Collaboration, Management Contract, and Franchising in the Hospitality and Tourism Industry
COLLABORATION
Definition
Collaboration is a form of business alliance that involves individual business enterprises to
work together towards achieving a common objective. These can be marketing, sales, crisis
management, financial or any other form of business objectives.
Key features of collaboration
1. Synchronous collaboration. This majorly entails online networking and instan
messaging.
2. Asynchronous collaboration that include sharing of business assets like premises and
information.
Collaboration relies on openness and all level of information sharing. It also involves some
level of focus and business accountability on the side of the management organisation.
Collaboration is a social powered strategy of management. Networking technology has been
embraced to ensure highly social benefits and achievements. Today, collaboration can be
with prospect consumers, industry mentors, suppliers and at times industry competitors.
Benefits of collaboration
1. Faster and easier marketing platform.
2. Wider network of business. This is to produce more products and input knowledge
and perspectives from several suggestions. E.g. a small IT firm can suggest to a client
about an event planning company that they are in collaboration with.
3. Effective production of goods and services and concrete delivery of customer
perceived value.
4. Inspiration and support. Like minded organisations gain a valuable source of
motivation, inspiration and support beyond referrals. They share challenges and
brainstorm on solutions.
5. Symbiotic selling. A cycle of business that shares customers and are involved in joint
marketing expands the pool of customers compared to an independently managed
business.
6. Reduced expenditure cost by sharing assets. Sharing business assets like office or
machineries and equipments reduces cost of operations. E.g. a gas station and a car
clearing agency
Definition
Collaboration is a form of business alliance that involves individual business enterprises to
work together towards achieving a common objective. These can be marketing, sales, crisis
management, financial or any other form of business objectives.
Key features of collaboration
1. Synchronous collaboration. This majorly entails online networking and instan
messaging.
2. Asynchronous collaboration that include sharing of business assets like premises and
information.
Collaboration relies on openness and all level of information sharing. It also involves some
level of focus and business accountability on the side of the management organisation.
Collaboration is a social powered strategy of management. Networking technology has been
embraced to ensure highly social benefits and achievements. Today, collaboration can be
with prospect consumers, industry mentors, suppliers and at times industry competitors.
Benefits of collaboration
1. Faster and easier marketing platform.
2. Wider network of business. This is to produce more products and input knowledge
and perspectives from several suggestions. E.g. a small IT firm can suggest to a client
about an event planning company that they are in collaboration with.
3. Effective production of goods and services and concrete delivery of customer
perceived value.
4. Inspiration and support. Like minded organisations gain a valuable source of
motivation, inspiration and support beyond referrals. They share challenges and
brainstorm on solutions.
5. Symbiotic selling. A cycle of business that shares customers and are involved in joint
marketing expands the pool of customers compared to an independently managed
business.
6. Reduced expenditure cost by sharing assets. Sharing business assets like office or
machineries and equipments reduces cost of operations. E.g. a gas station and a car
clearing agency