Corporate Hospitality Essay Example | Topics and Well Written Essays - 2000 words

Corporate Hospitality - Essay Example In fact, many organizations have turned their prime activity into attracting and retaining customers. However, in order to attract customers, companies must have sound marketing strategies, for example, promotions or sumptuous events, where they will have the opportunity to explain to customers their products and services, and perhaps promote them (HENDERSON& MCILWRAITH, 2013). Coming new into the marketplace is corporate hospitality. Although hospitality has been in the marketplace for centuries, corporate hospitality is a new area certainly. In this new area, organizations perform additional activities aimed at pleasing their customers. The main role of corporate hospitality to an organisation or company is to entertain clients so that they become happier than they were before. Nevertheless, as days go by, organizations have extended the roles of corporate hospitality to include employees and business owners as well. The UK corporate hospitality has advanced very fast and many peop le consider it one of the best. This is simply because the sector has mastered the art of linking spectators and activities in order to offer judicious hospitality products and services to clients. ... e hospitality end up losing clients, and therefore, it is significant that organizations bring events and activities to retain the seamless experience of their clients. This report will assess the holistic nature of the corporate hospitality segment in United Kingdom (MASTERMAN, & WOOD, 2006) 2.0 Report Synopsis As discussed in the introduction part, corporate hospitality is the event or activity that an organization extends to its employees, staff or clients in order to satisfy them. Depending on the target population, employees or staff, these events or activities can differ. There are several sectors within the corporate hospitality segment. To start with, we have spectator sports. These include events such as tennis, golf and football. The second category is that of participatory events, which include fishing, sailing and driving. Lastly, we have cultural events such as concerts and music festivals (MSI MARKETING RESEARCH FOR INDUSTRY LTD, 2002). Thus, depending on the target aud ience, activities can vary. Although projected to be the prime form of marketing, corporate hospitality has experienced some challenges especially in the last decade. Between 2003 and 2007, corporate hospitality registered impressive growth figures of 5-7%, but in 2008, the growth rate stood at 2%. Analysts blamed the global economic meltdown, which affected business performance not only on UK but also in other parts of the globe. In fact, the decline continued to 2011, meaning that organizations had to abandon big events for less entertaining ones due to the reduced number of prospective clients. Another factor that affected the growth of corporate hospitality is off-putting media coverage. Some media agencies, such as AFP, reported that some UK banks, Fortis and Dexia, organized lucrative