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Term Project This is the information for the term project in this course. Term Paper Instructions: Identify a firm of your choice, it could be your own company or the one where you work, you do not haTerm ProjectThis is the information for the term project in this course.Term Paper Instructions:Identify a firm of your choice, it could be your own company or the one where you work, you do not have to write the name of the company. To make a better case analysis you must first write the most important economic problems that are happening in the firm. Then, you will have to write a brief introduction of the firm, and after that, the problem statement. You must get some real data from the company related to the firm, the industry around it, government’s actions in that environment and write it down in the assignment answering the following questions:1.     Purpose: What is the company’s objective?2.     Resources & technology: Define the products or services that represents the company’s profit and the main technology implemented in it.3.     Supply and Demand: Choose 2 products and analyze them using supply and demand methods with the information you could get.4.     Markets & prices: Define pricing practices of the firm as well as market structure.5.     Risks: Write the problems that the firm is having internally and externally. What is the manager doing right now in order to reduce them? And what would be your plan to minimize them?6.     Explain how could managerial economics’ tools, learned during this course, could help to solve the problem statement.Support your assignment with at least five scholarly resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.Length: 8-10 pages, not including title and reference pagesYour assignment should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards.
Term Project This is the information for the term project in this course. Term Paper Instructions: Identify a firm of your choice, it could be your own company or the one where you work, you do not ha
11 Running head: Term Project Term Project This is the information for the term project in this course. Term Paper Instructions: Identify a firm of your choice, it could be your own company or the one where you work, you do not ha Term Project This is the information for the term project in this course. Term Paper Instructions: I have already identified a firm of my choice and I did some work so I want this work properly done because its about 94% similarity index. I want this work improved in terms of in text citation and proper reference done in accordance with APA Style. Please understand I do not want any time wasting. To make a better case analysis you must first write the most important economic problems that are happening in the firm. Then, you will have to write a brief introduction of the firm, and after that, the problem statement. You must get some real data from the company related to the firm, the industry around it, government’s actions in that environment and write it down in the assignment answering the following questions: 1.     Purpose: What is the company’s objective? 2.     Resources & technology: Define the products or services that represents the company’s profit and the main technology implemented in it. 3.     Supply and Demand: Choose 2 products and analyze them using supply and demand methods with the information you could get. 4.     Markets & prices: Define pricing practices of the firm as well as market structure. 5.     Risks: Write the problems that the firm is having internally and externally. What is the manager doing right now in order to reduce them? And what would be your plan to minimize them? 6.     Explain how could managerial economics’ tools, learned during this course, could help to solve the problem statement. Support your assignment with at least five scholarly resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.Length: 8-10 pages, not including title and reference pages Your assignment should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards. Introduction The following case analysis focuses on a hospitality industry. The company faces many problems that vary from economic to social and also management. The industry has been hit much harder by the economic strain caused by the Covid-19 virus. The most adverse effect of the virus is a decreased demand for the hotels and related services offered by hospitality companies (Khanna, 2021). The low demand has led to low occupancy in the hotels hence a major drop in the profits made by the company. However, there were other pre-existing economic problems faced by the company. Constantly changing needs of the customers and hence the need to adjust to their demands is one major problem. Others are challenging labor conditions, increased and unfavorable operation costs in the country, the rapid change in technology, inability to meet the safety and security demands of the customers and rising energy costs since hotels consume a lot of power. Hospitality is all about providing generous reception to visitors and guests who are our clients. The main objectives of the company is to provide the best and quality products that are satisfactory to our customers. We also aim to be consistent. To ensure quality and satisfaction, the company encourages good relationship between customers and guests, makes improvements from time to time and most importantly ensures good service delivery (Olsen, Ching-Yick & West, 1998). Our problem as a company is that we do not have a stable technological support in terms of online services. Being the 21st century, the need to have an accessible online service system for bookings and reviews is very vital for us and our customers. We seek to have an active website where customers can give reviews and recommendations. This will help the company make the necessary improvements to adjust to their needs. A good relationship between both parties will lead to better service delivery and profits in the long run. Various government policies have affected the hotel company both negatively and positively. This business environment has made it difficult for the company to expand both locally and internationally. Customer Service One of the primary goals of the service industry is to provide excellent service. Many hotel guests rely on the hospitality staff for their travel needs. When a traveler forgets to pack his toothbrush or needs a recommendation for a local hotel, hotel staff comes through. Similarly, diners frequently request that restaurant wait staff recommend a specific meal or accommodate a dietary restriction. Surveying customers is a common method used by hospitality providers to assess the performance of their customer objectives. Customers are encouraged to visit a survey website, and incentives, such as discount coupons, are frequently offered to customers who complete online surveys. Accommodation The hospitality industry’s accommodation sector is concerned with providing customers with a temporary place to stay. It is most commonly associated with the tourism industry, where people book vacations or trips and require lodgings, but the accommodation sector also caters to locals looking for a short break from their daily routine, or those who require temporary housing for almost any other reason. Bed & Breakfasts Bed and breakfasts are small establishments that provide overnight stays as well as breakfast in the morning. The majority of the owners live on the property, while guests are given a private room and, in most cases, a private or en suite bathroom. Bathroom facilities, on