StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Industry and Market Analysis - Essay Example

Cite this document
Summary
The hospitality industry is based within the service industry and it has a wide range of fields within it like restaurants, lodging, theme parks, transportation, event planning and other fields in the tourism sector. This multi-billion dollar industry principally depends on…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.8% of users find it useful
Industry and Market Analysis
Read Text Preview

Extract of sample "Industry and Market Analysis"

Industry and Market Analysis The hospitality industry is based within the service industry and it has a wide range of fields within it like restaurants, lodging, theme parks, transportation, event planning and other fields in the tourism sector. This multi-billion dollar industry principally depends on customers having enough disposable income as well as leisure time. Each business in the hospitality industry has numerous functionalities for example: management, facility maintenance, human resources, marketing and direct operations (kitchen workers, housekeepers, bartenders, servers and many others).

(Bieber, Meurer, Surmann & Rassek, 2013)A telephone interview with the General Manager of The Surrey Hotel, a luxurious Manhattan hotel on the Upper East Side, Mr. Shan Kanagasingham, revealed that the hospitality industry is one that has great business opportunity in terms of profit margins. According to him, a lot of investors are fighting to have a ‘piece of the cake’ of the hospitality industry. He says that the pool of consumer demand is bigger now for the hospitality industry than it was a while back.

People are more willing to spend money on leisure and entertainment. Business people are also opting for comfortable, luxurious and a first class experience regardless of the amount of money they spend, “value for money” is what they call it. Mr. Shan says that they can get an average of 500 guests in a day whether it is for boarding purposes, visiting the fitness centre or just having a meal in the restaurants or a business meeting in the conference rooms. He however states that the hospitality industry is a very cost conscious business.

The most successful hotels are a joint venture from various investors who pull resources together in order to create the best hospitality experience for its consumers. One needs resources such as buildings or premises, a pool and qualified human capital that will facilitate the running of the hotel among other things.According to an interview carried out with the General Manager of New Intercontinental Dallas Mr. Scott Blakeslee, the likely revenue could average to $120.5 billion for the whole industry in the year 2012.

The America Hotel and Lodging association has recorded an increase in revenue in the hospitality industry over the years. According to Mr. Blakeslee, there has been an increase in occupancy in the industry and thus makes the industry more profitable than other years. Room occupancy in most cases, is what determines the profit margins. However, he was quick to note that this increase has not met the previous peak levels of performance and therefore, it is important that such trends in the industry are analyzed before an investor ventures into the industry.

(The American Hotel & Lodging Association, 2012)Mr. Robert Scott is a frequent customer of various five star hotels in the US. An interview with him just gave a glimpse of what consumers of the hospitality industry are looking for. He in particular visit most hotels for business and considers factors such as helpful technology, serene environment, planning tools and free wireless internet access that will contribute to a successful meeting. Mrs. Amber Rosewood is a leisure traveler and she often travels with family members.

For her, she considers factors such as package deals, convenience in terms of location and transport, serene and relaxing environment and value for money. When choosing an industry for a business opportunity, especially in the hospitality industry, the target clientele is crucial; a business must determine the needs of its targeted clientele. Works CitedDaniel G. Bieber, Ralf Meurer, Thomas Surmann, Nora Rassek. Example Online Marketplace Hotels Whigoo. Retrieved 2013-15-01.The American Hotel & Lodging Association.

