Sustainability is a frequent topic of discussion in this day and age. This isn’t just about protecting the ecosystem and the environment. It’s also about other aspects, including industries such as hospitality and tourism.
A case study:
Although there is definitely a threat of new entrants and the competitive rivalry is pretty strong, The Hibiscus Tree does not face the threat of substitutes and the bargaining power of its customers & suppliers are relatively low. In spite of the political instability, the current exchange rate and the low population growth rate in South Australia, modern technological shifts have supported the business growth of The Hibiscus Tree tremendously, as evidenced by the bookkeeping & accounting software Xero, food delivery apps, the organization’s successful online marketing projects and very positive Return on Investment (ROI). Working for a small organization not only gives me the opportunity to be involved in various aspects of the business, but also helps me to identify the organization’s Mission, Vision and Values, Framework as well as Systems quickly. Since I have significantly improved my communication skills, I can offer high-quality customer service these days. Indeed, the goals that I set in my Pre-Placement Report have been fully achieved by now, and I have set new goals for my future employment, i.e., building a powerful network and managing my time appropriately through the 80/20 rule. Though The Hibiscus Tree has some internal strengths such as having access to authentic key ingredients like Sichuan chilies and highly effective online marketing methods, the organization is still challenged by its internal weaknesses – its location is not the prime location in Chinatown and its space is quite limited. Fortunately, the Hibiscus Tree is fundamentally blessed with paramount opportunities: COVID-19 vaccines have been developed; the upcoming election may alleviate the conflict between Australia and China, thereby attracting more international students, overseas tourists and Chinese immigrants to Adelaide. This means the restaurant will be able to have more and more customers in the long run. Additionally, The Hibiscus Tree can be featured in a Chinese magazine called Yiben Magazine – this would help the business to gain more traction in Adelaide, South Australia. Nonetheless, the current Australian economy is not strong and many people do not want to spend money when it comes to dining out. As a consequence, The Hibiscus Tree will have to be creative and develop new & innovative strategies to further grow this business. Obviously, additional research in this regard would be very useful.
Cross-promotion can effectively help The Hibiscus Tree to reach more people, thereby converting more audience into real customers. This can be done through strategic cooperation with other businesses that have the same target audience but do not sell the same product / service. A case in point is cooperating with lifestyle brands in Adelaide, e.g., karaoke bars, because people who enjoy going to karaoke bars also like going out for dinner – they usually go to a restaurant and have a dinner party first, and then they go to a karaoke bar at night. For instance, The Hibiscus Tree can display several karaoke bars’ business cards near the cash register in the restaurant. At the same time, those karaoke bars can give their existing customers vouchers from The Hibiscus Tree.
Content marketing is another strategy that The Hibiscus Tree should consider exploring further. Godin (2018) contends that content marketing is the only marketing left. This is a very bold statement, yet it is actually the unpleasant realism that modern businesses have to face because nowadays people live in a world where consumers are gradually becoming more and more sophisticated. As a consequence, television advertisements do not work very well in today’s day and age, whereas content marketing is the single most effective marketing method right now. Content marketing refers to a form of online marketing focused on creating and distributing content for the target audience on the Internet. That is exactly why social media pages and websites’ blog articles are of vital importance. The target audience stay engaged because of the high-quality content they see online; the target audience are convinced because they like what they see on the Internet.
“Flexibility and sustainability help businesses to thrive in hospitality and tourism industries even in the current economy.”