Executive summary 3
Recommendation & justification 5
Short and long term action 6
Increasing competition in the multibillion-dollar hospitality industry is a challenge to every company in the industry. Mandarin Oriental company also struggles with this problem. Tapping on the changing trends in the industry like Wellness Tourism and workplace wellness will help the company improve their performance and keep up with its competition. The company has to retain their customers and improve their sales through developing strategic initiatives related to workations' to beat the competition, achieve greater market share and also grow as they satisfy more guests. Developing policies to tap into this workations' trend, will give it a chance to improve their revenue and at the same time enhance their service portfolio.
Mandarin Oriental International Limited is a company that is based in Causeway Bay in Hongkong. The company invests and manages hotels and mainly caters for business travelers and residences primarily in Hongkong, Europe, Asia, and Americas. Mandarin Oriental is one of the key competitors in the hospitality industry with around 46 hotels and 15 residences under its assets (Mandarin Oriental Hotel Group Limited, 2016). With the increase in competition within the hospitality industry, the company has to increase their competition and hence remain viable in the industry. Despite their diversified geographical presences they still face challenges of intense competition from their rivals such as the Grand Hyatt Singapore. Mandarin Oriental can tap into the growing trend of Workations' which includes the workplace wellness trend and also wellness tourism. This will present a prime opportunity for Mandarin Oriental, Singapore to access and service a growing group of companies traveling seeking out a combination of a business trip and vacation. The companies go on a retreat to bond and brainstorm on fresh ideas while at the same time relaxing and rejuvenating (Global Wellness Institute, 2017). Jumping on the initiative fast enough will help Mandarin Oriental get a more market share. Similarly, it will give its customers a chance to rejuvenate and relax as it has located just a few kilometers from the CBD and has excellent views.
Recommendations and Justification
To tap into the growing trend of Workations' Mandarin Oriental can improve its spa services as the spa industry is growing. They should extend its service line as more tourists opting for activities that maintain or enhances their personal wellbeing. Additionally, they can introduce packages with yoga programs by working with local yoga companies (King, 2017).To provide packages for companies seeking for workations.' Mandarin Oriental can invent new Workation' vacation packages for the companies. Providing packages will give them an opportunity to boost its revenue enhancing its service portfolio.
Focusing on the workplace wellness is another way the company can use to tap this growing trend. Businesses and employers are now focusing on workplace wellness as it boosts the employee's morale and productivity. Workplace wellness is becoming increasing more important, and companies are recognizing the need to prevent rather than just paying for more when employees fall sick. An excellent way to improve wellness is through workations, which allows employees to relax and rejuvenate while working at the same time. It was evaluated that the working environment health market is worth $43.3 billion universally which incorporates bosses' spending to teach workers on wellbeing hazard variables and practices. A few cases include the absence of activity and poor dietary patterns. Managers are additionally giving motivating forces as a significant aspect of a push to expand work environment health. However, since it 's hard to get representatives to both works harder and unwind in the meantime, the company has to change their corporate culture and shift away from boardroom type retreats. By having a workplace wellness will likewise enhance enlistment as representatives general like to work in an organization with significant welfare. In any case, it 's hard to get employees to both works harder and relax in the meantime.
White noticed that today, organizations are grasping the start-up corporate culture, and are observing retreats to be a successful approach to fulfilling the before-said apparently clashing objectives (White, 016). White includes that as the workforce is gradually being assumed control by representatives from the Generation Y implying that corporate culture and business travel are slowly advancing to have a young, new, Silicon Valley start-up mindset and the pattern is moving far from meeting room sort withdraws. Mandarin Oriental needs to concentrate on taking into account these gatherings on explorers expecting to unwind and work harder in the meantime and has been concentrating on business voyagers searching for meeting room gatherings.
Short and Long Term Action
First Mandarin Oriental Company can source for and partner with local wellness partners like local yoga companies, meditation companies for them to intensify their services. Their Sales Team can work on a proposal that incorporates labor and fun to boost their morale. Additionally, the Sales Teams can start preaching to their clients on the possibility of such a package to attract those companies already intending to go on workations and introduce the workation' idea to those who have not heard of the trend before.
In the first 1.5 years, The Company can use the E-media and pamphlets for workatation to get guests in volume. Online networking profiles regularly rank high in web search tools, so stressing nearness in every interactive organization is an approach to overwhelm the main page of Google when individuals look for your name or business. Mandarin Oriental should not use the web-based social networking to put out so many sales messages. It ought to be utilized to share stories about the firm, the industry and the work that they do. These stories must connect with the intended interest groups. Each bit of substance, regardless of whether it's a blog, infographic, video, podcast, Slideshare, picture or white paper can be shared on Facebook or tweeted. However, it can likewise be utilized by your sales teams, in pamphlets, on your site, in email bulletins and introductions. Web-based social networking can move a brand to "top-of-psyche" status with drawing in, and pertinent substance, including photographs, recordings, articles and that's only the tip of the iceberg.
Additionally, they can increase partnerships with both local and international companies to tap into the workations' trend. For instance collaboration with InterMetro (Metro) which is exceptionally positioned for growth with the primary accounts will help Mandarin Oriental grow significantly. Their vital records nearness with significant chains on a worldwide premise will help Mandarin Oriental and make it a considerably more impressive power in the commercial center. Mandarin Oriental has assembled a remarkable position in some exceptionally critical classes. This gives it a fresh out of the box new level to expand upon, not just through Metro's items, however, similarly possibly through future acquisitions to a significant number of the product offerings that Metro have. This partnership exhibits an entirely new opportunity in a new class of goods. By 1.5 years they should intensify their marketing strategies so that by 2.5 years, they have at least 50 groups that visit them for 'Workation (Market Line Advantage, 2016).'
In conclusion by introducing new 'workatations' and focusing on workplace wellness for their clients, the company will be able to salvage its worsening financial performance. These two trends will give the company a chance to boost their revenue and improve their service portfolio.
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Global Wellness Institute. (2017). Global Wellness Economy Monitor January 2017. Retrieved from https://www.globalwellnessinstitute.org/global-wellness-institute-releases-global-wellness-economy-monitor-packed-with-regional-national-data-on-wellness-markets/
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King, D. (2017, January 18). Hyatt adds wellness resort brand with Miraval acquisition. Retrieved from http://www.travelweekly.com/Travel-News/Hotel-News/Hyatt-adds-wellness-resort-brand-with-Miraval-acquisition
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White, M. C. (2016, January 12). Workations: Rewarding employees without paying more. International New York Times. Retrieved from Factiva database.
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