Comparison of Different Kinds of Business Strategies in Relevance to Hospitality Management - Assignment Example

s Question 5: A recent example of hospitality innovation is the emergence of technologically advanced CRM system whichcan be accessed via social media as well. This could act as a booking platform or also as an FAQ (frequently asked questions) forum to add customer friendly experience for the brand development of the companies dealing with hospitality management. This innovation of modified and user-friendly CRM interface is technologically driven software which can be incorporated into the online portal of the company to make it accessible for the customers (Peters 2005). Therefore, the users can now remotely access the hospitality management company, no matter where in the world is it located. Also, customers can book their preferences online which can later be confirmed. In addition, other services may also be offered by the presence of the CRM forum. This particular innovation has various characteristics. Firstly, it is user friendly and accessible not only for the customers, but also for the managers. Also, the financial details and the billing accounts can be handled online which increases efficiency and transparency. In addition, it removes the lengthy booking procedures and hassle of filing system where all records can be saved over CRM databases, which are again easily accessible. In this context, it would be appropriate to mention that service based innovations are quite different from product based innovations. For instance, a product based innovation may also rely on a CRM system for customer dealing, yet more important part of innovation would be related to product design and usability. That is, in product based management, resources for innovation go into product development and quality assurance. Yet, an innovation in the service sector, like the one mentioned earlier, offers a competitive advantage to the company over others who are functioning without the added innovation. For instance, audience online looking up for hospitality management services would rather go for a company which offers a rich online experience, for e.g. an online survey of resorts and easy accessibility to billing information and booking details than the one which has an outdated system with only superficial details. Therefore, unless other companies cope up with the innovation mentioned above, the firms with the technological innovation would be better off and would have a competitive advantage over the other (Hall 2013). Yet, technological innovation must put into consideration relevance to the target market and the kinds of services being offered. Question 6: With the boom in the hospitality industry, the need for trained employees is also increasing. Though hospitality management is learned practically via experience in the field, yet like any other field, a degree requirement would add to the quality of the hospitality management. Therefore, all employees hired to take over the company management must be qualified enough i.e. must possess a degree from a reputable institute to ensure competency in their fields (University of Surrey 1989). In order to assess the nature of such degrees and programs being offered globally, let us assess six such schools. Australian International Hotel School Located in Canberra, this school is one of the most prestigious institutions offering a professional degree in the field. Since the school has an affiliation with Cornell, it is considered an advanced degree. The school also runs a hotel on-site, therefore, in field training is also offered. The graduate programs offered at the campus alongside the diplomas are widely encouraged by the government since various leases and scholarships have often been awarded to improve the status of the programmes. The approach being undertaken by the school is practice one where on site experience is what counts the most. A non-profit network of hotels and schools is also managed by the school which offers more experience to the students enrolled here. (Holiday 1994) Swiss Hotel Management School Given the tourism industry in Switzerland, the school is one of the largest for-profit schools operational in the country. As compared to Australian high school, the school focuses on coursework as much as it does on practical internships which are a requirement once coursework has been passed. Therefore, this school incorporates theoretical learning as well to clarify the concepts of the managers. However, the school has affiliation with top notch hospitality management companies who offer support and commitment to the school which adds value to its programmes. Cornell University School of Hotel Administration As compared to the other business schools mentioned above, the programmes offered by this university are specialized ones since the Ivy League educational standards are retained. The government as well as corporate sector offers immense support to the programme, also as compared to the generic management courses offered at universities mentioned above, this one offers expertise in economics, accounts and other advanced subjects, thereby adding to the managerial side of the programmes. Glion Institute of Higher Education This university, located in England, offers programmes in international hospitality management which caters to the need of the global market. Therefore, students from developing countries are also often enrolled here alongside those from developed countries. Therefore, courses offered here are also