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Economic significance of hospitality industry
Significance of the hospitality and tourism industry
Importance and Challenges of the Hospitality Industry
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Hospitality industry is one of the several industries, which has gradually gained prominence in the modern business world. In order to fully explain the role of hospitality industry within the travel and tourism sector and the interrelationship between the two, it is imperative to discuss what the hospitality sector actually entails.
Hospitality sector comprises of various smaller sectors, for instance restaurants, hotels, accommodation, holiday and theme parks, transportation, event management and most importantly, travel and tourism services. In very simplistic terms, Tourism may be defined as the activity of travelling for the purposes of business or pleasure for a specific period of time. One of the major reasons behind the importance
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Trip advisory is one such example of an organization, which basically provides an online environment for people where they can share their reviews, and personal accounts of various parts of the worlds that they have visited. These personal experiences can then be read by other people, who can use them to make their own decisions regarding a particular destination, accommodation and restaurants. “Make my trip” is another organization, which once again strongly portrays the relationship between hospitality and tourism industry. It is an Indian online travel company established by Mr. Deep Kalra in 2000. It has headquarters in Australia, US and India and it is known to have mergers with various international companies in order to become more globalized. The main purpose of the online company is to facilitate people by organizing their entire trips. The facilities include reservation of airline, bus or train ticket and providing exceptional and affordable holiday packages. Furthermore, they also started a cab service in 2010, which assists people in booking a cab. Last but not the least, another very well known organization is the Taj Hotel Resorts and Palaces, which is a chain of hotels and resorts with its main headquarters in Mumbai and incorporated by the founder of the Tata group, Jamsetji Tata, in 1903. It not only has 93 hotels in 55 different locations in India but also includes 16 international hotels in countries popular for tourism like Australia, UK, Malaysia and Maldives, to name a few. The company is recognized all over the world for its unique Indian hospitality and for offering its guests refined, efficient and high quality services while remaining true to its local
Various definitions of tourism exist. Tourism is defined by Macmillan Online Dictionary as the business of providing services for those people travelling for holidays. Tourism has experienced continued growth over the years and diversification and has become one of the fastest growing economic sectors in the world. For countries like Australia, it has become one of the major contributing sectors in the economy generating large proportions of the national income and at the same time increase employment opportunities. The future is still bright for the industry in the country with possible future growth in expansion and diversification. The industry however has both the pros and cons impacts to various ranges of environments (Tourism Research Australia).
The reason I chose the Hotel Management industry is because it is a career path that I have always been interested in and curious about. It is a fast growing widespread global industry. I’ve always wanted an exciting career, which would integrate my business and creative skills in a way, which would be more energetic, active and fun than most orthodox and boring office desk jobs. I also desired to work in an industry, which I was fervent about. For my first year Applied study period I had the opportunity to work at The Taj hotels, resorts and palaces, India and my experience there established many of my principles of how the hotel industry operated. Despite my refining on the job experience, that allowed me to explore the various departments and requirements of the everyday job, I had never elaborately researched the prospects of working and skills and requirements required in the Hotel Management industry; and this Is exactly what I aim to accomplish with this report.
In most countries, the hospitality sector is viewed as an important sector in the economy. The sector creates wealth and generates significant income to the nation’s GDP (Aquapark, October 1, 2013). The business also tends to employ thousands and thousands of people who generate their daily bread from the industry. Despite these benefits, the hospitality business is characterized by high risks of losing its potential. In New Zealand, the industry is characterized by variable income and high fixed costs. In some countries of the world, the competitive bar raises high because of the condensed proximity of the most attractive and finest destinations. In such an environment, the drop in the industry’s advantage tends to have a detrimental effect on the national economy. The sector is characterized by some significant challenges which are discussed below.
Helped With unique efforts by government and all other stakeholders, including hotel owners, resort managers, tour and travel operators and employees who work in the sector, Indian hospitality industry has gained a level of acceptance world over. It has yet to go miles for recognition as a world leader of hospitality.
The hospitality industry is a business sector, which consists of types of services that are based on the principles of hospitality, characterized by generosity and friendliness towards guests, specializes in the market of services related to the reception and guest service.
