Business Strategies - Banyan Tree Hotels and Resorts-MyAssignmenthelp

Question: Discuss about theBusiness Strategies, Banyan Tree Hotels and Resorts. Answer: Business strategies involve decisions made to ensure that a business attains its objectives and goals (David, 2011, p. 6). They also enable a company to maintain a competitive niche in the market by ensuring they are in such a position to remain competitive in the market. In the international hospitality industry, the competition is steep and therefore, strategies employed have to ensure the business remains competitive. In this paper, we focus on strategies employed by the Banyan Tree and Angsana resorts and spa businesses. The Banyan Tree hotels and resorts started in 1992 with Ho Kwon Ping as CEO, Clair Chiang, the wife, as the senior vice president of the financing and merchandising arm and the brother Ho Kwon Cjan as the head architect. The company endeavored to free itself of cost competition previously define competition in the industry. They envisioned to provide a global brand that thrived on the corporate social responsibility (CSR) and uniqueness in the product as well as its delivery (Erdem and Tetick 2013 p. 87). The primary concern, however was the availability of infrastructure, labor as well as dilution of the brand as it spread globally. The Banyan Tree hotels and resorts brand endeavored to provide an exclusive experience that was unique. The integration of a relaxing, culturally rich and romantic feel to the setting offered was its signature in all its resorts and hotels. The feel was both in spa setting as well as the resorts and hotels which majored in a small number of rooms so as to ensure holistic experience by the client (Erdem and Tetick 2013 p. 87). The Angsana resort and spa, a sister to Banyan Tree, was founded in 2000 tapping at the younger generation market segment and competing in a more mainstream setting. To achieve the goal of making the Banyan Tree hotel and resort and Angsana spa and resort a global brand they came up with strategies in their business. These strategies include the CSR philosophy as well as investing in brand enhancement among others. The strategies have sooner become the signature in all the resorts hotels and spas as well as any other businesses under its management (David, 2011,). The strategies have seen the business set new standards in the hospitality business and attain success in its ventures. The strategies undertaken are in the operations hereafter discussed in detail. Ho Kwon Ping labored painstakingly to maintain the brands originality and uniqueness in the market. This efforts have seen the Banyan Tree and Angsana brand and uniqueness recognized globally for its services and experience. Marketing by mention in the various high-end publication and association with various globally recognized brands (Shashi and Luu , 2008). It has attracted international clientele base which led to spreading of the brand internationally. Programs to market the brand by giving incentives to qualifying customers to encouraging repeat patronage. Angsana, the sister brand, was created to access a segment of the market that mainly consisted of the younger generation. This diversification so as to tap more of the market allowed room for strengthening and growth of the two brands. The spa experience offered by Angsana is unique owing to the interior design and the ambiance (David, 2011,). The experiences were kept distinct with the Banyan Tree giving a more cultural and traditional fell. This distinction held the two brands from cannibalism and crossing. The scope of operation of the businesses was diversified to tap into the hospitality industry more holistically. They had the hotel and resort, spa management and ownership, design works, gallery among others. By engaging in the various avenues offered by the hospitality industry they extended the brand as some product like the museum shop artefacts won Pacific Asia Travel Gold award for Heritage. Apart from growth of the brand, this diversification increased the profits while still reaching more customers (Smith and Puckzo 2014). Consistency in all the businesses under Banyan Tree as well as Angsana as made the brand remain in a competitive niche. Coupling the eco-friendly qualities as well as the thematic design of the hotels and topped by the warm service, the experience was of a kind. The experience was typical of all the businesses worldwide which made it a trademark in its operations (Shashi and Luu , 2008). This consistency was spread to the businesses under the management of the Banyan Tree or Angsana. It ensured that the brand does not lose its edge. Design and construction works were in-house done for all the hotels or resorts. It ensured that the design is consistent as well as save on cost and time taken on the building projects. The designing done took into consideration the local regulations as well as environmental factors (Clarke and Wien 2007). The businesses that were managed and contracted the design work paid for the designing, as well as the construction works as whole, including pay for the workers. The consistency was thereby maintained in all the theme in all the businesses under or owned by the Banyan Tree. Environmental consideration