Analysis Of Hospitality Industry

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INTRODUCTION

Corporate Hospitality, also known as Corporate Entertainment is the entertaining of clients by companies in order to promote business, especially at sporting or other public events (Oxford Dictionary). This form of business travel basically involves companies inviting their guests to come together and do different type of organised activities and is free of charge.
This report describes the term known as Corporate Hospitality, identifies and describes its role and function within the market. The purpose of the report is to evaluate and explain possible benefits and issues, businesses may face when operate within the industry.
Report will provide a general overview of the Corporate Hospitality industry and will focus on the opportunities it gives to businesses. It will then narrow down to the sporting events` sector and will be focused on football hospitality. The report will identify and analyse current political, economic, social and technological factors (PEST analysis) which may influence football hospitality, using Keith Prowse as an example of the company which provides that type of services. It will then provide information about possible strengths, weaknesses, opportunities and threats (SWOT analysis) which may affect this sporting event.

INDUSTRY OVERVIEW

With the fast development of business industry and a strong competitor power within the major business sectors, it became harder for companies to succeed. Unless company finds an unusual and extraordinary way to attract and keep important people, they are more likely to fail. According to the recent statistics, the business cost increased up to 8 present in order to sell goods to a new customer (Researchchomatic. Current Trends Within The Corporate Hospit...

... middle of paper ...

...reased since the year 2008, however due to the employment growth they are now beginning to recover (UK Economic Outlook, March 2014). Hence, the more employed people there are in the country, the higher number of potential customers Keith Prowse has.
Hospitality, being one of the biggest sectors in the market, shows a positive growth in the last 2 years. Hence, economy has a positive impact on sporting events and corporate hospitality in general. After the recession, people spend more money on leisure and travel, which means that the overall turnover is going to increase in a short term period. With the economy growth and new healthy life-style trend, football hospitality has all chances to develop and reach the point where it makes the most profit. Keith Prowse sell football packages at prices lower than their competitors, so it would definitely attract customers.

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