Unit 5 Business Skills for Proposals and Pitches
Unit 5 Business Skills for Proposals and Pitches
For an organization to be dominant in a particular industry or in a market, it will have to continuously monitor its business environment. The trends and the expectations of the customers are changing continuously which is supposed to be identified for the survival of the business. If an organization achieves a dominant position in the market and remains inactive in the market then it may get wipe out of the industry. Hence it becomes essential for the management of the organizations to conduct industrial researches in the existing and new markets. This will enable them to identify new trends in the industry and in the new markets which can help them to develop new business ideas, products and services (Chon, Barrows, & Bosselman, 2013). This reports speaks about the relevance of the market research, business ideas etc which can help the management to make the organization survive out of the financial crisis. An organization in the hospitality industry is considered which is having financial crisis. New business ideas are proposed for the organization for changing the current business situation of the organization. Industrial and new market research are conducted to identify the new trends in the industry and in the market. Business ideas are also developed for the market identified.
An organization operating on the hospitality industry is taken into consideration here. This organization belongs to the luxury hotel sector of the hospitality industry. As far as a hospitality organization is taken into consideration, it will have to face high degree of competition. Here the organization is facing financial difficulties and this reports highlights the market researches conduced and new business ideas for sorting out the present problem situation. For serving this purpose a new deluxe suit MegaSuit which includes some special attractions can be introduced focusing the first class and the business class customers.
A. Conduct market research in a particular business area using appropriate online resources including market and industry reports.
Secondary market research is performed for identifying the particulars of the business operations, trends, growth, opportunities etc of the hospitality business area. Here the outcome of the secondary research is obtained through conducting research using various online resources, publications, journals, articles etc. Hospitality industry in UK is a flourishing industry and it is gaining high degree of importance as the travel and tourism industry is gaining momentum. This business area includes the hotels, restaurants, pubs etc which can entertain the tourists with food and accommodation. Not only in UK, this industry flourishing throughout the world. The trends and the customer preferences of this industry may vary from one customer to another (homme & Raymond, 2013).
According to a research conducted in 2010 the guests of the hospitality industry especially at hotels the people wants to be at home. The corporate business organizations are ready to invest in this business area forecasting the future and opportunity of this industry. The offerings like the free breakfast and internet access are outdated nowadays and the people consider this as a standard or mandatory offering. Hence the MegaSuit will have to find more for differentiating themselves from of others. This research also reveals that the introduction of flat screen televisions in the hotel rooms has added value to the hotels. Hence product or service differentiation based on the preferences of the customers in the market is identified as very vital in this business area.
According to another report on 2015, it has been identified that the Canadian hotel industry has achieved the occupancy rate of 74.6 percent which shows a positive perception in this business area. In US the revenue generated from this industry is around 5.7 percent per available rooms. From this statistical report it is evident that this business area can generate good revenue for the organizations in the hospitality industry if implemented the business plans efficiently (Bowie, & Buttle, 2013). The introduction of the new deluxe suit MegaSuit can make the service provided by the organization differentiated and perceive the customers with the standardization in the customer provisions.
B. Select one market and evaluate the current trends in that market.
For the purpose of the evaluation of the current trends the market UK is taken into consideration in this report. In UK the hotel industry is having a good boom as it has many historical heritage spots. This has generated a huge inflow of the tourist to UK and hence the priority for the hospitality industry also gathered momentum. According to the forecast 2015 the resilient economy of the UK has contributed to the development and growth of this industry in UK. As the market UK is associated with various holiday spots and the heritage monuments the customers or the tourists of the nation prefers and expects to have those cultural values in their food and accommodations. The heritage inn which provides a historical and cultural experience of UK has now become an important trend in the UK market.
The environmental sustainability for Mega Suit can be considered as another trend in this market. The business operations of the hotels can cause harm to the society and the environment in some way or the other. The population and the government of the UK are more concerned about the public health and the sustainability of the environment. The accommodation and service standards are the other trends. Due to high degree of competition in the UK in the hospitality industry the hotel sectors are providing high quality customer service and standard so as to achieve competitive advantage and to remain dominant in the market. The development of the technology has also become the most modern trend. The service provision of the online bookings, the applications of the hotels which can be downloaded in the smart phones of the customers etc act as a revolutionary trend in the hospitality industry.