the other hand, are sometimes shared. Food & Drinks While meals are necessities, most foodservice services also fall under the hospitality industry framework, due to the fact that they offer people a way of spending their leisure time and disposable income, as well as an opportunity to socialise and enjoy an experience. Again, the food and drinks sector cater to a wide range of customers, including tourists, locals, ex-pats and passers-by. Technology Implemented. Contactless Payments Cashless payments have a number of benefits for hotels, resorts, restaurants, bars, and cafes, which is why it has recently emerged as one of the most important technology trends in the hospitality industry. Contactless technology is easily compatible with loyalty programs, in addition to speeding up payments and improving customer satisfaction. Customers can make mobile contactless payments even if they do not have their wallets with them or if their credit card has been misplaced. Furthermore, with COVID firmly entrenched in the minds of hotel guests and other hospitality customers, contactless payments can be an excellent way to reduce physical interaction. Occupancy based pricing If you want to increase room revenue, an occupancy-based pricing strategy is the best way to go. You can set hotel room rates based on supply and demand. When there is a high demand, you can raise your room rates to increase your business ROI. And, during the off-season or when demand is lower than during other seasons, you can lower your room rates to fill your rooms and profit even during the off-seasons. For example, if your 7 to 8 rooms are still unoccupied during peak season, you can raise the room rates to increase business profit. Similarly, during the off-season, if you want to fill your rooms, you can charge less to entice guests to stay at your hotel. Forecast based pricing Estimation is an essential aspect to consider when determining the price of available rooms for future dates. To make an accurate forecast, however, a booking history of the previous months based on season, events, demand, and promotions is required. As a result, you can adjust the room rates based on anticipated demand or occupancy. Market competition-based pricing The first thing you must consider in order to compete in the market is what your competitors are doing or offering. As a result, you must constantly monitor your competitors’ room rates and understand their pricing strategy. Remember to compare this to your room rates to get a clear picture of how the market is trending. When done correctly and monitored, it will help you understand what guests are paying and what they are willing to pay for a hotel room. Based on this information, you can develop hotel pricing strategies to gain a competitive advantage. Your competitors can be defined or listed based on factors such as property type, room rates, star category, offers or discounts, or promotion channels. As a result, it is critical to consider all of these factors and monitor relevant competitors in order to develop a pricing strategy that will help you compete with them. Upselling based pricing Upselling is advantageous during the booking process. In this case, you can offer “upgrade” options to guests while they are selecting a hotel room. Upselling encourages guests to spend more money when they make their reservation. The hospitality industry being a monopolistic competitive market has the following characteristics: • Many sellers • Differentiated products • Multiple dimensions of competition • Easy entry of new firms in the long run. The characteristics are almost exactly same as in perfect competition, with the exception of heterogeneous products and that monopolistic competition involves a great deal of non-price competition (based on subtle product differentiation). This gives the hotel a certain amount of influence over the market, it can raise prices without losing all the customers, owing to brand loyalty. (The Competitive Market Structure of the U.S. Lodging Industry Jeffrey A. Mello) Skilled Labor Shortage The problem of attracting and retaining qualified workers, which was once limited to a few markets, is now becoming a global one. Contributing factors include demographics, wage levels, a failure to adequately address worker satisfaction, and a reputation for long hours and low pay. Innovative strategies for attracting and retaining high-quality employees have begun to emerge among creative hospitality professionals. Changing Demographics and Impact on travelling Trends. The impact of changing demographics on travel trends is so broad that no industry in travel, tourism, or hospitality is unaffected. Whether the topic is the gradual retirement of baby boomers, the impact of rampant globalization on business travel, or the increased demand for experiential travel, the dramatic global demographic shift poses both challenges and opportunities. These recent and ongoing demographic changes have significant implications for the hospitality industry in particular. In terms of product and service offerings, hoteliers must develop a strategy that addresses the needs, wants, and desires of multiple generations. Hoteliers must now, more than ever, provide design and amenities that meet the specific needs of aging consumers (Baby Boomers) as well as younger travelers (Gen-X and Gen-Y), who have high expectations in terms of design and technology. The traditional practice of brand standardization contradicts this. Regardless of generation, hoteliers must adapt and look for ways to improve all guest experiences. Technology Despite a growing awareness of the value of modern, integrated systems, many properties do not fully utilize them to maximize revenue opportunities. Many also fail to support and secure them to the extent necessary for the value of their data and the legal ramifications of that data being stolen or corrupted. The challenge of improving the systems’ ease of use as they grow in functionality, both operational and guest-facing, is a significant barrier to wider adoption. All of these issues support a trend toward outsourcing more complex operational functions and system security to expert, central staff, whether corporate or third-party. Satisfaction & Morale Employees who are dissatisfied and have low morale simply do not have the incentive to exceed the expectations of their managers or customers. Such circumstances are especially dangerous in the hospitality industry, where poor quality service has a direct impact on customer satisfaction and, ultimately, brand reputation. Given the importance of social influence in today’s marketplace, negative reviews and low ratings can quickly erode a company’s reputation. While the root cause of low morale varies by organization, some of the more common causes include a consistent lack of training, unskilled coworkers, a lack of sufficient staff, job stress, and mediocre rewards. With 38% of hospitality workers believing they are underutilized; it should be clear to management those employees want to learn and advance in their roles but do not believe they have adequate training or opportunities to do so. References Khanna, V. How Has Technology Changed The Face Of Marketing In Hospitality Amid Covid-19? Olsen, M. D., Ching-Yick, T., & West, J. J. (1998). Strategic management in the hospitality industry (No. Ed. 2). John Wiley and Sons The Competitive Market Structure of the U.S. Lodging Industry and its Impact on the Financial Performance of Hotel Brands by Dragan MatovicStrategic Human Resource Management, Jeffrey A. Mello

  
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