Hospitality Industry Research

Business

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#1

Research has to be conducted in the field of hospitality to promote the survival and growth of the industry. Research has become an important tool for growth and survival of the business in the modern workplace. Through research, the industry can gather data, information and the behavior of the consumers to use them in strategizing on the growth of the business. One of the primary purposes of research in the hospitality industry is to connect with the End-Users. The industry needs to create and keep customers since it is the only way the business can thrive quickly. An excellent research in the industry helps in creating a client loyalty (Exforsys, 2010).

The second purpose of research is helping the managers to foresee unpredictable scenarios. Most scenarios that happen in the marketplace are unpredictable since they cannot be easily identified and such scenarios might cause great harm to the industry. For the industry to avoid these harms, thorough research needs to be conducted for the business to prepare on how to deal with such scenarios if they take place. For example, since the modern business is being driven by telecommunications: computers, mobile phones and many other gadgets, research needs to be conducted to facilitate predicting how these gadgets will affect the industry soon(Exforsys, 2010).

#2

Opportunities

The future business will require individuals with high thinking skills to be able to analyze the behavior of the future customers. This can only be achieved by people who will have conducted a thorough research on the consumer behavior. In future, the services of professionals with thorough knowledge about the needs of the customers will be in high demand. A large market for the industry will emerge for both firms that had extensive data. The ones that will advance with technology and customer needs will thrive in the future market (Smith, n.p).

The future market will only favor only those individuals who will provide penetrating and memorable stories about the clients thinking and feeling. The method of analyzing data might change in future, but the key message will remain important in analyzing the opportunities arising from the market (Smith, n.p).

Challenges

Impactful reporting- the industry is not able to provide or receive a reliable report that clear answers and solve the many puzzles the industry is facing currently.

Technology- the technology is not being used in the right manners, and this makes its a bit unreliable in answering the industry's questions in a creative and efficient ways.

Data management- There are a lot of data and information that the industry is unable to collect, manage and interpret (Smith, n.p).

#3

Explain the research-related skills you have acquired from various HBM courses so far that will help you become an effective hospitality manager!

I have improved my Communication skill that is required in conducting interviews in research, and this will enable me to communicate well with my juniors as well as the new clients.

Technical skills such as computer skills that I acquired while feeding research data and information will enable me execute my duties very fast and protect vital data needed to run the business.

Multitasking is an important skill I acquired while conducting research and this will enable me to execute multiple responsibilities simultaneously. This might be negotiating a contract with a rental company and handling a dissatisfied client at the same time (Exforsys, 2010).

Work Cited

Exforsys. Role of Research and Development in Strategic Planning. 6th May 2010. Web. 15th Jan 2017. < http://www.exforsys.com/career-center/strategic-planning/role-of-research-and-development.html>

Smith, D. Opportunities and threats facing the market research industry. N.d Web. 15th January 2017. <http://newmr.org/blog/opportunities-and-threats-facing-the-market-research-industry-david-smith/>