This presentation discusses the external factors affecting the hospitality industry, SWOT analysis of Rosewood London, and current and potential trends in the industry.
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The Contemporary Hospitality Industry
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Table of contents Introduction Assessment of factors SWOT Analysis Current and Future trends in hospitality industry Conclusion References
INTRODUCTION Hospitality Industry works for providing of different services to the customers and clients. In this presentation, discussion will be made on externalfactorsaffectingthehospitalityorganizations,theirinternal environment and current and potential trends in the industry.
Assessment of factors There are various types of factors which affect the organizations working within the hospitality industry. These factors are as follows- PESTEL analysis- Political factors- These factors impact the businesses because they have to be analyzed by them before making a strategy. Economic factors- These factors are necessary to be considered by the businessesbecauseeconomicconditionsarequiteever-changingin nature and therefore are required to be considered by the businesses.
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Continued… Social factors- These factors can be considered by organizations because social customs and traditions put an influence on their businesses. Technological factors- These factors are important for the businesses because technology has to be considered for ensuring proper working of the organization in the future. Environmental factors- These factors are necessary to be considered becauseenvironmentlawsareprettystrictnowadays.Thusthe organizations need to comply with them. Legalfactors-Thesefactors arerequiredto be considered bythe businesses because they can put an influence on the level of profits.
Continued... Fromtheanalysisofthefactors,itcanbeconcludedthatthereisa requirement for the hospitality organizations to be identify the impact which they will put on their overall operations, Thus the managers of Rosewood London must identify and assess the impact which is put by these factors. The dynamic requirements in the hospitality industry keep on changing and thus it is essential for the company to be able to adjust according to them. The management of Rosewood London is required to make sure that these dynamic requirements are met in a highly effective manner by making a proper strategy for dealing with the influence generated by each of these factors on the organization.
SWOT analysis SWOT analysis a tool in management which is used by the organizations to assess their internal environment. The analysis in the context of Rosewood London is as follows- Strengths- Rosewood London is a five-star hotel and thus enjoys a substantial customer base which can lead to its growth. Rosewood London is much ahead of competitors and therefore this serves as an area of its strength. Weaknesses- The marketing plans of Rosewood London leave a lot to be desired as they are behind that of its various competitors present in the market. The prices which have been set by Rosewood London for some of its rooms are very high which can lead to loss of its business.
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Continued… Opportunities- Rosewood London has an opportunity to make sure that it is able to expand internationally to locations where it is not present. This can generate more profits for it. Rosewood London can make sure to use the opportunity of tourism seasons in the year to increase its profits effectively.
Continued… Threats- Rosewood London faces a threat from ever-rising competition level in the hospitality industry because it can reduce its profits. Rosewood London faces a threat from the increase in tax rates by the government which can reduce its profits.
Continued… Impact on decision-making- Rosewood London’s SWOT analysis can impact its decision-making. This is so because its managers need to take a right decision on the basis of the analysis to be able to make sure that they are using the right strategies in order to earn higher profits in the future time period. In this manner, strategic change can be brought by the management of the organization so as to acquire a distinct competitive edge within the market of the country.
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Current and potential trends in the hospitality industry The trends in business keep on changing rapidly. It is important for the businesses to keep a track with them in order to sustain themselves in the market. The current and potential trends in the hospitality industry are as follows- Current trends- Useofdigitalmarketing-Digitalmarketinghastakenoverthe marketing operations in several of the hotels. Rosewood London has started using it for its marketing and promotion. This allows the hotel to get ahead of its various competitors in the market. Smart rooms- Smart rooms are now the norm across the hospitality industry. It is so because they offer facilities to the guests and customers of the hotel. Thus Rosewood London has added various facilities to its rooms in the hotel by making them smarter so that it is able to attract the customers and clients towards itself.
Continued... Advanced technology- In the hospitality industry the advanced technology is being used so as to provide the right facilities to the customers. In the context of Rosewood London, it is essential to provide it to the customers and clients to ensure their satisfaction. Online facilities- In the current age, the use of online facilities has picked up pace. Thus for Rosewood London, it is crucial to provide these facilities to the customers.
Continued… Potential trends- Artificial Intelligence- Artificial Intelligence i.e. AI is going to be used more commonly in the hotels in future period of time. This is because it offers seamless experience to the guests as well as also reduces the workload of the staff of the hotel. Therefore Rosewood London has to plantointroduceAIinitsoperationsandthusitneedstoplan accordingly. Use of robots- Robots are going to be used in the future period of time in the hospitality industry to provide various facilities to the customers and clients. Rosewood Hotel has to plan accordingly and make sure that it is able to use them effectively and efficiently so that it can maximize its level of profits and also achieve its goals and objectives.
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Continued... Globalperspective-Inthefuture,therewillbearequirementinthe hospitality sector to make sure that global perspective is given importance. In the context of Rosewood London, there is a requirement that its managers give the required priority to global perspective to be able to expand globally. More demand- In the future, there will be more demand of the hospitality services because of increase in the number of customers. Therefore, in the context of Rosewood London it is important to make sure that the right approach is taken to deal with this increased demand by providing the right services to the customers and clients.
CONCLUSION From the above presentation, it can be concluded that hospitality industry has to work forward to ensure that they provide the best facilities to customers and clients. It is a fast-growing industry which has a lot of potential in the future period of time.
REFERENCES Manning, L., 2018. The value of food safety culture to the hospitality industry.Worldwide Hospitality and Tourism Themes. Zoghbi-Manrique-de-Lara, P. and Guerra-Baez, R., 2016. Exploring the influence of ethical climate on employee compassion in the hospitality industry.Journal of Business Ethics. 133(3). pp.605-617.
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