Hospitality Sector in the United Kingdom

Added on - Dec 2020

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Individual Report
EXECUTIVE SUMMARYSmart Fast Hostel is an attempt to alter the manner in which hostel are views by travellersvisiting the United Kingdom. The flexibility and private accommodation which has been desiredby contemporary travellers is being provided by building technology oriented hostels. Thepresent of such accommodation over online platforms have given it the much needed push todevelop in the UK market. The reliance on technology has ensured that there is minimal errors inservice delivery but are provided with essential human interactions so customers are left with anunmatchable experience.
CONTENTSContents...........................................................................................................................................2CHAPTER 1: Introduction..............................................................................................................1CHAPTER 2: Development Plan....................................................................................................1CHAPTER 3: Feasibility of the new product/ Service....................................................................2CHAPTER 4: Sustainability of new Product/ Service....................................................................4CHAPTER 5: Factor that limit development of product/ Service...................................................6CHAPTER 6: Conclusion................................................................................................................8REFERENCES................................................................................................................................9
CHAPTER 1: IntroductionHospitality industry is an organisation which is known to deliver services relates tohousing and entertaining of guests. It is referred to be one of the most crucial industries in theUnited Kingdom prior to the rise of the travel and tourism in the country (Caragliu, Del Bo, andNijkamp, 2011). The hospitality sector comprises of the numerous segments such as hotels,hostels, restaurant and pubs. The contribution of this segment in the economy of UnitedKingdom stands at 4%. Hostel can be referred to a crucial element of the hospitality industry inthe United Kingdom. They are known to deliver budget-oriented services to traveller rangingfrom lower middle class. They are often perceived to be properties who are known to offershared accommodation to people across the country.The concept of Smart Hostel is relatively a newer concept which aims to deliver betterservice through reliance on technological developments. This report focuses on the Smart-FastHostel, it is an smart hostel which is emphasizing on providing services at the affordable rate.The report will focus on the considering feasibility of this organisation in the market of theUnited Kingdom. The sustainability of this business will be measured along with identificationof the factors which lead to limit the growth of this business in the market so that they could beaddressed (Biswas and Kobayashi, 2013).CHAPTER 2: Development PlanThe development plan of the hostels in the contemporary market can be ascertainedthrough undertaking a competitive analysis. The analysis helps in determination of the factorswhich can be termed as favourable for the organisation. The application of porter's five forceswill help in forming a development plan for hostel in the contemporary hospitality industry. Thevarious elements of the porter's five forces are as follows:Competition in the industry: It can easily identify that there is an intense competition inthe hospitality industry in the United Kingdom. There are numerous organisation catering similarservices and there is a low switching costs for consumers. There are numerous hostels which areoffering up-to-date services to people at competitive prices. The name of such rival organisationare YHA, Generator, Joe&Jo, St. Christopher which have been able to successfully establishthemselves in the market and are earning good profits. Therefore, this smart hostel brand to makesure that services offered are at par with mentioned hostel organisations.1
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