Current trends within the corporate hospitality industry
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION1
Background1
Problem statement1
Aims and objectives2
Nature of the study3
Significance3
Research questions3
CHAPTER 2: LITERATURE REVIEW4
What is Corporate Hospitality?5
History of Corporate Hospitality5
Importance of Corporate Hospitality'6
Corporate Hospitality Objectives7
Enhance corporate image8
Alter public perception8
Enhance employee relations/motivation8
Increase target market awareness9
Increase sales/market share9
Clients of Corporate Hospitality10
Types of Corporate Hospitality events11
Usefulness of CH for marketing and Corporate Communications11
Problems connected with CH12
CHAPTER 3: METHODOLOGY14
Mixed Research14
Classification of research methods15
Multi-method studies15
Mixed method studies15
Steps in mixed methodology15
Strength and weakness of the mixed research16
Strengths16
Weaknesses17
Research design17
Sampling Method18
Data analysis18
Limitations18
Ethical Consideration18
Reliability and Validity19
CHAPTER 4: FINDING AND DISCUSSION20
Questionnaire analysis20
Current trends of corporate hospitality industry25
Discussion27
CHAPTER 5: CONCLUSION30
REFERENCES32
CHAPTER 1: INTRODUCTION
Background
It is the age of globalization and competition is extensive. It is very important for business to retain stakeholders to succeed. Unless a company does something out of the way for the key stakeholders, it is difficult for them to retain them. According to the recent story published in The Times, the business cost increase up to 8 percent in order to sell products to a new customer. On the other hand, about 1 percent expenditure can help the company to retain its client. Corporate hospitality is new method being used by the business all over the world to retain the customers. The companies entertain its client to retain them. The question comes into mind as to what is corporate hospitality? (Zeppel 2008, pp.485)
The answer is simple. The corporate hospitality is the technique through which companies all over the world builds or strengthens relation with customers/key stake holders. Earlier the corporate hospitality was limited to customers only but now times have changed. Nowadays, the corporate hospitality has increased to include to staff as well. through corporate hospitality, the companies rewards the customers and clients for their loyalty and enhance networking opportunity.
Problem statement
Although growing the number of clients is important, but retaining the existing clients is equally important for the businesses to grow. The businesses can retain the clients by corporate hospitality. The corporate hospitality provides an opportunity to business managers to acknowledge the customers and maintain quality relation with them. The practice of corporate hospitality increases the reputation and goodwill of the company. The customers trust on business is also affected positively. The companies are adopting the trends of corporate hospitality and not much study has been done in this regard. Corporate hospitality have been defined as overarching corporate marketing, communications, or public relations goals aimed to be achieve through organizing different events for the stakeholders. According to Kuzma, Shanklin, and McCalley (1993), the number one principle in corporate hospitality is exhibiting a close match between corporate objectives and event characteristics. Abratt et aI., (1987) reported that Corporate hospitality was a viable vehicle corporations could utilize to achieve corporate marketing, communications, and other objectives.
Some of the most commonly cited Corporate hospitality objectives include increasing corporate awareness, enhancing company image, becoming involved in the community, building trade relations, enhancing employee relations, and increasing sales/market share (Wood 2001, pp. 233). Whereas corporate hospitality objectives are intrinsic to the company, many other factors influence the decision-making ...