ABSTRACT
Introduction In this chapter, we will examine how the hospitality industry has evolved in different regions of the world, and look at the characteristics of hospitality firms – especially the differences between large-scale companies and smaller independent operators. We will discuss the ‘five forces’ that influence an industry’s competitive environment, and finally we will explain how companies develop their segmentation, positioning, differentiation and branding strategies. The competitive environment for hospitality companies can be described as dynamic, intense and turbulent, since most markets have excess capacity. Competition is fierce, and knowing their competitors is of crucial importance to hospitality marketers.
