Aug 07, 2017

What is the impact of learning and experience in this industry?

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Industry Analysis

INSTRUCTIONS:
The industry analysis is a team assignment. As a team, you are required to complete an industry analysis on an industry of your selection approved by the instructor during the course.  Chapter 4 provides a discussion on some of the essential elements of the general environment, industry, and competitor analysis. Your analysis should include essentially 7 sections.  They are: 1) Introduction and Background, 2) Dominant Economic Characteristics, 3) Six Forces of Competition, 4) Competitive Position of Major Companies and Competitor Analysis, 5) Key Success Factors, 6) Industry Prospects and Overall Attractiveness, and 7) Conclusions.  Not all of these sections are discussed completely in chapter 4.  Some items like Dominant Economic Characteristics are not included in the text. The Dominant Economic Characteristics include: market size (sales and volume), scope of competitive rivalry, market growth rate, number of companies in the industry, customers (profile, demographic, etc.), degree of vertical integration, ease of entry/exit, technology/innovation, product characteristics, scale economies, experience curve effects, capacity utilization, industry profitability, I`m gonna do section 3 only: Six Forces of Competition.. and the last 3 parts in section 2:Dominant Economic Characteristics and they are basically answer the following 3 questions Experience Curve What is the impact of learning and experience in this industry? Capacity Utilization: Do you only achieve low cost production efficiency with high levels of capacity? EX: Manufacturing efficiency is highest between 90-100 percent of rated capacity; below 90 percent utilization unit costs run significantly higher Industry Profitability: Is it above or below the norm? Do profits track the strength of demand for the industry`s products? Impact on prices? i will attach 3 templetes for the previous semesters, take a look at the Six Forces of Competition, and let me know if you will be able to do it.. The industry we are doing is hospitality: Marriot hotels please read instructions carefully, I`m only gonna do section 3 wich is the Six Forces of Competition section
CONTENT:
HOSPTALITY INDUSTRY ANALYSIS Name: Course title: Instructor: Institution: Date Due: Economic Characteristics The impact of learning and experience of workers at Hospitality Industries A number of researchers in both economics and sociology have established a link between education level of an individual and job performance. Many industries in the present perspective consider education level an important factor before recruiting the workers. There is an expectation that the more a person is learned the more efficient he or she will become. Posthuma, (2000) observed that education level of an individual was a critical factor in employee job evaluations. However, there is an assumption that education level of an individual is not a guarantee of efficiency of a worker. This is because people who are highly educated will ultimately demand higher pay and slow down their ego if they feel that they are dissatisfied (Kahya, 2007). Established Hospitality firms in USA tend to hire a pool of human resources work at the various departments in the firms. Although the industry recruits only workers who possess expertise in their area of operations, the managements in these firms have a challenge of retaining these workers. This is because the workers once gaining experience migrate to other industries in search of greener pastures. Owing to these facts, many of the management in these hospitality firms have incorporated training and educational programs to enhance the efficiency of workers with low education background. Additionally, the managements ensures that new staff passes through the induction processes and training with regard to their jobs. Capacity Utilization Economists have articulated that the process of production is mostly efficient if the available resources are maximally utilized for the production. In other words, production is more efficient when the capital and labour inputs are greatly minimised. In order to achieve this aspect, an organisation ought t...


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