Corporate hospitality

Corporate hospitality

The UK Corporate Hospitality Market Development defines Corporate Hospitality as “any event for the benefit of an organisation entertaining clients or staff, or prospective clients, at the organisation’s expense”.

“Corporate entertaining and hospitality can be an effective way of creating networking opportunities and cementing business relationships” ["Maximising the value of hospitality", Sport Business, 2004] . It is has become increasingly important in recent years as the cost of customer acquisition has risen to four or five times the cost of keeping an existing client. Hospitality plays a key role in developing and maintaining customer relationships within business.

History of the industry

According to Conrad Lashly (In Search of Hospitality), “The hospitality trades are as old as commerce, migration and pilgrimage, and there is evidence of specialised premises providing refreshment and accommodation in Roman times, and again from the eighth century”. [cite web | url = http://books.google.co.uk/books?hl=en&lr=&id=55pt1-LJupkC&oi=fnd&pg=RA2-PA1934&dq=history+of+corporate+hospitality&ots=gGQ4v4sQOe&sig=jmWHkbI2QUMeTu8aw8R1ggGSyq0#PRA2-PA1935 | title = In Search of Hospitality | author = Conrad Lashley, Alison J. Morrison ]

Today, Corporate Hospitality is big business. In 2006, it is believed that the UK corporate hospitality market increased by 7% to review a period high of £996 million.

Sports events tend to be the most favoured venues for corporate hospitality, particularly football, golf, rugby and horse racing. In fact, spectator sports make up around 85% of all corporate hospitality; however, cultural events such as opera and ballet are becoming increasingly popular and are estimated to make up between 5% and 20% of the market’s total value. Events such as the Chelsea Flower Show and Hampton Court Palace Festival are proving popular places to entertain guests.

Companies are increasingly outsourcing their corporate hospitality services to specialist agencies. The expert knowledge of such agencies saves companies time and money in sourcing and organising events.

It is expected that demand for corporate hospitality will increase over the coming years, particularly with events such as the London 2012 Olympic Games to look forward to. It is anticipated that by 2012, the UK market for corporate hospitality will have increased by 5% to a forecast peak of £1309 billion.

References

*Oxford Dictionary, 2001

External links

* [http://www.corporatehospitalitydirectory.com Corporate Hospitality Directory]


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Look at other dictionaries:

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  • corporate hospitality — noun The entertainment by business companies of potential clients, esp by wining and dining them at prestigious sporting events • • • Main Entry: ↑corporate * * * corporate hospitality UK US noun [uncountable] entertainment provided by companies… …   Useful english dictionary

  • corporate hospitality — N UNCOUNT Corporate hospitality is the entertainment that a company offers to its most valued clients, for example by inviting them to sporting events and providing them with food and drink. [BUSINESS] ...corporate hospitality at football grounds …   English dictionary

  • corporate hospitality — corporate hospi tality noun uncount entertainment provided by companies for their customers, for example at major sports events, in order to get more business …   Usage of the words and phrases in modern English

  • corporate hospitality — UK / US noun [uncountable] entertainment provided by companies for their customers, for example at major sports events, in order to get more business …   English dictionary

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  • hospitality — hos‧pi‧tal‧i‧ty [ˌhɒspˈtælti ǁ ˌhɑː ] noun [uncountable] MARKETING services such as food and drink that an organization provides for guests at a special event: • There was a reception in the hospitality suite before the game. ˌcorporate… …   Financial and business terms

  • corporate entertainment — UK US noun [U] ► CORPORATE HOSPITALITY(Cf. ↑corporate hospitality): »Initially used as offices, the castle is now a private hotel and a venue for corporate entertainment …   Financial and business terms

  • Corporate entertainment — relates to private events held by corporations or businesses for their staff, clients or stakeholders. These events can be for large audiences such as conventions and conferences, or smaller events such as retreats, holiday parties or even… …   Wikipedia

  • hospitality — hos|pi|tal|i|ty [ˌhɔspıˈtælıti US ˌha: ] n [U] 1.) friendly behaviour towards visitors ▪ Thanks for your hospitality over the past few weeks. 2.) services such as food and drink that an organization provides for guests at a special event ▪ the… …   Dictionary of contemporary English

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