Innovation Essay Example | Topics and Well Written Essays - 750 words - 1

Innovation - Essay Example From this discussion it is clear that innovation allows hospitality organizations to meet the dynamic needs of the customer. The hospitality is characterized by customers who have changing needs. People are looking for something different and exciting. Innovation allows hospitality organizations to come up with new and effective ways to meet the needs of these consumers. This helps in generation of revenue.This paper highlights that innovation increases efficiency, which means the cost of doing business goes down. This allows the organizations to charge competitive prices in a bid to attract and maintain customers. The price elasticity of demand in the industry is very elastic. A small change in price can lead to either losing or gaining many new customers. The hospitality industry is full of many different organizations that offer similar services. The stiff competition in the industry has led to the exit of many companies. The key to gaining a unique identity in the hospitality ind ustry is having a unique service delivery system. Innovation fosters service and product differentiation.  Innovation has driven organizations to consider frontline employees on multiple skills in a bid to support innovation. Employee training is one way of motivating the workforce because they feel the organization cares about them. This is bound to increase the quality of services and the overall experience of customers. The ultimate effect is additional revenue generation and the creation of a stellar reputation when it comes to quality service delivery.