Impact of Corporate Events: Business Travel Market and Hotel Industry

This report provides a comprehensive overview of the business travel and hotel industry, examining its scope, key trends, and the impact of corporate events. It identifies the major components of the travel and tourism industry, including lodging operations, transportation services, and retail stores, and highlights the significance of the hotel sector. The report delves into the top three trends influencing the business travel market, such as live chat capabilities, mobile booking, and cybersecurity concerns, emphasizing their importance for business travelers. Furthermore, it explores how hotels are adapting to meet the evolving needs of business travelers through websites, social media, and innovative technologies like voice technology, artificial intelligence, online booking apps, and cloud computing. The conclusion emphasizes the correlation between corporate events, business travel, and the hotel industry, highlighting the increasing business opportunities and revenue generation for both sectors.

Corporate event

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................6
REFRENCES...................................................................................................................................7
.........................................................................................................................................................8

INTRODUCTION
Travel industry is made up of complex web relationship within several
suppliers, tourism products, destination marketing organisations, travel
agents, tour operators and so on (Kim,Park and Ryu, 2017). Travel and
tourism industry has wide scope because people are travelling from one
nation to another because of several reasons such as business meetings and
expansion, family tour, adventures travelling and so on. While travelling
there is requirement of accommodation also for staying which result in
enhancing business of hospitality industry. This assignment is based on
overall travel and tourism industry. It is going to explain top three trends
that will influence the business travel market and demand of the business
consumer. Along with the, size and scope of the corporate hotel industry and
business travel sector. Their are several trends in the business travel sector
because of various innovation which will going to be discuss.
MAIN BODY
Topic of article: '' The top three trends that will influence the
business travel market and the demands of the business consumer.''
Travel and tourism industry now a days become largest civilian sector
in the globe, as per the statistics it has been identified that out of every 10
person one is the part of respective industry (Welford ,2016). There are five
major parts in which travel and tourism industry is divided are shown
below :- Lodging Operations – Motels, Hotels, Resorts, Timeshare hotels,
conferences centres, B&B, Casinos etc.. all comes under lodging
operations and it is the largest sector within respective industry. Transportation Services – Bus, Auto, Railways, Metro's, Bikes, Ships,
Air Planes etc.. Food and Beverages Operations - Snack Bars, Cruise Ships,
Vending Machines, Catering, Bars, Lodging Properties Retail stores and
so on.
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 Retail Stores – Gift shops, Souvenir shops, Handicraft, Art shops,
markets and so on.
 Activities – Study trips, Sporting events, Ethnic Festivals,
Entertainment, Recreation, businesses etc..
The article About Travel and Tourism Industry has stated that
Hospitality industry (Hotel Sector) is part of larger associations which is
known as travel and tourism industry (About Travel and Tourism Industry,
2018). It have vast group of business with one common goal which is to
provide needed or required goods and services to tourist.
From the article of numbers of hotel and similar accommodation
business in UK from 2008 to 2017 states that, there are approx. 9.75
thousand hotel business are operating in United Kingdom (Number of hotel
and similar accommodation businesses in the United Kingdom (UK) from
2008 to 2017, 2019). Apart from this, Hotel industry and business travel
sector both have have several scope as well as opportunity explanation of
these are as follows :- Travel agencies – These are the agencies which provide convenience
and assistance to the travellers who are travelling from one part of the
nation to another. Thus, hotel and business travellers have scope of
entering into business of travel agencies because everyone want
smooth vacation which can be possible only when they select correct
travelling agency (Jo, Kim and Park, 2015).
 Event management – In hotel several events are conducted such as
birthdays, anniversary, appraisal party, business events and so on.
Thus, hotel organisations can utilise their project management skill for
organising and managing such large scale events. Whereas, business
travelling company also have scope of event management which can
be related to conferences, meetings, seminars, product launching etc..
