Competitive_Analysis_in_the_Hospitality_Industry

| |[pic] | | |Do a Competitive Analysis of Your Firm | | |[pic]Your assignment is to use all of your work in the course to date to complete a plan for your company by answering these 4 questions: | | |Identify the KSFs that you believe drive value in your industry and why. (If your company produces goods and services for more than one industry, choose the one | | |you most wish to explore.) | | |Customer service. This is what the hotel business is all about. If we do not take care of our customers – they will not come back. | | |Customer engagement and open communication. We need to listen to our customers and see what they want so we can deliver what they are looking for. In order to get| | |new business in – we need to pay attention to particular requirements that they may have so we can win the business and service it correctly and have them come | | |back to us again. | | |Product quality. The appearance and maintenance of a bedrooms, cleanliness, food quality, and beverage quality. All are crucial in order to deliver outstanding | | |guest experiences. | | |Efficient operations. In a hotel there are several operating departments all focused on a particular area e.g. Accommodation; Maintenance; Kitchen; Bar & | | |Restaurant; Reception. Each department must work well in its own right and in harmony with other departments so overall guest experiences that interact with each | | |department are flawless. | | |Progressive revenue management strategies. Bedroom rates change constantly. There are several segments into which bedroom business falls that have there own | | |individual strategies that must be monitored and amended in order to maximise on the yield that can be achieved from each segment. | | |Sales & Marketing driven. Focus on business development. The hotel industry must continuously focus on bringing new business in and retaining current business. If| | |this pipeline is disrupted, the viability and existence of the hotel is compromised. | | |Financial and Process Control orientated. Financial controls, process management and accurate reports are crucial in order to maintain business flow and | | |profitability of any hotel entity. | | | | | |Identify the KSFs your company has achieved. | | |Customer service. We are fanatical about this. We send every guest that has stayed with is an evaluation form so we are constantly evaluating our service and | | |product delivery on a guest by guest basis. All feedback is shared with all and follow up if required is immediate to the customer and within the departments if | | |we did not delivery as we should to find out what happened and put measures into place to stop it from happening again. | | |Customer engagement and open communication. With the above program and others to engage the customer or potential client and report back feedback immediately we | | |have developed a culture of immediate responsiveness from engagements with all categories of customers. | | |Product quality. We have a quality assurance programme in place for all departments that focus on each ones core deliverables. Senior management make sure that | | |personnel and tools/resources are in place to support these endeavours. There are audit formats and metrics in place for gauging product quality in each area. | | |Efficient operations. Communication is the key with my role as General Manager overseeing all departments. Along with e-mail. We have daily briefings in person | | |with all key personnel on duty and weekly staff meetings between the department heads to review all operational matters. In turn, I meet monthly with the Managing| | |Director of the company. | | |Progressive revenue management strategies. As rate strategy is a very fluid and constantly changing landscape we have formally structured meetings every day on | | |the above. We have several tools and key software programmes at our disposal so we can make the right decisions with immediate responsiveness with the best and | | |most current data available. We have metrics and industry information from competitors to bench our performance and see if we are getting our market share and | | |growing it. | | |Sales & Marketing driven. Focus on business development. Each sales and marketing manager has structured performance management plans in place that are evaluated | | |weekly and the strategies for attaining revenue in each segment they are focused on are revised each week if necessary. Appropriate resources to assist them such | | |as marketing budget spends are allocated then. | | |Financial and Process Control orientated. We have KPI’s (Key Performance Indicators) in place for every margin/expense and labour line of our business. We receive| | |daily/weekly and monthly Profit & Statements for every facet of the business from individual revenue lines down to Net profit so we know exactly how we are | | |performing on a day to day basis. All expense and labour lines are meticulously controlled so we are not overspending or wasting resources. | | | | | |Identify your company's core competencies. Explain the link between your company's KSFs and core competencies. | | |Niche Brand Positioning. Both hotels in our group are boutique hotels with brand unique design and style elements that gives our Sales & Marketing KSF a unique | | |position to sell in the market. | | |Human Resource Management System. We spend a lot of time and money on training the right people who are hired for our organization and developing them within the | | |organization to deliver memorable guest experience. This is linked to our Customer service; customer engagement; product quality; and efficient operations KSF’s. | | |Operational Know How/Specialists in Fields. We hire the best and brightest that are specialised in the functions they are employed to manage. We invest in their | | |ongoing development to keep them current and motivated. We demand very high standards/results in return. This is linked to Efficient operations; progressive | | |revenue management strategies; sales & marketing and financial KSF’s. | | |Management Systems. We have systems in place throughout the organization that are influenced by global hotel management companies and the best practice of our | | |seasoned executives. These systems are linked to all our KSF’s. | | |Culture. Is one of immense pride and of ‘winners’ delivering excellence in all areas. Our boutique identity with unique hotel designs differentiates us from the | | |competition. This is linked to all KSF’s and permeates the organization. | | | | | |Looking into the future, you may or may not have the right KSFs and competencies to guarantee continued success. | | |Are your current core competencies appropriate for success in your industry' Why or why not' (Draw on your five forces analysis for this question.) | | |If not, which KSFs and competencies should you work to develop, and how might you acquire them' | | |Yes. Our KSF’s and core competencies are appropriate for success in our industry. | | |Even though we have the threat of a new entrant in the marketplace at our 4 star classification. We are an established business that has year on year growth even | | |with a recession and over capacity of bedroom place in the marketplace. We are a market leader in key metrics such as average rate and revpar. Our revenue | | |management KSF drives this. | | |There is a constant threat of substitutes with luxury apartments in Dublin offering short term lets. But our quality of operations and guest service give us the | | |edge in winning new business and retaining current. We are innovative in offering more inclusive packages for guest with more included food and beverage offerings| | |along with standard accommodation offerings. Our sales and marketing KSF drives this. | | |Even faced with increased pricing from suppliers we have capitalized on our volume from two hotels to keep pricing down and shopping around for the best value. | | |With areas such as energy. We have instituted energy teams in each hotel to track and keep our energy consumption controlled. Our Financial and process KSF drives| | |this. | | |Pressure from customers we manage well by being responsive and adding value where needed to seal a piece of business and effective yield management based on | | |supply and demand in the market place. We effective sell the benefits our brand and what we offer to justify price structures. All of KSF’s do their part in | | |driving this. | | |Potential rivals are a constant part of life in the hotel industry and by being ontop of our game in all areas of the business we will keep ahead of our | | |competitors regardless of how much money they spend upgrading their products and efforts to try and steal our business. | | | | | |Thank You. | | | | | |Edward Sweeney | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |