Individual Business Innovation Plan Assignment Sample

Introduction Of Individual Business Innovation Plan Assignment

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Starting a hotel business is an exciting venture. However, it is essential to have a comprehensive plan on how to reach customers and improve particular services. Here are some steps that you can take:

• Research and planning: Conduct market research to determine the demand for hotels in the area and identify any gaps in the market.
• Legal requirements: Register the business and obtain any necessary licenses and permits. Determine the legal structure of the business and register for taxes (Baldassarre, al. 2020).
• Location: Choose a location that is accessible, safe, and attractive to the target market. Consider factors such as proximity to tourist attractions, transportation, and local amenities.
• Funding: Determine the startup costs and secure financing through loans, grants, or investors. Consider creating a financial plan for the first few years of operation.
• Branding and marketing: Develop a brand identity and marketing strategy to promote the hotel to potential customers. Consider using social media, online travel agencies, and other digital marketing channels to reach a wider audience.
• Staffing: Hire experienced and qualified staff who can provide excellent customer service (Bocken and Geradts, 2020). Train employees on the hotel's policies and procedures, and ensure that they have the necessary skills to perform their jobs effectively.
• Operations: Develop an efficient and effective system for managing the hotel's operations, including reservations, housekeeping, maintenance, and accounting. Consider using hotel management software to streamline processes and improve efficiency.

Plan on reaching customers and develop or improve particular services

• Develop a strong online presence: Create a user-friendly and attractive website for the hotel that showcases its features, amenities, and services. Ensure that the website is optimized for search engines and is mobile-friendly (Bouncken, al. 2021).
• Offer personalized services: To differentiate your hotel from competitors, consider offering personalized services that cater to the unique needs and preferences of guests. Conduct customer surveys: Regularly gather feedback from guests to identify areas for improvement and to tailor services to their needs (Breier, al. 2021).
• Partner with local businesses: Develop partnerships with local businesses to offer guests unique experiences and opportunities. For example, you could partner with a local spa to offer guests discounted massages, or with a local restaurant to offer guests special dining experiences.
• Implement technology solutions: Use technology solutions such as mobile check-in and keyless room entry to improve guest experience and streamline operations (Hameed, al. 2021). Utilize hotel management software to manage reservations, inventory, and customer data efficiently.

Current market trends, technological changes and new developments that are emerging

Current market trends, technological changes and new developments that are emerging offer a unique and often more affordable experience for travelers, and they are often preferred by younger generations.

• Increased use of technology: Technology is playing an increasingly important role in the hotel industry, from mobile check-in and keyless room entry to smart rooms that allow guests to control room amenities using voice commands or mobile apps.
• Sustainability initiatives: There is a growing demand for eco-friendly hotels that prioritize sustainability and reduce their environmental impact (Namugenyi, al. 2019). This includes using renewable energy sources, reducing water usage, and implementing waste reduction and recycling programs.
• Rise of alternative accommodations: While traditional hotels remain popular, alternative accommodations such as vacation rentals, bed and breakfasts, and hostels are becoming more mainstream.
• Increased focus on health and wellness: Hotels are increasingly focusing on health and wellness offerings, such as fitness facilities, yoga classes, and healthy dining options. Some hotels even offer wellness-themed rooms with features such as air purification systems, circadian lighting, and aromatherapy.
• Contactless service: Due to the COVID-19 pandemic, hotels are increasingly implementing contactless service options to minimize the risk of transmission. This includes mobile check-in, contactless payments, and remote control of room amenities.

External stakeholders

External stakeholders such as customers have a significant impact on the hostel's revenue, reputation, and overall success.

• Customers: Hostels rely heavily on their customers, who are typically budget-conscious travelers looking for affordable accommodation.
• Local community: Hostels are often situated in urban areas, and their operations can have an impact on the local community. Hostels must be mindful of the local community's concerns, such as noise, litter, and the potential for disruptive behavior from guests.
• Suppliers: Hostels rely on suppliers for goods and services, such as food and beverages, linens, and cleaning services (Correani, al. 2020). Hostels must maintain positive relationships with suppliers to ensure the timely delivery of goods and services.
• Government: The government can also provide support and incentives for hostels that contribute to the local economy and tourism industry.
• Investors: Hostels may be owned by individuals, groups, or companies that provide funding and support for their operations (Buhalis, al. 2019).

Strategy, relevant communication proposals through marketing, and public policy issues

The plan must have a focus on strategy, relevant communication proposals through marketing, and any observed public policy issues in the hotel business.

• Strategy: Develop a clear and comprehensive strategy for innovation that aligns with the hotel's overall business goals and objectives.
• Marketing: Develop a marketing plan that communicates the hotel's innovation initiatives to its customers, employees, and other stakeholders (Alrawadieh, al. 2021).
• Public policy: Stay informed of public policy issues that may impact the hotel industry, such as changes in tax regulations, labor laws, or environmental policies. Develop strategies to address these issues and ensure compliance with relevant laws and regulations.
• Stakeholder engagement: Engage with stakeholders, including customers, employees, suppliers, and the wider community, to solicit feedback and ideas for innovation (Tuomi, al. 2021). This can help to identify new opportunities and ensure that the hotel's innovation initiatives are relevant and meaningful to its stakeholders.
• Employee empowerment: This can help to foster a culture of innovation and ensure that the hotel's innovation initiatives are supported by its employees.