The Article about Major Trends In Business Travel has stated that there
are several current trends that getting emerge within business travel sector
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as well as they are important for respective industry (Major Trends In
Business Travel, 2019). Explanation of these are as follows :-
 Live Chat capabilities on websites – Every organisation in travel
industry have their website because it is important for maintaining
direct relation with customers and providing them information related
to latest travelling packages (Shaukat, Qiu and Trojanowski, 2016).
Along with this organisations are providing live chat facilities because
people still feel comfortable in talking with human beings not only on
phones but face to face. Main reason behind liking live chat is instant
answer without putting call on hold. Apart from this, there are approx.
79% of associations who are offering live chat and it result in higher
sales, customers loyalty, revenue etc..
 Mobile booking on the rise – People are preferring booking with
their smartphones now a days because it is easy and not time
consuming. Most important is that there is no requirement of
contacting any travel agent regarding booking. As per the google, in
2017 79% of the mobile travellers completed their booking through
smartphones.
 Cybersecurity concerns – Business travellers always come with
some important data which require proper security. Because of this,
business travel sector is providing cyber security for securing WiFi as
well as Bluetooth connection. Along with this safe place for keeping
their electronic gadgets securely.
All the above mention trends are important for business travelling
sector, because all these help business travellers in making their trip easy
(Epstein, 2018). Through mobile booking there is no requirement of
contacting any agent as well as it also assist in time saving. Whereas, live
chat is important because through it there is no requirement of waiting for
the answers related to any query. It can be solve within a minutes while
communication take place through live chat. Moreover, cybersecurity is
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necessary because there are several hackers in the environment who can
easily hack important data of business travellers through Bluetooth or WiFi.
Now a days most of the hotels provides travelling sector facilities to
business travellers by identifying their current requirements and needs
(Meng And et.al., 2016). For this procedure they implements several
innovative procedures as :- Websites – Hotels can maintain direct relation with travelling
organisation for providing facilities related to travel and tourism
industry to the business travellers. Hotels mention detail about the
travelling services on website for designing it in more attractive way.
Because generally business travellers visit other nations with the
motive of expansion or any meeting in that duration they don't have
time to go any travelling agent. Thus, services providing by hotel will
be use by them related to travelling.
 Social media – There are several tools of social media such as twitter,
LinkedIn, Facebook etc.. on which hotel industry organisations have
their pages that help in attracting large number of customers,
providing latest information to them, enhancing customer base and so
on (Graafland and Noorderhaven, 2018). Along with the detail of hotel
they will also mention information related to travelling organisations
also. So that, business travellers can directly contact to them as well
as through hotels.
All the above mention practices result in enhancing customer base
related to business travellers of travelling organisations. It will easy and less
expensive when travel package is directly designed by the company instead
of any agent or broker.
Business environment is dynamic in nature due to which several
modification also take place in business same as in hotel and business travel
industry. There are several modification taken place explanation of these are
as follow along with the name of organisation who are applying it :-
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 Voice Technology – It is an digital novelty implementing this is
beginning of disruption in hotel and business travel sector
(Schaltegger, Burritt and Petersen, 2017). Because large number of
customers are switching from typing search to voice interaction. Along
with this, Numerous hotels and business travel sector has started
experimenting with voice-activated devices (Lia nd et.al., 2017).
Example of some organisation are; Marriott International, Kimpton
Alexis Hotel and so on. Artificial Intelligence (AI) – It is an technology which is behind
development of other technologies as well as innovations in the hotel
and business travel sector. The ways in which artificial intelligence
provide assistance to the industry can be categorized within three
major categories such as Machine Learning, ChatBots or TravelBots,
and Robots (Stewart and Davis ,2016). Operation of artificial
intelligence generally needed intervention of human and required lots
of time for adopting or learning new skills, can be automated, thus
speeding up processes, while enhancing quality as well as
performance, and result in reducing costs. There are several
organisations of respective industry who are using it such as Radisson,
Marriott International and several others also. Online booking app – There are various app which can be use for
booking hotels such as Agoda, Trivago, Airbnb, TripAdvisor and so on.
