Innovation - Essay Example

Comments (0) Cite this document
Summary
This paper presents innovation which is at the center of the success enjoyed by hospitality organization. The goal of any hospitality institution is to give the customer the best experience, which means company leadership has to think of innovative ways on how to provide the best experience. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.1% of users find it useful
Innovation
Read TextPreview

Extract of sample "Innovation"

Download file to see previous pages From this discussion it is clear that innovation allows hospitality organizations to meet the dynamic needs of the customer. The hospitality is characterized by customers who have changing needs. People are looking for something different and exciting. Innovation allows hospitality organizations to come up with new and effective ways to meet the needs of these consumers. This helps in generation of revenue.

This paper highlights that innovation increases efficiency, which means the cost of doing business goes down. This allows the organizations to charge competitive prices in a bid to attract and maintain customers. The price elasticity of demand in the industry is very elastic. A small change in price can lead to either losing or gaining many new customers. The hospitality industry is full of many different organizations that offer similar services. The stiff competition in the industry has led to the exit of many companies. The key to gaining a unique identity in the hospitality industry is having a unique service delivery system. Innovation fosters service and product differentiation. Innovation has driven organizations to consider frontline employees on multiple skills in a bid to support innovation. Employee training is one way of motivating the workforce because they feel the organization cares about them. This is bound to increase the quality of services and the overall experience of customers. The ultimate effect is additional revenue generation and the creation of a stellar reputation when it comes to quality service delivery. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Innovation Essay Example | Topics and Well Written Essays - 750 words - 1”, n.d.)
Innovation Essay Example | Topics and Well Written Essays - 750 words - 1. Retrieved from https://studentshare.org/human-resources/1701960-innovation
(Innovation Essay Example | Topics and Well Written Essays - 750 Words - 1)
Innovation Essay Example | Topics and Well Written Essays - 750 Words - 1. https://studentshare.org/human-resources/1701960-innovation.
“Innovation Essay Example | Topics and Well Written Essays - 750 Words - 1”, n.d. https://studentshare.org/human-resources/1701960-innovation.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Innovation

Innovation

...?Literature Review on Innovation Innovation had long been recognized as an important driver of firm profitability and performance, and as a vital source of competitive advantage in any industry. The ability of a business to arrive at creative and insightful designs and methods by which it may meet consumer demands and expectations has always been an attribute that culls consumer loyalty to its products and services. The same is true with the construction industry, where different construction firms are held to public scrutiny by such standards as cost, speed and quality of project execution, but also increasingly by its track record for safety and environment sustainability, its consistency with...
19 Pages(4750 words)Literature review

Innovation

...? Innovation and Change "Critically evaluate the claim that any Organization can learn to be innovative" Table of Contents S.No CONTENTS PAGE Introduction 2 2. Change 2 I. Changes with respect to External and Internal Factors 2 3. Innovation 5 4. Innovation And Entrepreneur 7 5. Entrepreneurial steps for innovation 8 6. Innovative Organization 9 7. Mergers, partnerships and alliances promoting Innovation 15 8. Conclusion 16 9. References 17 Introduction Innovation and Change have become 'buzz words' in the last one decade (2000-2010) and it is expected to be more buzz during the current and next ten years...
4 Pages(1000 words)Essay

Innovation

...? Innovation Contents Contents 2 Introduction 3 Current Business Situation 3 Stakeholders 6 Recommendation 6 Implementation 8 Reference 10 Introduction The creating of an organization is fundamental to the process of innovation. Innovation itself constitutes the part of a system that produces it. Therefore, the ability of an organization to innovate utilizing its resources and technology is an important condition for the success of any organization. But the introduction of new technology often creates a complex situation for the organizations which leads to the changes in managerial practices within the organization and also emergence of new forms (Lam, 2004, p.3). In the...
4 Pages(1000 words)Term Paper

Innovation and Innovation Behavior

...[Type the company Innovative behavior is dependent on firm size Introduction It is now well accepted that innovation is one of the key determinants of success of firms irrespective of its size. Today there is no company, big or small that does not profess or claim that it is or strives to be innovative in order to be successful. Firms claim to have innovation strategy. Schumpeter's writings, in the mid thirties of the last century points out that innovation as a key driver of economic growth. Companies try to outdo other company's in claims of being innovative. They reassure their investors, shareholders by saying that because they...
8 Pages(2000 words)Research Paper