The result of the study shows that the practicum 1 hospitality management graduating students are ready for employment or competent for they have very good rating of all the competencies. Competencies such as customer service, flexibility, concern for order, quality and accuracy, teamwork and cooperation as well as self-control will allow students to understand how to operate efficiently and professionally in the demanding environment of hospitality.
There is no activity happened without any energy. It measures the ability of a body by joules or kilowatt hours. (Business dictonary, 2014) Hotels consume power for HVAC functions, illumination, cooking energy, and other various power requirements. From an assistance management perspective, the majority of focus is placed on reducing power strength, which can be accomplished using a technical, engineering-based approach known as commissioning. Front of the home energy-efficiency actions include illumination retrofits, minimization of link plenty, and ending of the developing package. Back of the home energy-efficiency actions include enhanced devices and devices planning, appropriate indication calibration,
The Hotel industry has become very important in the past years due to immense traveling and growth of international business. Hotel industry not only plays an important role in the life of people but as well as the economy of the country. Development and advancement in the Hotel industry have rapidly been taking place and especially since the rapid change in technology, it is very important for hotels to be promptly keeping up to date. When the hotel industry is spoken of, there are many famous hotels but one hotel company that has been outstanding in growth and other aspects of business, like in Leadership, Teamwork (Employee turnover), Motivation (Customer retention and satisfaction, Goals and objectives, (changing the way hotel business has worked), and Change within the company; structurally inside and physically outside, adding elements, like entertainment, gaming, and outdoor activities, is the Hilton Hotel Company.
Tourism is often associated with traveling to places away from home. Tourism has a big impact on the economic growth of some countries, which define the shape of their cities by producing different sectors like historic districts, convention centers, museums, malls, hotels, restaurants, and the list can be endless. Furthermore, tourism elements have been developed by cities for a variety of reasons including: situating themselves in the world by drawing a positive image and attracting visitors and for their money.
The hotel industry is an important component of the tourism industry. The fortunes of the hospitality industry have always been linked to the prospects of the tourism industry. Tourism is the foremost demand driver of the industry. Along with the tourism industry, the Indian hospitality industry has also emerged as one of the key industries driving the growth of the services sector and, thereby, the Indian economy.
According to Leiper “Transportation is the only link between the tourist-generating region and destination region”[2]So, transportation was a more interesting sector to discuss in the report but I tried to find a company which is related with all these main sub-sectors discussed above in the report. I have decided to look in the U.K market for such company because “Tourism is one of the largest industries in U.K, worth approximately 75.9 £ Billion to the U.K economy in 2002 and supporting around 2.1 million jobs.” [3] During my research on internet I found many companies offering services in the tourism of U.K but I have decided to choose “Simply Travel” because of its variety of services offering related with the accommodation, transportation and attractions.
As globalization is the big aspect of hotel industry, India is adapting most of the international companies such as Marriot and Hilton to mention a few. Which shows the diversity in this particular industry, where the old meets the new and tradition the innovation.
Tourism is an important and intricate element to society. It affects economical, social, cultural and environmental elements. Tourism can be argued to have a negative impact on the environment and decrease our already depleting resources, but tourism can also be argued to be a major contributor to strengthening economies, spread cultural traditions and improve people’s lives. Tourism
Tourism is the one of economic and social activities that increasingly vital. Number of travellers domestic and international is increasing. In fact, several countries in present world develop tourism sectors as primary sector which generate national income. According to Salah Wahab and Cooper (2003). Tourism is also sector which involves role that mutually link between government, private sector and also public.
The Hotel industry has become very important in the past years due to immense traveling and growth of international business. The Hotel industry not only plays an important role in the life of people but as well as the economy of the country. I spent an hour of my day relaxing in the lobby at the Fontainebleau resort in Miami, while on vacation with my family visiting from out of state. It was my first time staying at the resort so I was eager to check it out, after seeing such great reviews on Yelp and hearing great things from friends who have been there in the past. The employees working at the resort were very welcoming, professional and willing to go above and beyond to help their guests. The check-in process was very quick due to having