ASSESSMENT 1 CASE STUDY REPORT: VIBE HOTEL NORTH SYDNEY
To get a clear overview of the Hospitality services of Vibe Hotel in North Sydney, positioning mapping is necessary for terms of business growth. The position mapping aims at identifying the prime competitors of the hotel and their competitive advantage in global market perspectives. It is done by making diagrammatic illustrations of the overall structure, for the clients to understand better. This particular hotel at North Sydney holds a dominating position in terms of market competition and has high scopes for business growth (Mei, Dean& White, 1999). Even though the market shape and current conditions of the hospitality industry are following the downward curve as a whole, the Vibe Hotel is showing good potential for a probable rise. These positional illustrations can be elaborated with the help of perceptual mapping.
Perceptual mapping is a unique way of a diagrammatic representation of an organization’s potential customers’ position and displays their potential scopes which in turn determines their competitive advantage. The perceptual mapping of Vibe hotel indicates that the perspective of customers towards their quality of hospitality is relatively higher than many other hospitality units in Australia and the post covid conditions didn’t affect their service sales to a huge extent. The perceptual mapping of the hotel showed its actual position in terms of preference by customers in the market (Allegra, Posani & Schmidt-Hieber, 2018).
Relative positions of the key competitors
Park Hyatt, Glasgow Arms, Perouse Lodge, and Four Seasons Hotel are a few of the key competitors of the Vibe Hotel, situated in Northern Sydney. As per the positional perceptual mapping of all the hotels, it is clear that each one of them has lost a significant number of customers over the past 8 to 10 months due to the lockdown period. Each of their positions is below par, but still, the position of Vibe Hotel is better than those of its competitors, the closest being the Park Hyatt at Sydney.
Economic factor determines all the micro as well as macro-economic factors, involved within a particular industry. In Microeconomic aspects, the competitors as well as overall demands are comparatively less than the other years. As a result, the supply and the supply chains of the Vibe hotel decreased too to a massive extent. The macroeconomic factors are directly dependent on the microeconomic conditions of the industry. Thus, naturally, the unemployment figures in the hospitality industry have reached sky-high since the customer traction has been decreased for the pandemic condition in recent times. The inflation is low and consumer confidence has decreased too to a significant extent. But still, the economic environment will gradually improve in the coming years.
Impact of COVID-19 government restriction in the industry
The impact of the covid 19 pandemics has been huge in Australia, especially in the hospitality industry. The reason for such a high negative impact in this particular sector as its growth is directly connected to the customer’s volume. The hotels have lost a significant number of customers over the past 8 to 10 months due to the lockdown period since the government had imposed high restrictions in foreign transactions both in terms of money as well as human resources.
The product, service, and the target market
My chosen business is a frontrunner in Australia’s hospitality industry, that provide local as well as foreign customers with comfortable lodging and food services. The main target market of Vibe Hotel consists of visitors from outside the country and they have a very good reputation for serving their customers with elite facilities. Delivering comfort and the ultimate experience in a customer’s perspective is all that this particular industry wishes for and the one that stands out from the rest in terms of innovations, added-on facilities, and modernization manages to make the highest profit in comparison to the rest.
The Vibe Hotel Sydney runs with a vision of delivering its customers the best possible facilities in terms of elite hospitality. They make sure of the fact that each and every customer are satisfied with their services, experience the best possible available facilities, and receive the best degree in terms of comfort. Providing equal values and respect to each and every customer and their clients of theirs is one of the prime motives of this particular hotel. Vibe Hotel Sydney has recently used the lockdown period and gave an efficient and productive approach to their service by adding on advanced technological improvisations (Colbert et al., 2020).
The prime mission of Sydney’s Vibe Hotel is to establish a better and dominant brand name in the hospitality industry of Australia by providing their customers with the best possible available facilities such that they receive the best degree of experience in terms of comfort that too in elite sense (Richardson, 2018). The management of this particular organization wants to expand its branches overseas as well with a near-future project and gradually has a firm mission of conquering the global hospitality market on a dominant scale. These are the missions that the hotel wants to work on and get them established as one of the top global organizations being a feature in the hospitality industry (Prasad & Verma, 2019).
The main goals of Sydney’s Vibe Hotel are to establish themselves as a popular brand in the hospitality industry of Australia by providing their customers with the best possible available facilities such that they receive the best degree of experience in terms of comfort that too in an elite sense. They wish to make sure of the fact that each and every customer are satisfied with their services. The management of this particular organization wants to expand its branches overseas as well with a near-future project and gradually has a firm mission of conquering the global hospitality market on a dominant scale. The goal of the organization is to reach international levels by providing customers with experiences like never before.
There are many unique differentiating features and techniques that are used by various organizations for ensuring their business success. A few of the most effective ones that the Vibe Hotel Sidney can apply are the product differentiation methods, service differentiation methods, Image differentiation methods, distribution differentiation methods, differentiation in terms of pricing, and few others. These features are generally applied by an organization in order to compete with their competitors effectively and efficiently.