The Role of Benchmarking in Hotel Management Improvement
Year: 2021
Type: article
Abstract: Hospitality is the most sensitive business in the world. Any small change in the country has an immediate impact on this industry. However, it should also be noted that this area also has the ability to recover quickly (coming out of various crises). The world practice of successful hotel operation has shown that the presence of benchmarking companies in developed countries has brought good results to various enterprises. Since the hotel industry in Georgia is not yet developed to a level that meets international standards, it would be a good idea to create the regional hotel associations, to invite experts who provide benchmarking with their consulting activities and services. This means that the high-ranking experts will be invited to select the most important indicators for the analysis. Creating a service standard framework will help the hotel industry to improve the quality of a service. Why is the knowledge of benchmarking tools important for hotels? Using benchmarking tools helps: 1. Investors to determine a range of investment in the construction of a hotel based on the tariffs and occupancy in the market. What will the hotel room cost based on the investment and how long will it take to get the investment back? 2. Revenue management increase revenue; the best example of this is the benchmarking operations provided by the hotel chain Ritz Carton. 3. Hotels to have more satisfied customers. This means if the hotel rating is higher than that of other hotels, more customers are attracted. 4. To increase the qualification of hotel staff and to increase their motivation. This will improve the quality of the work done by them. 5. To save money on experiments; By using the best experience and offering your own option, the hotel will raise its awareness and increase its popularity. Keywords: Benchmarking, Competition, Management, Hotel Services, Hospitality.
Source: Economics
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W3175362622