in all the operations were made to ensure that all the factors in the businesses environments were factored. The corporate social responsibility philosophy was adopted in all the business dealings. CSR is a trend that considers the environment in which the business operates and its responsibility to it (Pazam, 2012). Banyan Tree incorporated this philosophy in its operations by employing energy saving methods in the designs of their building structures. Its also engaged in community empowering programs which also involved the guest in raising funds for a cause. In the modern times, the population that is dominating the tourism sector is made up of two major groups. These are Millennials and Asian travelers (Benckedroff, 2015, p. 1). Mainly the current trends are fueled by the needs of the Millennials which ranges from those born in the late millennia. This generations crowning characteristic is its dependence on technology. This follows that if the hospitality industry stakeholders can into tap into the needs and preferences of these two groups, will make the difference between their thriving or perish. To start off the basic factor that has the current generation of tourists in enthralled is technology. It is used for advertising and from it, most of the population is currently attaining its information (Benckedroff, 2015, p. 9). Thus if a hospitality service provider is to survive the time they have to have active information technology marketing strategies and websites. This is not only to market their brand globally but also to carry out operations online (Clarke, 2007, p. 119). Due to the ease of access to internet, the current generation finds it easy to make a booking and transact online and have as minimal delays in the front desk as possible. The current generation as none of the loyalty to a brand that was previously practiced by earlier generations (Lub et al., 2012, p. 556,563). However, the preference of uniqueness in experience might incite their loyalty. While touring the experience is not complete if nothing special is attained in it. Thus the current generation has a need for uniqueness in the hospitality scenes to make them feel special and thus capture their loyalty (Benckedroff, 2015, p. 11). Therefore if the experience in one setup does not differ from anothers the customer might go in search of another source of satisfaction for their need for diversity. Eco-efficiency in the current times is a major factor of consideration in operations not only in the hospitality industry but the whole global businesses. Thus the emergence of the ecotourism trend is the greatest challenge encountered is the disposal of waste and conservation of energy in the operation of the hotel or resort (Erdem et al, 2013, p.86). This is being overcome by designing eco-efficient settings and choosing the location of the resorts. Currently, most hotels and resorts globally can conserve on heat and water so that they work in an efficient setting and save on cost (Pizam, 2012,p. 211). Owing to the rampant ailment emerging and also the aging generation, the need for care centers is growing (Shashi p.196). They includes ready medical trainees, spa, acupuncture, massage parlors among others. Many hospitality businesses are opening up centers whose main focus is on health of the ailing and the aging. The clientele satisfied by minding their health, trust in the brand due to the care provided to them (Smith, 2014 p.110-115). This sows seeds of loyalty in the clients regarding the brands products. It also improves brand awareness in the hospitality industry as many relate the brand with caregiving. Coping with the modern times needs the stakeholders to realize the new trends set by the emerging generation and population that are touring. As we have seen with Banyan Tree and Angsana, to navigate competition landscape, new trends are followed while still creating new ones by predicting the possible developments. To keep ahead of competition, the strategies used in business should therefore not only be as per the current trends, but also make room for the future. List of References David R. F. ed 2011, Strategic management concepts and cases. 13th ed., Upper Saddle River, New Jersey, Pearson. Pazam, A. ed 2012, International Encyclopedia of Hospitality Management. 2nd ed. OxfordUK, Butterworth Heinemann Elseveir Lub X., Bijvank M. N., Bal M. P. ,Blomme R. , Schalk R., (2012),"Different or alike?: Exploring the psychological contract and commitment of different generations of hospitality workers", International Journal of Contemporary Hospitality Management, Vol. 24 Iss: 4 pp. (553 573) Smith M., Puckzo L, ed , 2014,Health, Tourism and Hospitality Spas wellness and medical travel 2nd ed London, Routledge Tylor and Francis Groupe. Benckedroff P., Moscardo G., Pendargast D. ed 2010, Tourism and Generation Y UK, MPG books Group. Erdem B., Tetick N., 2013 A new trend in the hotel industry: ecolodges, STUDIA UBB GEOGRAPHIA, LVIII, 1, (pp. 85-92) Romania, EBESCO Information Services. Shashi G., Luu B., ed, 2008, Emerging Trends in Global Health, Unites States of America, Global Health Review and GBI books. Clarke A., Wien C., 2007,International Hospitality Management Concepts and Cases,Oxford UK, Butterworth Heinemann Elseveir