Hospitality industry
Encyclopedia
The hospitality industry consists of broad category of fields within the service industry that includes lodging
, restaurants, event planning
, theme parks, transportation, cruise line
, and additional fields within the tourism industry. The hospitality industry is a several billion dollar industry that mostly depends on the availability of leisure time and disposable income. A hospitality unit such as a restaurant, hotel, or even an amusement park consists of multiple groups such as facility maintenance, direct operations (servers, housekeeper
s, porters, kitchen workers, bartender
s, etc.), management, marketing, and human resources.
The hospitality industry covers a wide range of organizations offering food service and accommodation. The industry is divided into sectors according to the skill-sets required for the work involved. Sectors include accommodation, food and beverage, meeting and events, gaming, entertainment and recreation, tourism services, and visitor information.
s while the factory isn't producing), so do restaurants, hotels, and theme parks seek to maximize the number of customers they "process" in all sectors. This led to formation of services with the aim to increase usage rate provided by hotel consolidator
s. Information about required or offered products are brokered on business networks used by vendors as well as purchasers.
In viewing various industries, "barriers to entry
" by newcomers and competitive advantages between current players are very important. Among other things, hospitality industry players find advantage in old classics (location), initial and ongoing investment support (reflected in the material upkeep of facilities and the luxuries located therein), and particular themes adopted by the marketing arm of the organization in question (for example at theme restaurant
s). Very important is also the characteristics of the personnel working in direct contact with the customers. The authenticity, professionalism, and actual concern for the happiness and well-being of the customers that is communicated by successful organizations is a clear competitive advantage.
Lodging
Lodging is a type of residential accommodation. People who travel and stay away from home for more than a day need lodging for sleep, rest, safety, shelter from cold temperatures or rain, storage of luggage and access to common household functions.Lodgings may be self catering in which case no...
, restaurants, event planning
Event planning
Event planning is the process of planning a festival, ceremony, competition, party, or convention. Event planning includes budgeting, establishing dates and alternate dates, selecting and reserving the event site, acquiring permits, and coordinating transportation and parking...
, theme parks, transportation, cruise line
Cruise line
A cruise line is a company that operates cruise ships. Cruise lines have a dual character; they are partly in the transportation business, and partly in the leisure entertainment business, a duality that carries down into the ships themselves, which have both a crew headed by the ship's captain,...
, and additional fields within the tourism industry. The hospitality industry is a several billion dollar industry that mostly depends on the availability of leisure time and disposable income. A hospitality unit such as a restaurant, hotel, or even an amusement park consists of multiple groups such as facility maintenance, direct operations (servers, housekeeper
Housekeeper (servant)
A housekeeper is an individual responsible for the cleaning and maintenance of the interior of a residence, including direction of subordinate maids...
s, porters, kitchen workers, bartender
Bartender
A bartender is a person who serves beverages behind a counter in a bar, pub, tavern, or similar establishment. A bartender, in short, "tends the bar". The term barkeeper may carry a connotation of being the bar's owner...
s, etc.), management, marketing, and human resources.
The hospitality industry covers a wide range of organizations offering food service and accommodation. The industry is divided into sectors according to the skill-sets required for the work involved. Sectors include accommodation, food and beverage, meeting and events, gaming, entertainment and recreation, tourism services, and visitor information.
Competition & Usage Rate
Usage rate or its inverse "vacancy rate" is an important variable for the hospitality industry. Just as a factory owner would wish a productive asset to be in use as much as possible (as opposed to having to pay fixed costFixed cost
In economics, fixed costs are business expenses that are not dependent on the level of goods or services produced by the business. They tend to be time-related, such as salaries or rents being paid per month, and are often referred to as overhead costs...
s while the factory isn't producing), so do restaurants, hotels, and theme parks seek to maximize the number of customers they "process" in all sectors. This led to formation of services with the aim to increase usage rate provided by hotel consolidator
Hotel consolidator
Hotel consolidator is a travel company or business that buys up blocks of hotel rooms in top destinations and then resells them at discounted rates to the final customer...
s. Information about required or offered products are brokered on business networks used by vendors as well as purchasers.
In viewing various industries, "barriers to entry
Barriers to entry
In theories of competition in economics, barriers to entry are obstacles that make it difficult to enter a given market. The term can refer to hindrances a firm faces in trying to enter a market or industry - such as government regulation, or a large, established firm taking advantage of economies...
" by newcomers and competitive advantages between current players are very important. Among other things, hospitality industry players find advantage in old classics (location), initial and ongoing investment support (reflected in the material upkeep of facilities and the luxuries located therein), and particular themes adopted by the marketing arm of the organization in question (for example at theme restaurant
Theme restaurant
Theme restaurants are restaurants in which the concept of the restaurant takes priority over everything else, influencing the architecture, food, music, and overall 'feel' of the restaurant...
s). Very important is also the characteristics of the personnel working in direct contact with the customers. The authenticity, professionalism, and actual concern for the happiness and well-being of the customers that is communicated by successful organizations is a clear competitive advantage.
See also
- Convention and visitor bureau
- HospitalityHospitalityHospitality is the relationship between guest and host, or the act or practice of being hospitable. Specifically, this includes the reception and entertainment of guests, visitors, or strangers, resorts, membership clubs, conventions, attractions, special events, and other services for travelers...
- Hospitality managementHospitality managementHospitality management is the academic study of the hospitality industry. A degree in Hospitality management is often conferred from either a university college dedicated to the studies of hospitality management or a business school with a department in hospitality management studies...
- RestaurantRestaurantA restaurant is an establishment which prepares and serves food and drink to customers in return for money. Meals are generally served and eaten on premises, but many restaurants also offer take-out and food delivery services...
- American Hotel & Lodging Educational InstituteAmerican Hotel & Lodging Educational InstituteEstablished in 1953, the Educational Institute, a nonprofit member benefit of the American Hotel & Lodging Association, provides hospitality education, training and professional certification that serves the needs of hospitality schools and industries worldwide.- Educational Resources :The...