This model proposes that hospitality products and services move through four successive stages: creation, growth, maturity, and decline.
The time necessary to pass through the each stage varies.
The model has been extended to describe individual hotel and restaurant firms and the entire hospitality industry as well,
Creation is the initial stage when the new business (or) product is introduced to the market. The majority of offerings do not make it past this stage (i.e., a spicy Mexican restaurant in northern Maine). It is during this period that the marketplace judges its initial value.
Growth is marked by a rapid increase in size (volume of products sold such as the number of hotel rooms or when additional restaurants built).
Maturity reflects a stabilizing of size (sales, number of employees, etc.).
The maturity stage may linger for quite a while, creating a cash cow for the organization after it standardizes and streamlines operations.
Decline occurs when the organization begins to shrink in size.
Complete decline occurs when efforts to reenergize it fail or are not implemented.
Unlike a biological entity, firms may occasionally move backward from decline through their own rejuvenating actions.
This model proposes that hospitality products and services move through four successive stages: creation, growth, maturity, and decline. The time necessary to pass through the each stage varies. The model has been extended to describe individual hotel and restaurant firms and the entire hospitality industry as well,Creation is the initial stage when the new business (or) product is introduced to the market. The majority of offerings do not make it past this stage (i.e., a spicy Mexican restaurant in northern Maine). It is during this period that the marketplace judges its initial value. Growth is marked by a rapid increase in size (volume of products sold such as the number of hotel rooms or when additional restaurants built). Maturity reflects a stabilizing of size (sales, number of employees, etc.). The maturity stage may linger for quite a while, creating a cash cow for the organization after it standardizes and streamlines operations. Decline occurs when the organization begins to shrink in size. Complete decline occurs when efforts to reenergize it fail or are not implemented. Unlike a biological entity, firms may occasionally move backward from decline through their own rejuvenating actions.
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