Search icone
Search and publish your papers

The hospitality industry

Or download with : a doc exchange

About the author


About the document

Published date
documents in English
6 pages
1 times
Validated by
0 Comment
Rate this document
  1. Introduction.
  2. Hospitality definition & characteristics.
  3. Financial strategy.
  4. Human resources strategy.
  5. Marketing strategy.
  6. Conclusion.
  7. References.

In today's highly competitive business environment, budget orientated planning is insufficient for a large corporation to survive and prosper. Indeed, rapid-paced changes in trade, technology and investment patterns are elements that are impacting each business in one way or another. That is why, to ensure the permanence of their business, each firm must embark on an efficient strategic planning process. A strategic plan is a "road map" which leads an organization from where it is now to where it would like to be in five or ten years. In other words, "strategic planning is a disciplined effort to produce decisions and actions that guide and shape what the organization is, what it does, and why it does it" (Bryson, 1995). Moreover, hospitality and leisure industries are increasingly recognised as important to the competitiveness of the worldwide economy that is why, "strategic Planning is essential to survival in food service and hospitality today" (Feltenstein, 1992). The following report is going to critically analyse the view that managing the strategic planning process in the hospitality industry is no different to any other industry. "It is rarely clear whether hospitality should be conceived as a product, a process, an experience, or all three!" (Brotherton, 1999, p. 165) As it is seen in the literature, many definitions are related to the hospitality concept. Thus, Cassee and Reuland (1983, p. 144) proffered a definition of hospitality as "a harmonious mixture of food, beverage, and/or shelter, a physical environment, and the behaviour and attitude of people".

[...] Moreover, the hospitality industry is characterized by a high turnover, but in order to avoid the development of a turnover culture some hotel chains set up some retention bonuses to influence employees to stay. Thus, the well-known Marriott Hotel chain offers its employees a large range of compensations such as medical and life insurance; annual salary increases; hotel room discounts and ongoing training and career development. The fact is having satisfied employees is especially important for hospitality organizations (Berry, 1981; p. [...]

[...] Financial strategy Nowadays, in a worldwide competitive environment the hospitality industry is characterised by the concept of multi-unit, which reflects the current rise of large firms increasingly dominated by large players such as Accor, Hilton, Marriot International (Jones p. 155-164) In other words, large hospitality firms are geographically dispersed, often over very large areas and that creates conditions particularly challenging for the operations and financial management functions. Financial strategy selection is influenced by the corporations overall goals and their mission statement. [...]

[...] In this way, as a service, the hospitality industry is composed by several characteristics which show this sector as being different from physical products. The first characteristic which can point out is the intangibility which denotes that services are activities and not physical objects, as it is the case with goods. For example, restaurant food cannot be seen, felt, tasted or touched before purchasing the service. The second characteristic is the inseparability which means that services cannot be separated from the service providers. [...]

Similar documents you may be interested in reading.

Rezidor SAS: CRM in the hospitality industry

 Business & market   |  Management   |  Presentation   |  01/16/2009   |   .doc   |   8 pages

An introduction to the hotel industry: An investigation of the departments

 Business & market   |  Business strategy   |  Term papers   |  08/25/2009   |   .doc   |   36 pages

Top sold for economics

International financial management: Impact of International criminality

 Economics & finance   |  Economics   |  Presentation   |  11/18/2010   |   .doc   |   5 pages

Electronic Commerce and the Purchase Behavior of a French Consumer

 Economics & finance   |  Economics   |  Thesis   |  01/10/2011   |   .doc   |   99 pages