of organisational operations (Chen and Liu, 2020). Opportunity which lies in market
for tourism and hospitality industry are use of artificial intelligence as well as digitalization. It is
significant for organisations to transform their business operations into digital means. Varied
organisations took help of artificial intelligence which helps them to gain competitive advantage
in industry. Through adoption of digital techniques, it is easy for hotels come under hospitality
sector to reach a larger segment of consumers. In relevance to Ruby Lucy Hotel, managers have
taken help of digitalisation and post unique characteristics and provided amenities on official
social media account.
Advancements made for adopting artificial intelligence in tourism sector helps
individuals to reserve as well as cancel their tickets in an easy manner (Coulibaly, Erbao and
Mekongcho, 2018). It has also fastens their processes of refunding in case of cancellation of
tickets. Tourism industry has provided been provide with opportunity of using social media
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handles. As people share their experience about places they visit and also provide feedbacks as
well as reviews for hotel they stay. Through this exercise hotels managers can gain valuable
insights of people and modify their processes as per their demands. This helps hotels and tourist
places to improve their brand awareness. It is significant for managers of Ruby Lucy Hotel to
critical analyse provided feedbacks and reviews of their guests as well as improve their processes
as per the needs of their visitors. This practice helps them to gain a massive number of
customers. Digitalisation also assists individuals in comparing the prices offered by different
hotels for accommodations as well as provides amenities by them.
Mega trends to be considered in hospitality sector as well as tourism industry
Mega trends can be understood as pattern or movement which is highly emerged in
external macro environment (Ferreira and Et. Al., 2017). These are emerging forces that impacts
varied kinds of products or services that is demanded by consumers in coming future. These
mega trends have influence on almost every business activity of establishments operating in
market. These mega trends can change the thought process society and also influence on the
working of business operations around a globe in a sizeable manner. Mega trends in relevance to
Ruby Lucy Hotel are mentioned below: Impact of covid-19 and global lockdown- This has impacted business operations all over
the world in a significant manner. Due to global pandemic, all the establishments are to
be closed down in all over the world and people were asked to follow varied protocols for
curbing the transmission of corona virus (Mrożewski and Kratzer, 2017). At the later
stages when organisations are trying to overcome form losses occurred that time, they
have taken the help of digitalised techniques. This helps them to follow all the protocols
and improve their business activities. Business operations of Ruby Lucy Hotel are
hampered due to close down of transportation routes. This has affected tourism as well as
hospitality industry as people are not preferring to travel for their leisure activities.
 Economic instability- This is an another mega trend that needs to be consider while
measuring influence of macro environment factors on business operation. It leads to
increase in prices of products, high rates of unemployment and lower purchasing power
of individuals. It impacts business houses on a global basis and compels them to change
their business patterns. Lower purchasing power of individuals leads them to spend less
on their leisure activities and hampers their profit margins.
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Trends emerged in hospitality sector Personalisation- It is needful for organisations operating in an hospitality sector to
provide personalised experience to their visitors. Managers of Ruby Lucy Hotel have are
providing their customers a personalised experience through digitalisation of activities.
They can use softwares like Mailchimp and Zoho in order to connect their customers
through personalised e-mail marketing which can help to influence large masses. At the
time of covid pandemic, it is better way to get in touch with regular visitors.
 Experience economy- People expected to have unique experiences this leads the trend of
independent or solo traveller (Provasnek and Et. Al., 2017). This has impacted tourism
industry in a significant manner as it leads to minimizes the role of travel agents.
Travellers today are not prefer to spend their wealth on making their experiences
luxurious but they want to spend wisely. This exercise has deteriorated profit margins of
Ruby Lucy Hotel as economic instability lowers purchasing power of people and prevent
them to spend their income wisely.
Opportunities to be assessed due to analysis of mega trends
Analysis of mega trends that have impacted business operations on a world wide basis
and trends that influence hospitality sector as well as tourism industry have shown that it is the
time in which organisations can digitally transform their activities (Nakara, Messeghem and
Ramaroson, 2021). Opportunities provided to managers of Ruby Lucy Hotel to use extensive
marketing strategies and use of digital techniques that provides them an opportunity to reach a
massive number of visitors. People choices are widely depends on choosing destination for visit
through feedbacks and reviews on online sites. Opportunity provided with managers of Ruby
Lucy Hotel is to expand their business through use of digital means. They can also include
healthy diet meals in their menu to cater the healthy needs of their visitors after covid pandemic.
Proposal for new product or service on the basis of analysis of mega trends
Covered in academic poster
Feasibility study or justification of business idea
Feasibility study is conducted for gaining insights about collection and evaluation of
presented information in order to find out the accessibility as well as viability of business idea.
This study will help managers of Ruby Lucy Hotel in analysis of available resources and check
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how they will assists in gaining competitive advantage. At first, preliminary analysis is
conducted whereby, emerging mega trends are analysed. Secondly, a projected income statement
should be prepared by managers of Ruby Lucy Hotel. Next step is to conduct an extensive
market research which helps them to gain insights about customer's preferences. Last step,is to
review the collected data and move on with pre-determined product idea.
CONCLUSION
From the above research report, it has been concluded that it is desirable for organisations
to carefully identify and evaluate varied emerging trends from market. For effective performance
of business operations, it is needed to do extensive market research which helps them to gain
insights about consumer preferences and perceptions.
REFERENCES
Books & Journals:
Caputo, A. and Ayoko, O. B., 2021. Entrepreneurship, Innovation and Organizational
Behaviour. Journal of Management & Organization. 27(4). pp.621-625.
Chen, J. and Liu, L., 2020. Customer participation, and green product innovation in SMEs: The
mediating role of opportunity recognition and exploitation. Journal of Business
Research. 119. pp.151-162.
Coulibaly, S. K., Erbao, C. and Mekongcho, T. M., 2018. Economic globalization,
entrepreneurship, and development. Technological Forecasting and Social Change. 127.
pp.271-280.
Ferreira, J. J. and Et. Al., 2017. Effects of Schumpeterian and Kirznerian entrepreneurship on
economic growth: Panel data evidence. Entrepreneurship & Regional
Development. 29(1-2). pp.27-50.
Mrożewski, M. and Kratzer, J., 2017. Entrepreneurship and country-level innovation:
Investigating the role of entrepreneurial opportunities. The Journal of Technology
Transfer. 42(5). pp.1125-1142.
Nakara, W .A., Messeghem, K. and Ramaroson, A., 2021. Innovation and entrepreneurship in a
context of poverty: a multilevel approach. Small Business Economics. 56(4). pp.1601-
1617.
Provasnek, A. K. and Et. Al., 2017. Sustainable corporate entrepreneurship: Performance and
strategies toward innovation. Business Strategy and the Environment. 26(4). pp.521-535.
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