Select 3 success factors and apply on the company of your choice. Guest satisfaction is the imp factor for hospitality sector. Point 1. Need to evaluate emarketing initiatives, which are social media, website development, video production & appearance. Point 2. Analyse how initiative you have chosen is different from success factor you have chosen. (chose more than one initiative as the question says initiatives. Eg. How social media affects guest satisfaction and it varies from it. So like wise we have to explain more than one that can be 2-3. Point 3. Undermine- underestimate the value, reducing the impact, inaccurate future projections. Eg, if product quality is one of your critical success factor then choosing a wrong business model would affect the profitability of the hotel business (it has to go hand in hand) A Business Model is, “a unique configuration of elements comprising the organization’s goals, strategies, processes, technologies, and structure, conceived to create value for the customers and thus compete successfully in a particular market.” Functions of a Business Model ⦁ Articulate Value Proposition ⦁ Identify Target Market Segment ⦁ Define Structure of Value Chain ⦁ Define Cost Structure and Profit Potential ⦁ Explain Position in Value Network ⦁ Set Forth Competitive Strategy Types of business models