Saudi Hospitality Heritage Company
Introduction
In the current world, several companies aim at going international. This is because companies such as Saudi Hospitality Heritage Company want to expand their growth or rather its operations. Additionally, other than expanding operations, several benefits are connected to international trade which includes better revenue generation and investment opportunities, new sales competition, diversity, cost reduction as well as recruiting better productivity measures (Brack, 2017). It is, however, important to understand the constraints connected to international trade such as difficulty in communication and transportation, export and import restrictions, studying of foreign markets as well as risk in transactions (Alalmai & Arun, 2020). Thus, companies should initiate methods to test the company’s marketing potential to fit in the competitive world of marketing. Among the methods that can be used in such cases include the approach of analogy, time series analysis, chain ratio, multiple regression modeling, and proxy indicators. The goal of this essay is to access the Saudi Hospitality Heritage Company’s readiness to internationalization incorporating data sources one might use to estimate the company’s capacity.
Via the initiation of objectives represented by King Abdullah’s project, necessitated the growth of Saudi Hospitality Heritage Company. It was established for the purpose of conservation and development of the national cultural heritage as well as raising public awareness to the locals and international citizens on the Saudi Arabia cultural dimension through ages. Its establishment steps followed several procedures that initiated prominent personnel such as Council of Ministers in relation to resolution ninety-three dates back on February 11th, 2003 (Dana, Ratten & Honyenuga, (Eds.), 2018). The main purpose of involving the Council of Ministers was to represent the Public Investment Fund as a shareholder who was interested in developing and investing traditional practices in Saudi Arabia. It henceforth incorporated specific sites, which included Samhan neighbor to Al Ahsa, Al Ula, Al Daryiah, and Historic Jeddah. Additional shareholders other than Public Investment Fund include Taiba Holding Company, Al-Tayyar Real Estate and Development Company, Dur Hospitality, Riyadh Development Company, and Urban Regeneration Company. Don't use plagiarised sources.Get your custom essay just from $11/page
Apart from the overall objective, Saudi Hospitality Heritage Company, in its ability to internationalize, incorporates additional goals such as preparing traditional hospitality identity to the society, highlighting the values of kingdom heritage and paving the way for luxury hospitality experience for those in Saudi Arabia among others (Daye, 2019). Saudi Hospitality Heritage Company is believed to have backgrounds related to the Saudi Commission for Tourism and National Heritage and that the unique stakeholders, as well as shareholders, try as much as it can to provide or even to manufacture equipment of traditional crafts.
On the other hand, there are several methods one would use, especially estimating the company’s industry market potential. Measuring Saudi Hospitality Heritage Company readiness to internationalize, for instance, can only be tackled via the mentioned methods. Among the methods that might be used include the approach of analogy, time series analysis, chain ratio, multiple regression modeling, and proxy indicators (McGovern, 2018). The market potential analysis is defined as a tool used in identifying market opportunities and resources invested, which tend to bring create returns. The company’s industry market potential is linked to other terms which include, the demand drivers such as size and wealth, the utility of the products or services rendered and supporting infrastructures that incorporate demand inhibitors and marketing potential. In Saudi Hospitality Heritage Company, its readiness to internationalize is connected to efficient demand drivers’ elements it has specifically. The size and wealth presented in the company, for instance, generate evidence of why it can fit a competitive market. The Primary, size, and wealth of the company are core determinants to market affordability. Therefore, one is not only connected to their respective consumers but also fits in the organization that might purchase the established services or products (Ekiz, Öter & Stephenson, 2017). The nature of the services represented in Saudi Hospitality Heritage Company, for instance, has aspects of utility. Thus, it becomes easier for them to fit in the industry market potential. It is believed that the step-down market potential analysis, such as analysis of products and services size, segments, types, and integrated products in relation to chain ratio, indicates its readiness to internationalize.
