IBUS5002 Strategy - Innovation and Entrepreneurship : Huge Revenue

Select a market domain within the service industry. I would like to use Hospitality if that is considered a market domain. If not, please select an appropriate one within the service industry.
Prepare a short paper that identifies and describes key information of at least 5 substantial sources of background information of the market domain chosen. Sources must include historical and current information. Consider academic, private, and governmental sources.

Answer:

Introduction:

The hospitality industry is one of the biggest in the service sector in the world. The industry is spread all over of the world and earns billions of profits. The sector experiences stiff competition from international properties like the multinational chain of hotels. This competition has made the industry to undergo innovation in order to adapt to the ever changing business environment. This sector has also seen entrepreneurship and new techniques of operation.

The hospitality sector is subject to several aspects of business environment like political, economical, technological, social, environmental and legal. These factors have deep impact on the operations and profitability of the sector. The hospitality sector has big players like the Hilton Properties which earn huge revenue. Thus the governments exercise stiff control on their operations which impact their sustainability. The governments today require all the industries including the hospitality industry to act in a sustainable way. Sustainability requires these companies involved in the hospitality industry to source their raw materials from sustainable sources (Jones et al., 2016).

One of the important factors affecting the hospitality industry is the political and the policies of the governments. The hospitality industry employs the human resources in various nations and uses their natural resources. This brings the industry under the purview of the governments and legal authorities.  The industry is also very susceptible to threats from terrorism and other radical group (Ingram, Tabari, & Watthanakhomprathip, 2013). One such attacks was the Al Qaeda attack in Marriot hotel, the United States (Hensley & Hensley, 2017). This threat to the hospitality industry has made the important for the players to tighten their security. The government also provides protection and necessary military help to this industry in case of need.

The intense competition, ever changing consumer needs, new business patterns and other factors have led the hospitality industry evolve in the twentieth century like never before. The sector has seen rise of new groups of hotels which entered the market with new innovative ideas. One such entrepreneur was Conrad Hilton who founded the Hilton Hotels and Resorts which has its headquarters in Virginia, the US (hilton.com, 2017). The hotel is known for its advanced technology, huge financial strength, global presence and world class services. The hotel group leads the internal hospitality industry.

Today, internet has emerged as a powerful platform to order goods and services. The hospitality industry today has a very strong presence on the internet platform too. The ticketing and hotel booking companies using the latest technology have evolved into power parts of the hospitality owing to their innovation and financial strength (thomascookgroup.com, 2017).

The hospitality industry has undergone a huge revolution in the twentieth century. The industry has experienced change in every aspect. The industry is heavily impacted upon by the business environment and even radical activities like terrorism. The sector has also seen rise of entrepreneurial initiatives and innovation. The sector has transcended the boundaries of physical presence and spread into the digital space as well.

Reference:

Hensley, N., & Hensley, N. (2017). Air strike kills Al Qaeda terrorist behind Marriott Hotel bombing. NY Daily News. Retrieved 10 April 2017, from https://www.nydailynews.com/news/world/airstrike-kills-al-qaida-terrorist-behind-marriott-hotel-bombing-article-1.3009417

Hilton Hotels and Resorts - Find Hotel Rooms. (2017). Www3.hilton.com. Retrieved 10 April 2017, from https://www3.hilton.com/en/index.html

Ingram, H., Tabari, S., & Watthanakhomprathip, W. (2013). The impact of political instability on tourism: case of Thailand. Worldwide Hospitality and Tourism Themes, 5(1), 92-103.

Jones, P., Jones, P., Hillier, D., Hillier, D., Comfort, D., & Comfort, D. (2016). Sustainability in the hospitality industry: Some personal reflections on corporate challenges and research agendas. International Journal of Contemporary Hospitality Management, 28(1), 36-67.

Thomas Cook Group - Welcome to Thomas Cook Group plc. (2017). Thomascookgroup.com. Retrieved 10 April 2017, from https://www.thomascookgroup.com/