Innovation

...Innovation: The Internet First Last Dr. TeacherFirst TeacherLast Number 25 May Innovation: The Internet Pervasive Internet becoming a part of life Futurist Raymond Kurzweil aptly stated that “if the automobile industry had made as much progress [as computers] in the past fifty years, a car today would cost a hundredth of a cent and go faster than the speed of light." (1999, pp. 21, 25). The pervasiveness of the Internet has been a confluence and result, and indeed also the driver, of many of the information and communication technology changes that we see today. Just like a new road links a far off farming community to a national road network, the Internet has allowed people and businesses all over the...
2 Pages(500 words)Essay

Innovation

...Innovation A technology driven company is an organization whose main objective is to come up with better technology (During, Oakey, &Kauser, 2005). This is what attracts customers to these organizations, furthermore an example of a technology driven organization is Esri international and Apple. A market driven company ensures that it is able to get market for their products by focusing on the market and customers. For example, Cisco is a market driven company. The company’s every decision is based on its customers, and it always tries to ensure that the customers benefit from their products and strategies. The main difference between technology driven and innovative driven companies is that technology...
1 Pages(250 words)Essay

Innovation

...Participation in Open Innovation Project May 28, Table of Contents Introduction 7 Introduction 7 1. Definition and evolution of open innovation 7 1.2. Stages in open innovation projects 9 1.3. Types of open innovation 11 2. Participation in openIDEO 11 2. Participation in openIDEO 11 2.1. Details of my participation 13 3. Conclusions 17 3. Conclusions 17 References 19 References 19 Appendix 23 Appendix 23 List of Figures A.1. Home page of the project (OpenIDEO, 2014) 23 A.2. List of my activities in the forum 25 A.3. Screen shot of my first post on the forum 27 A.4. Another post in the forum 27 A.5. First step in the idea submission process 27 A.6. Second step in completing the form 29 A.7. Last step in completing the form 31 A.8... . The...
6 Pages(1500 words)Assignment

Innovation

...Essay: Business Google Google is the most popular and “googled” company in the world of business at present. Just like Coca-Cola and IBM were some of the best companies decades ago, everybody wants to model themselves after this great company now. Whats the secret to Google’s innovation and how long will it enable it to remain competitive in its industry? Google relies heavily on innovation for its growth. Google recruits “the best and brightest”(top GPAs,top schools, in spite of experience and age).It has also created atmosphere which is the desire of every Generation X or Y worker; cafeterias, flexible working schedules as well as the 20% policy which allows each employee to make use of one day every week researching on a unique... and...
1 Pages(250 words)Essay

Innovation

...skills, invoking knowledge in addition to ensuring profitability for an organisation. References Bijker, W.E. & Law, J. (1995) Shaping technology/building society: studies in socio-technical, Change MIT Press. Dusek, V. (2006) Philosophy of technology: an introduction, Wiley. Grint, K. (2005) The sociology of work: introduction, Polity. MacKenzie, D.A. & Wajcman, J. (1985) The social shaping of technology: how the refrigerator got its hum, Open University Press. Megill, A. (1994) Rethinking objectivity, Duke University Press. Rogers, E.M. (2003) Diffusion of innovations, Simon and Schuster. Scharff, R.C. & Dusek, V. (2013) Philosophy of technology: the technological condition: an anthology, Wiley. Smith, M.R. & Marx,...
8 Pages(2000 words)Essay

Innovation

...Innovations challenge personalities Media are commonly blamed for changing mass opinion and influencingmass behavior. Despite the traditional factors like a social environment (family, friends etc.), education and so on, media are what affect modern humans’ personalities. With the ongoing scientific and technological progress, media are now more and more personal and are embodied in a variety of digital devices, usually connected to the Internet. World Wide Web has its specifics comparing to more traditional media (TV, magazines etc.), because it provides users with almost unlimited access to information, and vice versa, users are providing Internet with information about themselves. This process naturally is making...
4 Pages(1000 words)Essay
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.

Let us find you another Essay on topic Innovation for FREE!

Contact Us