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Industry and Market Analysis - Essay Example

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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…
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Industry and Market Analysis
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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 Cited
Daniel 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
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