Key Success Factors to Increase Value Proposition in the Hospitality Industry

Daniel Marco Stefan Kleber,Tatjana Volkova

doi:10.21070/prozima.v2i1.2203

Abstract

Purpose of this conceptual study is the identification and analysis of key success factors to increase value proposition based on design thinking of hotel executives and value co-creation with customers in the hospitality industry. Globalized dynamic markets and ever-changing customer needs and demands require ongoing experimentation and communication to steadily identify customer needs and wants in order to adjust products and services to ensure an increase of value proposition. In this research article, the two-fold role of customers and hotel executives in value co-creation processes leading to an identification of key success factors of value proposition increase is analyzed. The article emphasizes the essential role of customers as contributors to value co-creation processes and hotel executives as contributors to the creation and delivery of value proposition. Superior value proposition can be achieved by understanding actual needs and demands of customers based on design thinking and comparing them to value proposition elements that are perceived as being important by customers. Following this approach, key success factors for enhancing value proposition are analyzed.

Highlights

The importance of value proposition increase in order to better meet customer value preferences is continuously rising for companies operating in turbulent, dynamic, complex and competitive business environments.Value co-creation as a management tool could be applied to improve value propositions in fast changing markets of the 21st century
It can be stated that an identification and analysis of KSF of value co-creation helps hotel directors to increase value proposition in the hospitality industry
The potential of the previously pointed out KSF of value co-creation which are by name: awareness of value co-creation among customers and providers, willingness to be involved in value co-creation processes and awareness of new thinking logics which support the above presented approaches such as design thinking, was statistically tested and evaluated

Summary

INTRODUCTION

The importance of value proposition increase in order to better meet customer value preferences is continuously rising for companies operating in turbulent, dynamic, complex and competitive business environments. Todays companies experience a strong need to develop new and innovative customer experience perspectives in order to gain competition advantage aiming to stay relevant in various fragmented markets in times of globalization, impermanency, hyper-competition and fluidity Dynamic thinking modes such as Design thinking are required to create value for customers and companies by assuring an ongoing and continuous adaption of corporate value propositions to the value preferences of customers [1]. This academic research article aims at an identification and analysis of key success factors for value co-creation as a management tool to increase value proposition based on the Design thinking logic

METHODS

RESULT

Findings

CONCLUSION