Maintain hospitality industry knowledge


Industry expansion or retraction



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TM Maintan hosp ind knowledge 310812
develop-and-update-tg, SITHIND001B R1
Industry expansion or retraction
Operators are always interested in monitoring the direction in which their industry
– and their individual premises
– is moving. This knowledge can be used to determine whether or not The business remains in the sector it currently occupies
– or elects to move into or out of a sector The venue decides to set new directions for itself
– in terms of new (or different) target markets and revised goals for the business To quit the industry
– and move into an altogether new industry other than hospitality, travel or tourism

Element 3: Update hospitality industry knowledge

© ASEAN 2012 Trainee Manual Maintain hospitality industry knowledge
73 To invest
– in additional buildings, plant, stock, training and advertising To recruit new staff or to begin staff reductions
– to meet/keep pace with the level of trade being experienced or anticipated To alter the focus of their training programs
– to accommodate new directions, identified changes in the workplace and/or legal requirements for the training of venue staff To change its advertising and promotional campaigns
– in order to (for example
 Meet what the competition is doing
Exploit an opportunity
 Generate extra revenue/profit
 Improve market share To vary its products and services
– to better meet the identified needs of new/changing markets To vary prices
– in response to marketplace and economic factors.

Element 3: Update hospitality industry knowledge

74
© ASEAN 2012 Trainee Manual Maintain hospitality industry knowledge
3.3 Share updated knowledge with customers
and colleagues as appropriate and incorporate
this knowledge into day-to-day work activities
Introduction
When you have managed to gather updated information, knowledge or skills you must be prepared to share that information and incorporate it into your day-to-day work activities. Remember, knowledge is only power if you actually use it.

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