Waterside Inn: Innovation, Market Research, & Implementation Plan

This report explores innovation in the hospitality industry, focusing on contactless services and their implementation, particularly within the context of Waterside Inn. The innovative concept of a body temperature control room is examined through market research, including customer demographics, expectations, and target market trends like digitization. The report analyzes the competitive landscape, marketing channels, and financial returns, with projections of $5,000,000 in profit within the first four months. A SWOT analysis identifies strengths such as contactless service and competitive advantage, weaknesses including high R&D costs, opportunities for differentiation, and threats related to implementation costs and competition. The conclusion emphasizes the potential for Waterside Inn to leverage differentiation, providing a competitive edge. The report further discusses implementation strategies related to product, price, place, and promotion, referencing books and journals on blockchain technology and AIOps.

INNOVATION IN
HOSPITALITY

Table of Contents
Introduction
Innovative concept:
Market research
Conclusion
Implementation
Summary
References:

Introduction
 The changes and improvements in the systems, products and
procedures
 Help to transform and grow

P5: Innovative concept:
 Body temperature control room

Market Research
Industry and market environment
 Market Demographics- High income groups
 Market trends- Digitization and Contact less
tests
 Marketing channels- Direct sales, Online
sales
Financial returns
 Sale- 30,000 in the first 4 months
 Profit- 5,00,0000$.
Customers
 Customer expectations- high
 Target market- Premium customer
segment
Competitors
 Major competitors-Prime vacation rentals
and Pagosa Realty Rentals LLT
 Pricing structure- Premium pricing
 Promotion- Discount coupons

Swot analysis
 Contact less service
 Competitive advantage
 No touch display
Strengths

Weaknesses:
 Huge costs of research and development
 Highly expert employee force

Opportunities
 Differentiation
 High market demand
 High customer expectation

Threats
 Additional costs of implementation and
high costs of suppliers
 Competition
 Limited target customer base

Conclusion
 It is an opportunity for Waterside Inn to leverage differentiation.
 It can provide huge benefits and competitive edge to the company.

Implementation
 Product
 Price
 Place
 Promotion

Summary
 Contact less services are new market trend
 The innovative service is an invention
 It will offer various benefits and opportunities to the company