How Attractive the Hospitality Business Is

In: Business and Management

Submitted By EvanPdoe
Words 270
Pages 2
How might the attractiveness of the hospitality industry, as proxied by the share of rents accruing to its firms, differ from one institutional setting to the next, even though the technical determinant of structure, i.e., the scale of economies, entry barriers, product and services may be identical?

The hospitality business in one of the largest industries in the world and it is clear why it is a very attractive market to enter. The entire hospitality industry is comprised of many different sub-markets that make the business very dispersed. According to Shetty (2008), “the presence of high entry barriers inhibit competition from entering the market, increase and incumbent lodging products rate of growth, improves the lodging products market share, and increase the incumbent lodging firm’s profits by allowing then to charge higher prices”. When it comes to barriers entering the hospitality market it is fairly limited because suppliers are easy to access. It is typically easy for someone to enter the hospitality industry but also problematic to ensure the business functions properly. The competition factor can also make it difficult to maintain the business adequately due to new methods of management. In order to differentiate yourself in the hospitality industry, it is critical to better serve guests and break out of communization but thinking outside of the box (Mayock, 2012).

Mayock, P. (2012). 5 Challenges facing hoteliers of tomorrow. Retrieved on February 5th, 2016 from: hoteliers-of-tomorrow
Shetty, M. (2008). The lodgin industry market structure. Retrieved on February 5th, 2016 from:…...

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