Full Project – EFFECT OF ECONOMIC DEPRESSION ON THE MARKETING OF HOTEL PRODUCTS
TABLE OF CONTENT
Table of content
CHAPTER ONE: INTRODUCTION
1.2 Background information
1.2 Need for the study
1.3 Statement of the purpose
1.4 Scope of the study
1.5 Limitation to the study
1.6 Research hypothesis
1.7 Definition of terms
CHAPTER TWO: LITERATURE REVIEW
2.1 Economic depressions (inflation
2.2 Food and beverages services
2.3 Hotel Accommodation services
2.4 Other associated products
2.5 Hotel products
2.6 Effect of economic depression (inflation)
2.7 Impact of inflation on hotel industry
2.8 Marketing of Hotel products
CHAPTER THREE: METHODOLOGY
3.1 Study population
3.2 Method of data collection
3.3 Sampling techniques
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Test of hypothesis
4.2 Problems of inflation on market of hotel product and suggested solution
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION
1.1 BACKGROUND INFORMATION
Hospitality industry is recognize as one of the largest term of business organization in today’s world, ever since the stage of development of the industry which has been traced to the advent of the modern means of transportation which makes it easy for people to travel from one place to another.
The second stage of this ever continuous development in Nigeria which has been linked with the transportation development and to the political independence for back as 60s.
The mass of people on transit (out of their homes) needs to be well catered for in aspect of food, drink, and sleeping accommodation in their respective area of destination, hence the need for hotel service.
Hospitality as an industry is said to be an industry that held itself as an establishment offering food, drinks, and accommodation (if so requires) to any potential customer who appears able and willing to pay a reasonable sum of money for the service provided and who is in a fit stable to be received.
Products offered by the hotel establishment ranges from food and beverages to service and facilities render. It can be therefore classified as tangible and intangible items. The types if hospitality industry (commercial or welfare) determines whether these product are to be offered for sale at profit level or not.
In any commercial hotels, it h as been proven that the volume of sales turnover and the price the potential guest are willing to pay for the service which has been the important variables that determine the profit ability of the operations.
The early years of Nigeria post independence, the number of hospitality industry in the country is very nominal and thus enjoyed the monopoly of the market. But in years back, many were developed and managed hotels have sprang up, thereby creating competition between the old and the newly existing customers patronages.
Hotel products in Nigeria is limited to only accommodation, foods and beverages, and any other tangible or intangible services offered in the hospitality industry. While the effect of economic depression on marketing of hotel product in Nigeria simply show in the serious hardship whereby the inflation level on sales and regard the return (market) made has been subjected to the hyper-inflation year’s back, precisely more than a decade ago.
The resulted to the depression in the economic system of the nation and five a set-back even in the spending power of an individual while luxury items like hotel services possessed by the hotel addict were reduced, even some stop their consumption and patronage for hotels products and services thereof.
1.2 NEED FOR THE STUDY
Having clearly give throughout the previous research submitted to the department of hospitality management by my predecessor, the researcher observe vividly with keen interest on my views that much has not been done affirm critically the effect of the economic depression of Nigeria on the marketing of the hotel product HPS and possibly suggest a way out.
As regard my experiences in hospitality industry is concerned with equipped facilities and humanism to set on motion the materials resources effectively, it has to succumb to this term; exchanging successful product for cash or any other items of value in order to achieve her targeted profit margin.
Therefore, there is need to study with keen interest any intended factors that is capable of jeopardizing the interest, objectives, designed rolling plans of various hotel properties and distinguished stakeholders were necessary
1.3 STATEMENT OF THE PROBLEM
The main objective of this study is to ascertain whether the term economic depression (inflation) in Nigeria actually have an impact or effect on the marketing of hotel products (HPS) in hospitality industry and know the significant of such effect if any.
To stressed ignored phenomenal know as over population one o the major determinant of economic depression in Nigeria as this 21st century is concerned. it is also prepared to boost the general knowledge about marketing procedure, policy and strategic standard for hotel products (HPS) especially accommodation services.
The study focuses on pointing out marketing policies that could stand as or replace the existing measure recommend guiding the future of ant hotel establishment.
1.4 SCOPE OF THE STUDY
This research encompasses areas which includes assessing what economic depression (inflation) is, with a brief history of inflation in Nigeria, the effect of inflation to individual public, and industries with special reference to hotel establishment.
Hotel products and the types we have, the market strategies open up for a product is also not left touched.
The research is limited to hostels in Ilorin as thing the renowned ‘Kwara Hotel’ as a case study and the result of the findings is then generalized.
1.5 LIMITATION TO THE STUDY
The restriction of the study is to examine the only hotels in Ilorin using Kwara Hotel as the case study and where more hotels would need to have been visited is due to short time period available for the work and the financial containment on my side.
The traditional of treatment in rich information were confidential by the management of the establishment which also places a limitation to our findings. Absence of some familiar information needed from internet service to enhance accurate result findings in some situation where necessary.
1.6 RESEARCH HYPOTHESIS
Often time, the business participate developed a believed system on a wise that inflation affects the volume of their sales and even the turn over. But the significant of such effects is not yet tested.
Mr. Akewusola would always say that: “he who assert must be prove for this reasons there is a needed for hypothesis to be testes in this research which include:
Economic depression has no significant effect in the marketing of hotel product
Solution to the pressing problem of inflation has not been in existence.
The country population may sometime (probably) determines a rise in inflation.
Inflation has no benefit effect to the hoteliers.
1.7 DEFINITION OF TERMS
Hotel Product: This is limited to only accommodation, food and beverages and any other services offered by a commercial hospitality industry.
Marketing: In this context of this study, marketing can be defined as the operational function of the hospitality industry that involve in the act of creating awareness about the products of potential guest, such as motivating the existing customers, to consume more and actual selling of the hotel’s product at a profit margin.
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