Analysis of Hospitality Industry (indian Hotels Company Limited) – Research Paper – soumya1207
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Analysis of Hospitality Industry (indian Hotels Company Limited)
[pic 1]STM Assignment WorkbookFaculty: Prof. Anshuman Tripathy[pic 2]Contents1 Executive Summary 52 Industry Overview 62.1 Nature and Size of the Industry 62.2 Key Growth drivers for the Industry 82.3 Identification of Critical Success Factors (CSF) 92.4 Industry Benchmarks 102.5 PESTEL Analysis 152.6 Porter’s Five Forces Analysis 182.7 Strategic Group Mapping 202.8 Competitive Landscape 212.9 Market Segmentation 222.10 Buying Criteria Analysis of the Industry 232.11 Key trends and future developments 243 Company Overview 263.1 Company background 263.2 Timeline with key milestones and their strategic impact 263.3 Vision, Mission, Goals, and Strategic Themes 273.4 Key Product and Service Portfolio 273.5 Core Competencies of the firm 283.6 Business Model of the organization 29
3.7 3rd Generation Balanced Scorecard (Amalgamation of 1st Generation BSC and Activity System Map) 343.7.1 DESTINATION STATEMENT 343.7.2 FINANCIAL PERSPECTIVE 353.7.3 CUSTOMER PERSPECTIVE 353.7.4 INTERNAL PROCESSES 363.7.5 LEARNING AND GROWTH 363.8 SWOT Analysis 373.9 Competitor Analysis (identify competitors) 383.9.1 Based on Critical Success factors 383.9.2 Based on Financial indicators 394 Future Growth Strategy for the organization 404.1 Portfolio Analysis 404.1.1 Based on BCG Matrix 404.2 Company’s Strategic Roadmap for future 424.3 Product Market Investment Strategy 444.4 Re-imagining the Organization with the transformed business model or Use-case based on SMAC and IOE 44Executive SummaryThe Indian Hotels Company (IHCL) and its subsidiaries, collectively known as Taj Group, is one of Asias largest and finest groups of hotels. Incorporated by the founder of the Tata group, Jamsetji Tata, the company opened its first property, the Taj Mahal Palace, in Bombay in 1903. The Taj, a symbol of Indian hospitality, completed its centenary year in 2003. It operates in the hospitality industry. The Indian hospitality industry is in its growth stage with direct contribution to GDP in 2016 is estimated to be US$47 billion. It is expected to grow at 7.2% per annum during 2015-25. Its contribution may increase to US$160.2 billion by 2026. The total contribution to Indian GDP is forecasted to increase by 4.97 per cent per annum. In this report we analysed the core competence, strengths and weaknesses of IHC Ltd in the hospitality industry. We also analysed the macro environment condition in India through PESTEL analysis. Through SWOT analysis we found that some of the key strengths of IHC Ltd. are innovative practices like E-CRM, customer service, etc. As per the PESTEL analysis, we found that the business environment in India is conducive for hospitality industry with an annual growth rate of 8-10% and Government is also framing policies like E-Tourism visa service to cater to the growth. Analysing the key indicators like political stability in the region and global growth of hospitality industry we found that the overall growth of tourism in developing world shows positive sign because of flow of FDI to these countries and great market growth potential.Because of future growth prospective and conducive business environment, IHC is facing huge competition from both domestic and foreign players. IHC has been able to maintain its position as market leader because of its brand value and customer service. In order to gain competitive advantage, the organisation should work and develop the expertise on the critical success factors like brand recognition, price, customer service and global presence. Industry OverviewNature and Size of the Industry History and Evolution of the industryThe concept of hotels in India was brought in by the British for their own use or for foreign visitors. Except for the Taj Mahal Hotel in Mumbai, almost all hotels initially were owned and operated by Britishers and the Swiss. Western-style residential hotels are comparatively of recent origin in India. These hotels were first started about 160 years ago mainly for princes and aristocrats and high dignitaries. The twentieth century can be called the turning point in the history of the hotel industry in India. It was during this period many big business owners entered into the field. In 1903, JRD Tata started the Indian Hotels Company Ltd and the first hotel of international standard Taj Mahal Hotel, Mumbai was established. In 1966, India Tourism and Development Corporation of India (ITDC) was established to look after hotel development in India.Key Consumers of this industry and their changing needsKey consumers of this industry can be divided into Solo travellers, couples, families and business travellers. Growing demand in the hospitality industry is seen in the case of growth of e-commerce and digital marketing. Customers tend to find it more suitable now-a-days to search and book hotels online. They are demanding more online presence of the hotels through websites and mobile apps. Also, increase of loyalty programs in premium hotels is also a big demand of the consumers. More than lower rates travellers’ today search for more innovative package deals. Stage in the Industry Life cycleThe Indian Hospitality industry is in its growth stage. Its direct contribution to GDP in 2016, is estimated to be US$47 billion.It is expected to grow at 7.2% per annum during 2015-25.Its contribution may increase to US$160.2 billion by 2026. The total contribution to Indian GDP is forecasted to increase by 4.97 per cent per annum.Total Available Market Size (National and Global)Global hotel market to expand at a CAGR of 4.0% during the period between 2015 and 2021, The report, titled “Hotels Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021”, projects the global hotels market to be worth US$702.74 billion by 2021. The overall market was valued at US$534.02 billion in 2014.The Indian tourism and hospitality industry has materialized as one of the key drivers of growth among the services sectors in India. It contributes to 6.23 percent to the National GDP and 8.78 percent of the total employment The Travel and Tourism Competitiveness Report of 2013, published by World Economic Forum, India, stated that the ranking of India is 11th in the Asia Pacific region and 65th in the World Travel and Tourism Competitiveness Index 2013According to Economic Survey of India and Technopak, the Indian hotel industry accounts for USD 19 billion, 71.50% (USD 11.95 billion) of which take their origin from the unorganized sector and the remaining 29.7% (USD 5.67 billion) from the organized sector. In 2000, India hosted only 2.8 million international visitors. By 2009, the figure had already increased to 5.25 million arrivals
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By: soumya1207
Submitted: September 18, 2017
Essay Length: 7,210 Words / 29 Pages
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