2012 Lodging Industry Profile.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Industry and Market Analysis Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
Retrieved from https://studentshare.org/management/1612880-industry-and-market-analysis
(Industry and Market Analysis Essay Example | Topics and Well Written Essays - 500 Words)
https://studentshare.org/management/1612880-industry-and-market-analysis.
“Industry and Market Analysis Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/management/1612880-industry-and-market-analysis.
  • Cited: 0 times

CHECK THESE SAMPLES OF Industry and Market Analysis

Statistics about Coffee Consumption in the United States

hellip; This business is being selected based on the Industry and Market Analysis as a 7% growth rate is observed in the coffee industry of U.... Industry and Market Analysis The main target segment of our coffee shop is the students and faculty as our location is near a university campus but on the basis of market analysis i.... The price range is specially selected keeping in mind the students and also the available market competition.... Special attention has been given to the existing competition in the market....
1 Pages (250 words) Essay

Marketing project

The Industry and Market Analysis has been given for the product of Lipton Ice Tea.... There was a strong forecast in the year 2005 that the tea industry will be growing at a rapid rate in the coming years and analysis shows that the tea industry has been growing at a fast rate with still opportunities available for further growth with innovations and changing market trends occurring.... There is a high market of tea lovers in the United Kingdom and it is because of two major factors....
4 Pages (1000 words) Coursework

Orange Mobile Communications Business

The market analysis provides a clear picture about the emerging industry throughout the world.... It is the goal of the company to get established as the leading distributor of mobile phones in the United States market.... In order… achieve this goal, Orange's primary target will be to identify the market scenarios and trends following the future and integrate them into its company's core strategies.... The employees are committed towards achieving the goals of the organizations and value its principles for competitive market growth and sustainability....
9 Pages (2250 words) Term Paper

Wal-Mart: Porters Five Forces

Fresh Look at Industry and Market Analysis.... In this case, the substitute products and services influences the price elasticity of other products in the market, whereby Wal-Mart: Porter's five Forces Threats of Substitute Products or Services Substitutes of products and services in the porter's model refer to those that are offered by the counterparts in the same industry (Porter, 1980).... In this case, the substitute products and services influences the price elasticity of other products in the market, whereby there are those that are readily available; thus, increasing the elasticity of demand given that customers have more alternatives (Porter, 1998)....
2 Pages (500 words) Term Paper

Business Plan of the Centennial-Realtors Real Estate Business at Colorado

The author states that the fundamental business goal of 'The Centennial-Realtors' is to enter to the highly competitive market and to discover the hidden market opportunities in order to dominate the market of real estate, property transfer, mortgages and title services … The active partners are actively involving in the business operation.... The company goes for selecting experienced personnel because experience and knowledge of the employees can contribute much to the company's success  As it is a starting business, there will be many challenges, especially because of that the market has been severely hit by the recent economic turmoil and there is fierce competition among the businesses, The Centennial-Realtors' main emphasis will be to trace out and uncover the opportunities and growing demand areas that are poorly served by the present real estate companies....
8 Pages (2000 words) Term Paper

Successful Take-Off of the New Business

hellip; This paper tells that there are Industry and Market Analysis which highlights the volume of the footwear industry in the USA.... The competitive analysis of this kind of business is described as well as the marketing strategy.... Below are the data and chart that reveal how profitable the business is going to be when the target consumers/market is given ample consideration.... Figure 1 above reveals how comfortable the washable slippers are to middle-aged men, and this is why they are the main target of the market....
10 Pages (2500 words) Term Paper

Industry and Market Analysis of Wellington Tea

This case study "Industry and Market Analysis of Wellington Tea" discusses the Wellington Tea company whose mission is to bring health-benefits and delights of high-quality customizable teas to the globe.... The increasing customer base of tea in the global market is an example of growing customer demand for tea.... Few large tea companies like Lipton and Crystal Light has dominated the US market place throughout the past years.... Therefore, sales of instant tea are gradually decreasing and the retail chains are becoming popular in the global market place....
9 Pages (2250 words) Case Study

Tricky Widget Manufacturing

They also made industry and market analyses where they found the importance of distributors in marketing heavy equipment products, reputation and cost, and customer demand for reliability and versatility, fast after-sales service, and availability of parts.... Through market analysis, TWM realized the primary consumer of their products – the commercial construction companies- and the effect of the weakening global economy and consumer confidence (TWM, 2001, p....
10 Pages (2500 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us