generic with support and exposure from for-profit organizations who take interest in the development of quality programmes at school. Emirates Academy of hospitality Management Located in Dubai, the academy has designs its courses in accordance to the diversified hospitality industry of the area. The graduated often get hired at prestigious places like Burj ul Arab and Jumeirah Beach Hotel and thus, the institution gets most backing and exposure from the corporate sector and thus, the programmes are also designed accordingly to suit the needs of the diversified market. Hotel School Vatel This is yet another school system with international exposure which offers various enrollments to international students each year. Therefore, internationally oriented courses offered here focus on both theoretical learning as well as practical exposure. Therefore, various hospitality management schools located in the world offer programmes with diversity depending on the kind of companies supporting them and also in accordance to the kinds of students enrolled into the programmes. (Holiday 1994) Question 3: In order to compare and contrast two different kinds of business strategies in relevance to hospitality management, two such business concepts may be illustrated. Therefore, it must be demonstrated how two completely different concepts may give rise to two distinct kinds of companies. Concept 1: The first business strategy would be to develop a low cost business design with low budget allowance as the strategic advantage. Therefore, while designing a strategy, the resources put into the company would be directed towards the clearly carved out goals which are the ones most crucial to the needs of the customers. Therefore, basic services would be offered and the customers would be offered with a simple yet complete experience while staying in their budget. Technological advances would be at their minimum and merely basic requirements during the stay would be looked for. The concept is to offer a tourist resort with the most attractive appeals of the city in the vicinity of the hotel, yet giving a simple experience to those who are planning a vacation while staying on a budget (Van 2007). Firstly, the management of the company following this strategy would be efficient and crisp so that additional costs are minimized. Secondly, competitive advantage would be price which would be highly competitive and tourists looking for a low budget trip would be able to afford it. Thirdly, technological innovations and other added recreation and architectural expenses would be minimum. However, this plan is exposed to a huge risk of being overpowered by huge companies which offer side services and smaller accommodations to meet the needs of those with conservative expenditure requirements. These offerings would make simplicity a declining factor rather than being a competitive advantage. Yet, the strength of the plan also lies in simplicity and cost advantage. Concept 2: The second business strategy is to offer a once in a lifetime experience to the customers who wish to enjoy an exquisite trip. Thus, while designing the strategy, most chic services and designs would be incorporated and technologically advanced facilities would also be placed to help the customers feel regal and comforting. The main features of the concept entail sophistication and class where business tycoons and high end conferences would be held and thus, the professionals would be able to seek advantage of all the advanced services which the place would be offering. Therefore, firstly, the staff would be highly professional and friendly, such that the customers feel at ease with the staff. Secondly, the aura and environment offered would also be chic and sophisticated to accommodate high class customers. Thirdly, all technologically advanced services would be available to offer an all encompassing experience to the clients. However, this plan has a risk of being too high budget, i.e. it requires an influx of resources unique to the plan and also professionals hired would also be ones who would require a lot of capital. Thus, in case the influx of customers isn`t appropriate enough to meet the break even costs, the company might go in loss, thus the project must be realistic. (Reid and Bojanic 2006) Therefore, it has been demonstrated enough how hospitality management may entail a variety of concepts. The aforementioned concepts are both exactly dissimilar and opposite to each other. Both concepts have their own unique features and also, distinct competitive advantages and risks. Therefore, managers would have to comply by the concept that the company initiators would have at mind, since everything must be in sync to make these projects a success. Works Cited Question 5: Hall, C. M., & Gössling, S. (2013). Sustainable culinary systems: Local foods, innovation, and tourism & hospitality. London: Routledge. Peters, M., & Pikkemaat, B. (2005). Innovation in hospitality and tourism. New York: Haworth Hospitality Press. Queston 6: University of Surrey. (1989). Progress in tourism, recreation, and hospitality management. London: Belhaven Press. Holliday, S. J., & Sheffield Hallam University. (1994). Hospitality management. Sheffield: Sheffield Hallam University, School of Leisure and Food Management. Question 3: Reid, R. D., & Bojanic, D. C. (2006). Hospitality marketing management. Hoboken, N.J: Wiley. Van, . W. L., & Goonetilleke, A. (2007). Hospitality management: Strategy and operations. Frenchs Forest, N.S.W: Pearson Education Australia. Read More