Objectives Of Taj Hotel

industry covers services and platforms with a vast variety of focal markets. The portion of the

In Bangkok, Thailand, a group of financial investors invested in a hotel called The Regency Grand Hotel. This hotel is the most cherished hotel in town, where the employees and guests enjoy spending time at this five-star hotel. This place hosts approximate 700 employees that give fantastic benefits, year-end bonuses and ensures job security.

Since the early 1990s, the players in the market have copied each other's innovations and this has led to very little differentiation of products in the market. Customers in this industry are very price sensitive and little differentiation allows them to shop around for the best deal. In businesses, there was also a trend towards contracts with multiple suppliers and this further increased customer power. These factors combined have led to lower industry attractiveness since 1990.

Aggreeing with a tour company may get a lot of visitors to hotel. Also, there is always one another hotel around one known hotel. This lucky one could gain recognition by partnering with a neighboring attraction. In today's technology, consumers are able to book their hotels by reading feedbacks and evaluating prices online. The success of a hotel often depends on how it uses key factors like customer service, advertising, cost control and product differentiation. Customer service is an significant part of the hotel experience for customers. Hotel service starts from the front-desk worker serves, as the gatekeeper of the hotel. This employee provides the customer’s first and last impression. They should create a warm and welcoming atmosphere while they meet their customers. There may be problematic situations during their stay. In that case, from gatekeeper to hotel manager, who is responsible with their comfort will need to listen carefully and understand what the problem is and then handle the situation. Thus, hotels achieve a critical success factor by ensuring the staff is knowledgeable, polite and capable of solving any conflicts that may arise at that point. Providing quality service also includes remembering the names with

Answering these questions and timely enactment of their answers are crucial for the industry reach its full potential in the near future.

Discuss the strategic decisions that firms in this sector may be facing. What future strategies can firms pursue to try to secure their competitive advantage and long term survival?

What driving forces do you see at work in this industry? Are they likely to impact the industry’s competitive structure favorably or unfavorably? (Did we answer this question?)

Some of the key facts and critical issues presented in the case, begin with the understanding the development and evolution of an industry. According to Jack Parnell (2014), the development stages of an industry rely on the influences of competition and the potential profitability opportunities. At the introductory stage, a fairly new industry is being to make awareness of their product, however depend remains low because the industry is new. New industries rely heavily on technology and as demand begins to rises, the industry enters the growth stage (Parnell, 2014). When the industry becomes stagnant and constant this typically results in the parting of those who will carry on in the industry and the loss of unsuccessful competitors. This

To open a business in this industry requires a large amount of start-up capital and is quite difficult to acquire the needed inputs due to high prices. In addition, it is hard to get in contact with the suppliers and government agencies needed to successfully run the business. New entrants also face the challenge of attracting and retaining customers. The business is currently in the growing phase with multiple firms already pining for customer attention or have acquired a large pool of loyal customers. That being said the threat of new entry is low to this industry. Starting a new company is so difficult that it is unlikely that firms in this industry will pay new entrants much mind. More likely than not firms trying to enter the industry will not be seen much of a threat. However, it would be wise for those already active to be on their guard to make sure that they don’t underestimate their new competitions potential to outwit them.

Tourism & hospitality is one of the world’s rapidly growing industries as income is generated through the expenditure of goods & services required by tourists. The tourist is therefore very important to the wellbeing of many countries.

|the industry and its challenges it is important to understand its various phases of growth so far. |

This industry has a high customer concentration. Sales are highly reliant on few large customers that have a lot of bargaining

Competition is a fundamental factor in whichever industry. Hill and Jones (2007) note, “the power wielded by suppliers, the influence of the customers, and the threat posed by new and existing competitors determine the profitability levels in a company”. Besides, the forces support the decisions made by firms in order to improve their competitive position. In this regard, it is essential to review these forces either individually or as a combination to arrive at an informed decision on the industry choice. Further, it is fundamental to note that a force is either classified as strong or weak and, as a result, is a threat or opportunity respectively.

Today the key challenges are advancements in technology, pace of competition, globalization, cost control and increasing efficiency regarding customers’ expectations. This

The following report was derived from the primary use of secondary sources, in addition to telephone contact with hotel representatives. Secondary sources included research from the Internet, industry books, company marketing communications, trade and general business newspapers and magazines, among others. Through all the sources, relevant data and information was extracted into the report's appendices. After individual analysis and group discussion, the following report was devised. The mandate of this report is to provide a macro examination of the luxury hotel industry and specifically the future outlook of Four Seasons Hotel and Resorts, Inc.