In simple worlds, this is known as mobile technology which make day
to day activity of hotel and business travel sector easy (Chi and Wang,
2017). Because with the assistance of such app travellers can book
hotel, resorts and so on by sitting anywhere. It don't take any
commission from the customers as well as if their will be any deal then
also explained by them for the benefits of buyers. In today competitive
business environment every type of hotel and business traveller
organisation are using these.
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 Cloud Computing – It is the best technology through which data and
information can be save which may be required in future. For hotel and
business travel sector it is necessary to maintain records of their guest
because all these may be required in future for identifying new and
existing customers (Ağan and et.al., 2016). Apart from this, also for
maintaining direct relation with them because in data contact detail
are also mention. Cloud computing is very common technology which
is implementing by many of the business travel and hotel industry
organisation. There are several advantages of it such as lower
operational cost, remote working and improving experience of guest.
CONCLUSION
From the above discussion it has been concluded that, corporate event
such as business travelling have wide impact on the hotel industry. Because
while travelling there is requirement of accommodation also for staying.
Along with this, there are several emerging trends in business travel sector
which is important for easy working such as live chat option on websites,
mobile booking and cybersecurity. Moreover, as an emerging trends hotels
are providing travelling facilities to business travellers from their picking up
to tour and dropping. Although, all these activities result in increasing
business of both hotels and travelling organisations as well as also in
generating revenue.
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REFRENCES
Books and Journals
Kim, H., Park, K. and Ryu, D., 2017. Corporate environmental responsibility: A
legal origins perspective. Journal of Business Ethics. 140(3). pp.381-
402.
Welford, R., 2016. Corporate environmental management 1: systems and
strategies. Routledge.
Jo, H., Kim, H. and Park, K., 2015. Corporate environmental responsibility and
firm performance in the financial services sector. Journal of business
ethics. 131(2). pp.257-284.
Shaukat, A., Qiu, Y. and Trojanowski, G., 2016. Board attributes, corporate
social responsibility strategy, and corporate environmental and social
performance. Journal of Business Ethics. 135(3). pp.569-585.
Epstein, M.J., 2018. Making sustainability work: Best practices in managing
and measuring corporate social, environmental and economic
impacts. Routledge.
Meng, X.H. And et.al., 2016. The impact of product market competition on
corporate environmental responsibility. Asia Pacific Journal of
Management. 33(1). pp.267-291.
Graafland, J. and Noorderhaven, N., 2018. National culture and
environmental responsibility research revisited. International Business
Review. 27(5). pp.958-968.
Schaltegger, S., Burritt, R. and Petersen, H., 2017. An introduction to
corporate environmental management: Striving for sustainability.
Routledge.
Li, D. and et.al., 2017. Effects of corporate environmental responsibility on
financial performance: The moderating role of government regulation
and organizational slack. Journal of Cleaner Production. 166, pp.1323-
1334.
Ağan, Y. and et.al., 2016. The relationships between corporate social
responsibility, environmental supplier development, and firm
performance. Journal of Cleaner Production. 112. pp.1872-1881.
Chi, C.L. and Wang, J., 2017. Case Study 9.1: Academic/Corporate
Partnerships: Development of a Model to Predict Adverse Events in
Patients Prescribed Statins Using the OptumLabs Data Warehouse. Big
Data-Enabled Nursing: Education, Research and Practice, p.172.
Stewart, C. and Davis, A., 2016. Online branding of the offline experience:
the importance of corporate branding for experiential events.
Online
About Travel and Tourism Industry,2018.[Online].Available
through<https://setupmyhotel.com/train-my-hotel-staff/front-office-training/
74-hospitality-and-tourism-industry.html>
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Major Trends In Business Travel, 2019.[Online].Available
through<https://www.lctmag.com/article/730613/15-major-trends-in-
business-travel-for-2018>
Number of hotel and similar accommodation businesses in the United
Kingdom (UK) from 2008 to 2017, 2019.[Online].Available
through<https://www.statista.com/statistics/558040/hotel-number-of-
enteprises-uk-united-kingdom/>
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