Regardless of the international market types such as break-out markets, lead markets, or big emerging markets via time series analysis method of estimation of a company’s industry market, one can clearly understand Saudi Hospitality Heritage Company strengthens. In their ability to provide services, through the incorporation of multiple regression modeling, one can analyze Saudi Hospitality Heritage Company means of completion by exploiting the adjacent services and products as well as understanding the factors affecting its performance. In the end, through the continuous pleasant services customers have said, one will indeed identify it as one of the markets that are ready to internationalize (Legrand, Sloan & Chen, 2016). Even in ends where one wills one to pursue internationalization, Saudi Hospitality Heritage Company has enough services and products to not only sell to her domestic customers but also other countries. An interview with one of their personnel, one can note its ability to internationalize as it has already selected the expansion countries, conducted their market analysis and entry as well as, evaluating the position the company has considering the international targets the core competencies and efficient supply chain and value chain strategies.
On the other hand, it is important to sample the company’s industry market potential, and that can be done using data sources. In research, for instance, data sources involved information gathered and processed by the researcher directly and, therefore, can include surveys, interviews, focus group discussions, or observation, among others (Aksoy, 2017). To sample the Saudi Hospitality Heritage Company, one can incorporate several data sources from Saudi Arabia journals. Secondary data sources in relation to the Tourism and Hospitality industry can be sampled describing the company’s culture, reputation, or general history. Data sources such as research articles, library searchers, or pre-existing sources can be used to learn about the growth and development of Saudi Hospitality Heritage Company (Abdelazim Ahmed, 2017). Primary data sources, for instance, collected from aspects such as education, economy, government, population, or public safety, can be samples in relation to the finding or discussion presented.
In conclusion, various factors determine the company’s readiness to internationalize. For one, to fully elaborate on estimates provided, he or she must have sampled data sources which analyses specifically that particular industry such as Saudi Hospitality Heritage Company; methods such as the approach of analogy, time series analysis, chain ratio, multiple regression modeling, and proxy indicators. Analogy method sub-division such as Cross-Sectional Analogy can be used to measure Saudi Hospitality Heritage Company market potential ration in addition to other economic indicators that provide historical information on the growth and development of the given company.
References
Abdelazim Ahmed, T. S. (2017). Assessment of students’ awareness of the national heritage (Case study: The preparatory year students at the University of Hail, Saudi Arabia). Cogent Social Sciences, 3(1), 1306202.
Aksoy, Ö. C. (2017). Framing the Primordial: Islamic Heritage and Saudi Arabia. In The Making of Islamic Heritage (pp. 67-89). Palgrave Macmillan, Singapore.
Alalmai, A. A., & Arun, A. (2020). The Strength, Weakness, Opportunity, and Threat Level in Tourism Relations between India and Saudi Arabia. TEST Engineering & Management, 82, 7742-7747.
Brack, D. (2017). International trade and the Montreal Protocol. Routledge.
Dana, L. P., Ratten, V., & Honyenuga, B. Q. (Eds.). (2018). African Entrepreneurship: Challenges and Opportunities for Doing Business. Springer.
Daye, A. S. (2019). Rising Tourism in Saudi Arabia: Implications for Real Estate Investment. Cornell Real Estate Review, 17(1), 22.
Ekiz, E., Öter, Z., & Stephenson, M. L. (2017). Tourism development in the Kingdom of Saudi Arabia: Determining the problems and resolving the challenges. In International Tourism Development and the Gulf Cooperation Council States (pp. 124-139). Routledge.
Legrand, W., Sloan, P., & Chen, J. S. (2016). Sustainability in the hospitality industry: Principles of sustainable operations. Routledge.
Li, Y., Huang, S. S., & Song, L. (2020). Opportunity and necessity entrepreneurship in the hospitality sector: Examining the institutional environment influences. Tourism Management Perspectives, 34, 100665.
McGovern, E. (2018). International trade regulation (Vol. 1). Globefield Press.
Stylos, N., & Zwiegelaar, J. (2019). Big Data as a Game Changer: How Does It Shape Business Intelligence Within a Tourism and Hospitality Industry Context?. In Big Data and Innovation in Tourism, Travel, and Hospitality (pp. 163-181). Springer, Singapore.