Hospitality Industry Swott Essay Example | Topics and Well Written Essays - 750 words

Hospitality Industry Swott - Essay Example One of the ways is having a reflection at the SWOT analysis of individual hospitality destinations and basing on the analysis for make informed and forecasting decisions for the future. I. Future As noted in the introduction, the agenda for which a lot of people travelled has now changed (Hotel Managers Group, 2011). Today, people travel for business purposes more than for leisure and holiday. As a way of meeting the future challenge and this new changing trend, hospitality agencies has to open itself up more to target major companies who would need their facility for business meetings. If this should happen, the implication to hospitality agencies for the future is that their traditional role of accommodating visitors overnight would have to change. Though the giving out of conference rooms and other facilities for meetings was originally part of the traditional role of hospitality companies, the latter would now have to take the fore front in commanding income and revenue. In order to utilize this changing trend well, managers are admonished to focus more attention on making their meeting outlets, receptions and services more improved and advanced. Even though people travel less for tourism purposes of late, patronage of leisure activities such as the use of casinos keep rising (McCain, 2008). Because of this, hotel managers are advised to consider as future innovation, the need to incorporate the operation of casinos into their services. This is because once casinos are added there will not be the need to attract only foreign visitors but domestic users as well. It would also make the overall functionality of the hospitality facilities expanded (Knowles, 2009). Knowing what the future would hold for their company if they invested more in casinos, it was reported that â€Å"Asia’s third largest casino company is paying $236 million for the 14 acres of waterfront land surrounding The Miami Herald† (Miami Herald, 2011). Other hospitality companies are admonished to make such moves for the future of their businesses. II. SWOT Strength A major strength for the hospitality industry is that it represents a very large portion of the American labor force. For instance there are figures like 12.7 employed workers in restaurants, 50,000 operating hotels, over 4.6 million hotel rooms and 1.8 millions employees in lodging industry (NDSU Fact sheet index, 2011). The implication of these statistics to insiders of the hospitality industry is that they can always have readily available human resources to take up duties. It is recommended that as rapidly as possible, the human resources be given needed training and upgrading that will make advanced human capital for the merging markets of tomorrow. Weakness Ironically, the weakness of the hospitality industry is directly associated with its strength. Unfortunately, even though the industry employs a lot of human resource, the pay for the industry is relatively low. This situation creates e mployee turnover, which eventually affects the successful management of businesses. There is however a way out to this. It is