Hospitality Business Development Essay

Hospitality business development of hospitality industry analyses the aspects of the business growth and evaluate the developing process of the industry. In the eyes of Hassanien et al (2010), â€Å"Hospitality business development is a procedure of using external and internal resources of an organization to bring out some new product in the market for the customer. In the essay all points are discussed and argued on developing the hospitality industry by referencing through secondary data which includes books, journals and educational and websites has relates to the topic. Moreover, in the essay the research is systematically paragraphed, introduced issues are customer role, market research, and analysis of business development, designing of new products in the market and customers satisfaction for organizations in the hospitality industry. According to Jones & Merricks (1994), a customer is one who buys a product or consumes a service in terms of monetary exchange from any Organization or a company. According to Chervonnaya. o (2003) A set of behavoiur of the ustomer is concludes through its experience and effective interaction and effective performance of an individual which help them to achieve and fulfill the desire goal which defined as role of the customer in developing the business. The customer is the main focal point of any organization as in the increase competitive market. The feedback of the customer is very important, as they are the end users of the product. A long-term relationship with a customer creates a very good trust essentially, w hich is very important both for the customer and for the organization. It lows its transaction cost on the both side where as the wining a new customer cause more than maintaining and expanding the relationship with its existing customer. Thus, Hyatt’s groups of hotels offered to their regular guest a program, name as Gold Passport, which provide the guest accounts for 20% discount of all Hyatt room nights worldwide. According to Zeithanal. V. A. etal (1997) the role of a customer in developing the business as a productive resource, contributive to the quality of a product, satisfaction and the value of the product and services. Lastly, they are the only competitor of the organization. According to Jones and Merriccks (1994) The resources used by those who supply goods and services to keep themselves in contact with the requirements and desires of the customer those who purchase and utilize goods and services. The process of market research includes the following steps such as finding out the information required, preplanning goals. Internal secondary research the goals and the organization detail of the research goal in brief. The resource plan systematically collecting data from the market with the help of secondary and primary research analyzing the data lastly preparing the report. According to Michael J. Croft (1994), separated products could target Market segmentation, which is the process of identifying different customer group’s users with in a market share similar level of interest in sets of needs. Market segmentation is an important part of any organization because it helps in the organization to satisfy the different kind of customer and their needs. Introducing new product in the market to bring more choices for the customer. The new segments can forecast with cost, profit and investment return of any company on demand of new segments in the market. It helps the company to achieve the goal by analyzing and forecasting all information of market segmentation According to D. Hoyer & J. Macinns(2009), consumer behaviour imitate the entirety of consumer decision with admiration to the attainment, utilization of products and character of goods, services activities in the market, experiences of people and ideas by decision making. Consumer behaviour is more than purchasing tangible goods from the market; it also includes services experience and having new ideas. It involves customer time consumption and choice. Marketing of Organizations always try to offer new product, idea, and services to the customer. Consumer can acquire, buy, and dispose the offering new products. It occurs a reason that sometimes offering new products meets customers’ needs, value, and goals. The organization now get to know the understanding that what, when and which products consumer acquire and buy and when they dispose it before offering new products in the market. This refers to customer satisfaction in means of quality and availability of products with good services in the market that includes tangible and intangible elements also. Customers have many expectations about the products in the market. According to Parasuraman et. al (1988) owing to a standard involvement in the expectation, customer could judge the service providers performance and quality service. Analyzing the customer expectations and needs plays an important role. According to Zeithanal et. al (1993) that customer service expectation can be divided into two parts or level which are desire and adequate. In desire, the customer is willing or wanting services provided by the suppliers. In this customer behaviour customer, use the combination of ‘can be’ and ‘should be’. In adequate level customer expectation have very low faith on the services offered to them and they believe these services as it ‘will be’. Thus, the Taj group of hotels within the aim of targeting the corporate tourist within the budget hotels sectors the new idea of Ginger a low budget hotels has effectively well matched with the requirements and needs of such kind of customers. Competition is practically excludes for the consideration set when customer feels so strongly that you can meet his or her important wants and supplies and the consumer buy nearly exclusively from you. According to Anderson and Jacobsen (2000) â€Å"Is in point of fact that achievement of desired goal of an organization creates a benefit for a purchaser so with the purpose they will sustain or enlarge their purchase from the organization. † Maintain customer reliability is clearly a key goal for any business. Loyal customers mean a dependable revenue flow and a constant profit. Not surprisingly, then, the subject of how you maintain customer loyalty has been one that many researchers have looked into. If a business owner or manager, there is a variety of theories on customer loyalty that he/she should be aware of, as building, a base of loyal customers is key to the growth of a company. To improve the loyalty of the customer it is very important to building up the customer satisfaction in the terms of providing good quality products and services. This process should do continuously. Taking feedback and analyzing what the customer needs and what the customer wanted to see the improvement in the product and services. Building trust plays an important role in customer. Regularity of the customer is the source of profit gaining for any organization. Profit will not earn before customer repeatedly come to buy or purchase the products and services. Kotler (2000) referred that customer satisfaction as â€Å"a person’s view of satisfaction or dissatisfaction. Ensuing as of evaluate manufactured goods is apparent presentation in relative to their prospect. Customer satisfaction refers to the level of customers in which they are pleased with the supply of the products and services provide by an industry in the market. According to Hoyer and McInnis (2001), satisfied customers are the form organization of any Successful company. Customer pleasure, which leads to replicate purchase, product reliability, and affirmative statement. Customer satisfaction levels can calculate by analysis technique and questionnaire. In advance elevated levels of customer satisfaction is especially significant for the business because satisfied customers are mainly expected to be reliable and to create repeat orders and to use a extensive range of services presented by a company.. Therefore, in the essay conclude that growth of a successful business is depending upon some important stream of positive factors. These factors conclude the developing strength and the significant prospective that can move forward the growth of an organization and leads forward to accomplishment of the goals. Each feature of the stream of factors are interlinked to each other, which means one function cannot run not including the other. Customers and potential customers are the definitive goal of a rising firm. In order to accomplish those, organization requires to exposed strike to their competitors by means of certain advertising, customer-centric strategies and further such tools. Thus, organizations would-be customer pleasure, development, and stay competitive in the market require to watch executing the earlier mention factors before they be able to predict success.