1.1: The Depth and Breadth of the Industry - Explore the Hospitality Industry
1.1: The Depth and Breadth of the Industry - What is the Hospitality Industry
1.1: The Depth and Breadth of the Industry - Globalization in Hospitality
1.2: Game Changers - Opportunity and the Hospitality Industry
1.2: Game Changers - Innovation in the Industry.
Topic 1.1: The Depth and Breadth of the Industry – Explore the Hospitality Industry
The hospitality industry is bigger, richer, and more complex than it’s ever been.
Around the world, over 272 million people are employed in the travel and tourism industry, and the demand for hospitality services is growing at an unprecedented rate.
Success in the field of hospitality requires a solid background in businessmanagement and a deep understanding of service and capital intensive enterprises.
You’ll work with them through key hospitality concerns like business viability and competitive markets, ownership and investment decisions, marketing and e-commerce, and selection, development, and retention of talented employees.
You’ll hear from international industry experts too.
You’ll follow the development of this hospitality enterprise from start to finish, from the initial strategy meetings, to the decision to invest, to the marketing plan, to making HR decisions.
Introduction to Global Hospitality Management, from the School of Hotel Administration at Cornell University.
Topic 1.1: The Depth and Breadth of the Industry – What is the Hospitality Industry
What makes the hospitality industry unique and special.
The service component helps us to understand both the size and the scope of opportunities in the industry.
There’s a variety of other ways in which individuals can have careers or jobs in the industry.
It’s complex in terms of the layers of the hospitality industry.
It’s really exciting to come up with new strategies to find points of difference to enable growth.
You will need a set of skills to be able to balance all competing demands and look at it through an integrative lens.
You create memories that influence people for a lifetime.
Topic 1.1: The Depth and Breadth of the Industry – Globalization in Hospitality
Globalization in hospitality is closer to a transnational type of strategy.
There are transnational strategies that are probably more prevalent approaches for many organizations than a global strategy that assumes standardization across a region.
Practices are quite different around the world. In many respects, the execution of service and the fundamentals of hospitality are driven by local needs.
Insightful leaders in this industry understand how different dynamics play out and the nature and specific aspects of what those local demands are.
There’s a lot to be learned about consumers in different parts of the world and how they interface with the tourism product.
Topic 1.2: Game Changers – Opportunity and the Hospitality Industry
In terms of opportunity for leadership, this industry allows folks to enter young and to move relatively quickly through different stages of management.
It provides lots of context for people who may be exploring opportunities that they didn’t understand existed.
There’re also opportunities for investors and entrepreneurs to start small and grow abusiness due to its low cost of entry.
There’re also great growth opportunities in the online space and in the intermediary space.
Topic 1.2: Game Changers – Innovation in the Industry.
Key trends in the industry include:
How we can be responsive and agile to complexity, both competitively and operationally.
The notion of resource scarcity and sustainability.
Trying to bring all that information together in that real-time moment so that we are very responsive to those local needs is a very important way of thinking and doing business so that you can keep pace with the dynamics that are at play on a regular and ongoing basis.
Although there are many opportunities from an employment standpoint, the reality in many places is their labor markets are very tight and the ability to access and exploit those labor markets is becoming a very challenging process.
Resource scarcity, particularly natural resource scarcity, is going to be one of those topics that we’re going to have to think even more innovatively about how we manage it and how we make it happen for the industry going forward and to accomplish the objectives that we see.
