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 ...