Matriculation no. 40071909
Module no. – TMS09801
Date – 30.03.2012
Paper ID- 15870080 Word count-1387
“ Knowing your customers – actual and potential – and your competitors is essential to the development of strong businesses” (Hassanien, Dale & Clarke, 2010, p.84). Evaluate this point of view within the context of developing a type of hospitality business of your choice. Illustrate your evaluation with examples drawn from the Indian industry.
Hospitality business development of hospitality industry analyses the aspects of the business growth and evaluate the developing process of the industry. In the eyes of Hassanien et al (2010), “Hospitality business development is a procedure of using external and internal resources of an organization to bring out some new product in the market for the customer. In the essay all points are discussed and argued on developing the hospitality industry by referencing through secondary data which includes books, journals and educational and websites has relates to the topic. Moreover, in the essay the research is systematically paragraphed, introduced issues are customer role, market research, and analysis of business development, designing of new products in the market and customers satisfaction for organizations in the hospitality industry.
According to Jones & Merricks (1994), a customer is one who buys a product or consumes a service in terms of monetary exchange from any Organization or a company. According to Chervonnaya.o (2003) A set of behavoiur of the customer is concludes through its experience and effective interaction and effective performance of an individual which help them to achieve and fulfill the desire goal which defined as role of the customer in developing the business. The customer is the main focal point of any organization as in the increase competitive market. The feedback of the customer is very important, as they are the end users of the product. A long-term relationship with a customer creates a very good trust essentially, which is very important both for the customer and for the organization. It lows its transaction cost on the both side where as the wining a new customer cause more than maintaining and expanding the relationship with its existing customer. Thus, Hyatt’s groups of hotels offered to their regular guest a program, name as Gold Passport, which provide the guest accounts for 20% discount of all Hyatt room nights worldwide. According to Zeithanal.V.A.etal (1997) the role of a customer in developing the business as a productive resource, contributive to the quality of a product, satisfaction and the value of the product and services. Lastly, they are the only competitor of the organization. According to Jones and Merriccks (1994) The resources used by those who supply goods and services to keep themselves in contact with the requirements and desires of the customer those who purchase and utilize goods and services. The process of market research includes the following steps such as finding out the information required, preplanning goals. Internal secondary research the goals and the organization detail of the research goal in brief. The resource plan systematically collecting data from the market with the help of secondary and primary research analyzing the data lastly preparing the report. According to Michael J.Croft (1994), separated products could target Market segmentation, which is the process of identifying different customer group’s users with in a market share similar level of interest in sets of needs. Market segmentation is an important part of any organization because it helps in the organization to satisfy the different kind of customer and their needs. Introducing new product in the market to bring more choices for the customer. The new...