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Budget hotels: provides affordable lodging with basic amenities and…
Budget hotels: provides affordable lodging with basic amenities and catering to cost-conscious travelers (Thomas, 2023). Hostels in city centers cater to travelers seeking for affordable lodging options in prime locations (The Ultimate Guide On Where To Open A Hostel, z.d.).
Market structure
(Blanco et al., 2011)
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Service firm life cycle (Hotel Life Cycle Optimization Strategies, n.d.)
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- Growth (awareness increases)
- Introduction (pre-opening)
- Maturity (growth rate slows down)
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- Decline (hotels go) & Approval (new hotels come)
- Renovation, Rebrand, Repositioning
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Internal Perfomance Objectives
(Objectives in Hospitality Performance, z.d.)
Speed
swift check-in and check-out processes, fast responses to guest inquiries, and efficient housekeeping
Dependability
Meeting guest expectations, reliable reservation system & consistent sevice standarts
Quality
clean, comfortable, and basic amenities.Focus on simplicity and functionality rather than luxury.
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4 (5) V's
Variation
Moderate, demand can vary based on seasonal factors, events or festivals (The Ultimate Guide On Where To Open A Hostel, z.d.). :
Variability
High, the quality or fact of being variable (= likely to change often). Think about guest turnover, shared facilities, pricing and booking patterns, guest demographic and activities.
Variety
Moderate, relates to how many distinct "types" of goods or services are created, as well as how unique they are from one another.
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Visibility
Low, visibility of the customer to the business and its processes, and of the business to the customer.
Order Qualifiers
Safety & security (The Importance Of Hotel Safety And Security, z.d.)
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Transparent pricing (Price Transparency: How To Build Trust With Customers Through Fair And Honest Pricing - FasterCapital, z.d.)
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Basic services such as WiFi and 24-hour reception (Brinza, 2020)
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Order Winners
Innovative Technology (16 Hotel Innovation Trends To Keep An Eye On This Year And Beyond, 2023)
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Guest reviews and ratings (Sarrantonio, 2022)
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