Hospitality Branding Essay Samples
Hospitality finance involves the essence of ensuring monetary components of an industry are overseen and organized in the right manner. Hospitality branding on the other hand, indicate the new strategy in which the hospitality sector take in order to improve its services. This concerns hospitality management that illustrates the returns, expenses accrued by the industry.
Typically, hospitality finance has a wider scope. Focus, however, is laid on the control of the finances in the hospitality industry in the branding process. Hospitality department is a unique area of concern since its focus is in the supervision of the expense on food. My particular interest is in the hospitality financial management (Sloan, Legrand, & Chen, 2009). The branding process provides a straightforward and a practical approach that help aid hospitality management in the analysis of the industry financial issues. Interestingly, the desire to access accurate business forecast, effective costs management, proper pricing models and financial growth indicates the need to have a system that negotiates the business structure and assures desirable outcomes (Boella & Goss-Turner, 2013).
Hospitality industry is one of the major revenue generating sectors. It is, however, the most sensitive sector to handle since it concerns delicate handling of clients, and the industry struggles to ensure proper strategy is adapted to meets its financial goals (Hermans, Mutsaerts, & Olyslager, 2009). Technically, hospitality finances arise from the services they offer to the customer, for example, in the provisions of accommodation, reception, food, tours and consultation programmes. Branding, therefore, help in retaining competitive skills (Dev, 2012). Often the industry tries its best to balance its revenues and outgoing expenses, for example, paid to employees and distributors of its products. However, operating expenses is of a higher essence particularly in engaging the incoming revenues by showing financial oversight to ensure transparency and accountability as aided by branding. In some lucrative zones, costs tend to be high hence high taxes and rent (Shen, Serena, Kwansa & Francis, 2012).
Nevertheless, there are issues that arise in the hospitality finance especially in the management panel. This issue is unique compared to any other industry. The companies, for example, the bars, restaurants and hotels regularly have to consider the ongoing replacement of its store with fresh food products in order to meet the customers’ demands (Boella & Goss-Turner, 2013). The business is interlinked with the tourism industry hence they need to utilize the resources at their disposal in balancing their investments in accordance with the local programmes designed for tourists (Tasci & Guillet, 2011). Additionally, in the financial management of the hospitality industry it is paramount that the marketing department organizes campaigns that would help in attracting new customers without disrupting the progress of the existing programs (Goss-Turner, 1999).
Similarly, the way industries handle their financial issues differ. The hospitality financial program in various corporations and companies adopt one general manager. Ideally, the individual is asked to handle matters concerning finances by overseeing, approving payments, and monitoring revenues generated by the industry (DeFranco & Lattin, 2007). In this manner, the concept of ensuring that one sole person becomes the head of all the other financing officers is to ensure smooth running of the business and deviate from frauds and embezzlement of funds (Genc, 2010). According to 2008 economic recession, the adaption of a non-traditional source of financing hospitality industry ensures the affordability of the program and enhances its flexibility and, in the long run, creates jobs (Sloan, Legrand, & Chen, 2009). Hospitality industry have therefore expanded due to the branding and rebranding as a marketing technique (Kang, 2011).
In conclusion, it is apparent to note that the branding process shows transformation of the hospitality industry have taken a notch higher since the adaptation of hospitality financial management as it has seen the industry prospers. Further, the industry expansion and growth is accredited to the suitable management and use of the resources that enhances the service delivery in the hospitality industry.
Boella, M. J., & Goss-Turner, S. (2013). Human resource management in the hospitality industry: An introductory guide.
DeFranco, A. L., & Lattin, T. W. (2007). Hospitality financial management. Hoboken, NJ: John Wiley & Sons.
Dev, C. S. (2012). Hospitality branding. Ithaca, NY: Cornell University Press.
Genc, R. (2010). Strategic Brand Management in Hospitality Sector: How to Manage Cobranding in Hotels and Restaurants.
Goss-Turner, S. (1999). The role of the multi-unit manager in branded hospitality chains. Human Resource Management Journal. doi:10.1111/j.1748-8583.1999.tb00209.x
Hermans, O., Mutsaerts, H., & Olyslager, L. (2009). Guest Relationship Management Principles as a Reference Point for building a Brand: The Case a Hospitality Group's Brand-building Process.
Kang, J. (2011). Social media marketing in the hospitality industry: The role of benefits in increasing brand community participation and the impact of participation on consumer trust and commitment toward hotel and restaurant brands.
Shen, Serena and Kwansa, Francis A. (2012) "EB-5 Financing Program: Option for Financing Development in the Hospitality Industry," Journal of Hospitality Financial Management: Vol. 20: Iss. 2, Article 4.
Sloan, P., Legrand, W., & Chen, J. S. (2009). Sustainability in the hospitality industry: Principles of sustainable operations. Amsterdam: Butterworth-Heinemann/Elsevier.
Tasci, A. D., & Guillet, B. D. (2011). It affects, it affects not: A quasi-experiment on the transfer effect of co-branding on consumer-based brand equity of hospitality products. International Journal of Hospitality Management. doi:10.1016/j.ijhm.2010.12.009
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