Part I: Characteristics of the Hospitality Industry
The hospitality industry is one of the fastest growing industries in the world. The industry has multiple facets and has opportunity for employers, investors, and those interested in services as a career. The industry is also unique. In your posting, indicate three characteristics of the industry that you can attribute to the uniqueness of the industry. Justify your response. In addition, by acknowledging the competitive nature of the hospitality industry, how would these three characteristics help organizations retain their market share? Justify your response and briefly cite an example of an organization in the hospitality industry that has retained its market share because of the three characteristics mentioned by you. Conduct an online research and present adequate information, including relevant data to illustrate your point.
Part II: Mission Statement
Every organization has a mission statement or a statement of purpose that allows stakeholders and customers to understand their business philosophy and values. Hospitality-oriented businesses have unique goals and objectives. However, there is a common element in all service-oriented businesses, which is central to their mission.
What do you think is this common element and why? In addition, briefly compare two organizations in the hospitality industry that have made this common element central to their mission. Review customer feedback on the Web and identify these two organizations by ensuring that customer satisfaction for one organization is significantly higher than the one for the other organization. Further, analyze if the organization with the higher customer satisfaction has aligned this common element to its mission in a unique way. If yes, on the basis of the customer feedback, analyze those unique attributes, and explain conceptually how they further bind the common element and organizational mission.
Post your answers to the following questions in a paragraph form (minimum of 400–600 words). Be sure to incorporate your weekly readings and cite your sources (including in-text citations and references) using the APA guidelines.