- Accommodation, hotels and motels
- Food Services and Drinking Places
A hotel is an establishment providing paid lodging, usually on a short-term basis. Common features found in hotel rooms are a telephone, an alarm clock, a television, and Internet connectivity; snack foods and drinks may be supplied in a mini-bar, and facilities for making hot drinks. Larger hotels may provide a number of additional guest facilities such as a restaurant, a swimming pool or childcare, and have conference and social function services.
A restaurant is a retail establishment serving prepared food to customers. Service is generally for eating on premises, though the term has been used to describe take-out establishments and food delivery services. The term covers many types of venues and a diversity of styles of cuisine and service.
In both instances, keen attention toward a target market, along with cost control measures to manage the margin provide the basis for successful businesses in this industry segment.
Brand value is arguably as important in this segment as the concept of brand building in consumer product and durable goods sales. While distinctly different from these contrasting industries – that is a ‘service’ rather than a ‘product’ – market reputation, customer expectation, and satisfaction received provide the basis for most business models in this sector.