The competition has been intense like never before and the flow of information is regarded as the key decision making factor.
The hospitality industry has also not been as exception either. The overall industry of hospitality has experienced paradigm shifts. As it happens with the service industry, the physical environment and the people have been instrumental for the growth and development of the companies that are into the hospitality industry. The other crucial factor that has been immensely important for the success of the companies in this industry has been the continuous research and innovation. The report studies the essence of innovation in the hospitality industry.
There is a long pending debate upon the need and the essence of innovation in the hospitality industry. Many of the experts in the domain of hospitality industry are of the view that the increased focus upon the innovation enhances the cost by huge extent. According to them, the increased cost is no match for the rise in expected revenue and therefore, there is no point in focusing on continuous innovation. But the present day industry thinks in a different way altogether. As the industry has become too dynamic, the market leaders believe that it is no longer possible to meet the changing needs of the customer through the age old traditional methods. The three major factors that shape the need of innovation are as follows:
The hotel managers often struggle to differentiate their products or services from that of their competitors. This is so because all the competing hotels produce and cater identical products and the services like lodging and fooding. The onus lies upon the individual hotels to present them in a differentiated way in front of the target group of customers and innovation facilitates the process.
There is almost no doubt about the fact that the needs of the customers are changing fast. The life has become ...
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