Theories of entrepreneurship and innovation

• Effectuation theory: This theory emphasizes the idea that entrepreneurs start with their available means and resources and then develop a business idea from there.
• Resource-based view: This theory emphasizes the importance of a firm's internal resources and capabilities in driving innovation and competitive advantage (Gaur, al. 2021).
• Disruptive innovation theory: This theory emphasizes the idea that new businesses can disrupt established industries by introducing new and innovative business models or technologies.
• Lean startup methodology: This methodology emphasizes the importance of rapid experimentation and iteration in the development of new businesses. In the context of a new hotel business idea, this might mean testing and refining various aspects of the hotel concept, such as the room design, amenities, and guest services, through a process of rapid prototyping and customer feedback.

In the context of a new hotel business idea, this might mean starting with an existing property, identifying the needs and desires of potential customers, and then designing a hotel concept that meets those needs in a unique and innovative way.

Anticipated challenges that exist with plan

• Financial constraints: Starting a new hotel business requires significant financial resources, including property acquisition, construction, equipment, staffing, and marketing. Access to capital and securing funding can be challenging, particularly in a competitive market.
• Intense competition: The hotel industry is highly competitive, with established brands and players dominating the market (Nam, al. 2021). Introducing a new hotel business concept requires identifying a unique value proposition and differentiating from existing competitors.
• Human resource management: The success of a hotel business depends on the quality of its human resources, including managers, front desk staff, housekeeping, and maintenance teams. Recruiting, training, and retaining talented employees can be challenging, particularly in the hospitality industry, which is known for high turnover rates.
• Customer acquisition: Attracting and retaining customers is a critical success factor for any hotel business (Kasliwal and Agarwal, 2019). Identifying the target market, developing effective marketing strategies, and providing exceptional customer service are all essential to building a loyal customer base.
• Technological advancements: The hotel industry is increasingly reliant on technology, including online booking platforms, mobile apps, and digital marketing. Staying up-to-date with the latest technological advancements and incorporating them into the hotel's operations can be challenging and costly.

Recommendations

• Focus on enhancing the guest experience by implementing technology, such as self-check-in kiosks, mobile apps, and smart room features.
• Offer unique and personalized experiences through a focus on local culture and sustainable practices.
• Develop partnerships with local businesses and organizations to create a more integrated and immersive guest experience.
• Implement effective marketing strategies, such as social media campaigns, influencer marketing, and targeted advertising, to reach a broader audience.
• Continuously seek feedback from guests and employees and use this feedback to improve and innovate the hotel's offerings.

Conclusion

In conclusion, the hotel industry is constantly evolving, and innovation is crucial to staying competitive and meeting the needs of customers. Developing a hotel innovation plan requires a deep understanding of market trends, customer preferences, and emerging technologies. It is important to remain agile and adapt to changing market trends and customer needs to stay relevant and competitive in the hotel industry.

References

Alrawadieh, Z., Alrawadieh, Z. and Cetin, G., 2021. Digital transformation and revenue management: Evidence from the hotel industry. Tourism Economics, 27(2), pp.328-345.

Baldassarre, B., Konietzko, J., Brown, P., Calabretta, G., Bocken, N., Karpen, I.O. and Hultink, E.J., 2020. Addressing the design-implementation gap of sustainable business models by prototyping: A tool for planning and executing small-scale pilots. Journal of Cleaner Production, 255, p.120295.

Bocken, N.M. and Geradts, T.H., 2020. Barriers and drivers to sustainable business model innovation: Organization design and dynamic capabilities. Long range planning, 53(4), p.101950.

Bouncken, R.B., Kraus, S. and Roig-Tierno, N., 2021. Knowledge-and innovation-based business models for future growth: Digitalized business models and portfolio considerations. Review of Managerial Science, 15(1), pp.1-14.

Breier, M., Kallmuenzer, A., Clauss, T., Gast, J., Kraus, S. and Tiberius, V., 2021. The role of business model innovation in the hospitality industry during the COVID-19 crisis. International Journal of Hospitality Management, 92, p.102723.

Buhalis, D., Harwood, T., Bogicevic, V., Viglia, G., Beldona, S. and Hofacker, C., 2019. Technological disruptions in services: lessons from tourism and hospitality. Journal of Service Management.

Correani, A., De Massis, A., Frattini, F., Petruzzelli, A.M. and Natalicchio, A., 2020. Implementing a digital strategy: Learning from the experience of three digital transformation projects. California Management Review, 62(4), pp.37-56.

Gaur, L., Afaq, A., Singh, G. and Dwivedi, Y.K., 2021. Role of artificial intelligence and robotics to foster the touchless travel during a pandemic: a review and research agenda. International Journal of Contemporary Hospitality Management, 33(11), pp.4079-4098.

Hameed, W.U., Nisar, Q.A. and Wu, H.C., 2021. Relationships between external knowledge, internal innovation, firms’ open innovation performance, service innovation and business performance in the Pakistani hotel industry. International Journal of Hospitality Management, 92, p.102745.

Kasliwal, N. and Agarwal, S., 2019. Green marketing initiatives and sustainable issues in hotel industry. In Green Business: Concepts, Methodologies, Tools, and Applications (pp. 512-529). IGI Global.

Nam, K., Dutt, C.S., Chathoth, P., Daghfous, A. and Khan, M.S., 2021. The adoption of artificial intelligence and robotics in the hotel industry: Prospects and challenges. Electronic Markets, 31, pp.553-574.

Namugenyi, C., Nimmagadda, S.L. and Reiners, T., 2019. Design of a SWOT analysis model and its evaluation in diverse digital business ecosystem contexts. Procedia Computer Science, 159, pp.1145-1154.

Tuomi, A., Tussyadiah, I.P. and Stienmetz, J., 2021. Applications and implications of service robots in hospitality. Cornell Hospitality Quarterly, 62(2), pp.232-247.