Mandarin Oriental Company Executive Summary
Increasing competition in the multibillion-dollar hospitality industry is a challenge to every company in the industry. Mandarin Oriental company also struggles with this problem. Tapping on the changing trends in the industry like Wellness Tourism and workplace wellness will help the company improve their performance and keep up with its competition. The company has to retain their customers and improve their sales through developing strategic initiatives related to ‘workations' to beat the competition, achieve greater market share and also grow as they satisfy more guests (Hargreaves, 2015). Developing policies to tap into this ‘workations' trend, will give it a chance to improve their revenue and at the same time enhance their service portfolio.
Mandarin Oriental Singapore is one of the luxurious hotels in Singapore. We have put measures in the hotel to increase the products and services that it offers to the clients though it has experienced competition from other companies in the same line of business. With the increase in competition within the hospitality industry, the company has to increase its competition and hence remain viable in the industry. Despite the diversified geographical presences we still face challenges of intense competition from our rivals such as the Grand Hyatt Singapore (Global Wellness Institute, 2017).
Recommendations and Justification
To tap into the growing trend of ‘Workations' as a hotel we can improve our spa services as the spa industry is growing. We should extend our service line as more tourists opting for activities that maintain or enhances our personal wellbeing. Additionally, we can introduce packages with yoga programs by working with local yoga companies (King, 2017).To provide packages for companies seeking for ‘workations.' we can invent new ‘Workation' vacation packages for the companies. Providing packages will give us an opportunity to boost the revenue enhancing our service portfolio (Hargreaves, 2015).
Focusing on the workplace wellness is another way our company can use to tap this growing trend. Businesses and employers are now focusing on workplace wellness as it boosts the employee's morale and productivity. Workplace wellness is becoming increasing more important, and companies are recognizing the need to prevent rather than just paying for more when employees fall sick. An excellent way to improve wellness is through workations, which allows employees to relax and rejuvenate while working at the same time. It was evaluated that the working environment health market is worth $43.3 billion universally which incorporates bosses' spending to teach workers on wellbeing hazard variables and practices. A few cases include the absence of activity and poor dietary patterns. Managers are additionally giving motivating forces as a significant aspect of a push to expand work environment health. However, since it’s hard to get representatives to both works harder and unwind in the meantime, the company has to change their corporate culture and shift away from boardroom type retreats. By having a workplace wellness will likewise enhance enlistment as representative’s general like to work in an organization with significant welfare. In any case, it’s hard to get employees to both works harder and relax in the meantime.
White noticed that today, organizations are grasping the start-up corporate culture, and are observing retreats to be a successful approach to fulfilling the before-said apparently clashing objectives (White, 2016). White includes that as the workforce is gradually being assumed control by representatives from the Generation Y implying that corporate culture and business travel are slowly advancing to have a young, new, Silicon Valley start-up mindset and the pattern is moving far from meeting room sort withdraws. Mandarin Oriental needs to concentrate on taking into account these gatherings on explorers expecting to unwind and work harder in the meantime and has been concentrating on business voyagers searching for meeting room gatherings.
Chinese Business Plan of Action
In phase one Mandarin Oriental Company can source for and partner with local wellness partners like local yoga companies, meditation companies for it to intensify its services. In phase two, the Sales Team can work on a proposal that incorporates labor and fun to boost their morale. Additionally, the Sales Teams can start preaching to our clients on the possibility of such a package to attract those companies already intending to go on workations and introduce the ‘workation' idea to those who have not heard of the trend before.
In phase one of planning, the Company can use the E-media and pamphlets for workatation to get guests in volume. Online networking profiles regularly rank high in web search tools, so stressing nearness in every interactive organization is an approach to overwhelm the main page of Google when individuals look for your name or business. Mandarin Oriental should not use the web-based social networking to put out so many sales messages. It ought to be utilized to share stories about the firm, the industry and the work that they do. These stories must connect with the intended interest groups. Each bit of substance, regardless of whether it's a blog, infographic, video, podcast, Slideshare, picture or white paper can be shared on Facebook or tweeted. However, it can likewise be utilized by your sales teams, in pamphlets, on your site, in email bulletins and introductions. Web-based social networking can move a brand to "top-of-psyche" status with drawing in, and pertinent substance, including photographs, recordings, articles and that's only the tip of the iceberg.
However, in phase two we will increase partnerships with both local and international companies to tap into the ‘workations' trend. It is important for the company to take into consideration partnering with other businesses that seem to exhibit the same workation trend to increase the number of customers that will visit the hotel. One of the ways this company can capture the many numbers of clients is by partnering with other high profile companies that even offer promotion services to customers to win the loyalty of many of the clients (Salvioni, 2016). During the third phase we should intensify our marketing strategies so that by end of the forth which is the last phase, we have at least 50 groups that visit us for 'Workation (Market Line Advantage, 2016).'
In conclusion by introducing new 'workations' and focusing on workplace wellness for their clients, the company will be able to salvage its worsening financial performance. These two trends will give the company a chance to boost their revenue and improve their service portfolio for the benefit of the clients and the growth of the enterprise.
Fahmy, F. C., Wahab, M. M. A., Noweir, K., & Zakaria, A. (2016). Cost-Benefit Analysis of Ergonomic Program for Management of Low back Problems among Office Workers. Journal of High Institute of Public Health, 41(2), 201-218.
Global Wellness Institute. (2017). Global Wellness Economy Monitor January 2017. Retrieved from https://www.globalwellnessinstitute.org/global-wellness-institute-releases-global-wellness-economy-monitor-packed-with-regional-national-data-on-wellness-markets/
Hargreaves, C. A. (2015). Analysis of hotel guest satisfaction ratings and reviews: an application in Singapore. American Journal of Marketing Research, 1(4), 208-214.
King, D. (2017, January 18). Hyatt adds wellness resort brand with Miraval acquisition. Retrieved from http://www.travelweekly.com/Travel-News/Hotel-News/Hyatt-adds-wellness-resort-brand-with-Miraval-acquisition
Mandarin Oriental Hotel Group Limited. (2016). Luxury Spa in Singapore | Mandarin Oriental, Singapore. Retrieved from http://www.mandarinoriental.com/singapore/luxury-spa/
MarketLine Advantage, (2016, August). Mandarin Oriental International Limited: Company Profile. Retrieved from MarketLine Advantage database.
Salvioni, D. M. (2016). Hotel Chains and the Sharing Economy in Global Tourism. Symphonya, (1), 31.
White, M. C. (2016, January 12). ‘Workations’: Rewarding employees without paying more. International New York Times. Retrieved from Factiva database.
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