SME and Entrepreneurial Theory for Small Business Marketing in Hospitality Industry

SME And Entrepreneurial
Theory

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Best practice methods and techniques of entrepreneurial marketing..........................................4
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Being entrepreneurial can mean knowing market industry inside out and also to
understand the concept of strategies used to create new opportunities. It is important to share new
ideas, learn from failures and grow experiences. The present report will be based on
entrepreneurial theory used by small and medium enterprises. Furthermore, it will provide
detailed information about small business marketing environment and issues faced by new
ventures.
Hospitality industry is the fastest growing industry in the world adopting various strategies
to satisfy the requirement and needs of customers. This industry has been categorized in various
fields such as food and beverage service, accommodation, travel and tourism, event planning and
many more. Hospitality industry with the help of hotels are just booming and growing rapidly.
This is the reason behind choosing hotel industry because it has enhanced the tourism sector and
created great employment opportunities for people. The chosen SME are ‘The cottage in the
wood and The Haytor hotel situated in UK. Both the hotels provide accommodation services
such as cozy room with beautiful view, food and great customer service.
Small and medium sized enterprises are known as independent companies which employ
fewer than a given number of staff members. This type of enterprise employ fewer than 250
employees and maintain assets, revenues and staffs below a certain threshold.
Small business marketing environment
Marketing environment is all about internal and external factors that can impact the
company’s operations and decisions indirectly or directly. Small businesses need to focus on
these factors such as social trends, environmental trends, changing technology, changing policies
tax rates and economic conditions. By understanding the concept of these elements, organisation
can easily able to find out its strengths and weaknesses and deal with threats by adopting new
opportunities in the market.
In the present report, selected organisation: The Haytor hotel provides various types of
accommodation services such as rooms, bars, food and beverage and peaceful ambiance.
The cottage in the wood provides beautiful views of the forest valley, beautiful rooms, tasty
food meals and maintaining hygiene and safety for the better experience. both of them provide
guests with an enjoyable experience. The managers of the hotel ensure each individual guest is
experiencing benefits and facilities. Due to covid-19, the hotels has to face a lot of challenges