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Hospitality/Lodging/Tourism Industry - Essay Example

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In relation to the economic contribution of these industries, it is essential to continuously promote and study the internal and external factors that could…
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Hospitality/Lodging/Tourism Industry
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Download file to see previous pages prices of common commodities like food and gasoline, managers should be alarmed when total sales and revenue remains the same back in the year 2000 despite all the economic changes that has occurred in the market. (Bonham, 2005)
Due to globalization, changes in the trend of tourism destination have become more complex and fast-paced. (Formica & Kothari, 2008) In order to maintain the high traffic of tourism within the United States, managers who are working in hospitality, lodging and tourism industry are faced with major challenges associated with the continuously changing market demography.
For this study, the student will discuss the negative impact of four major challenges over the profitability and success of the U.S. hospitality, lodging, and tourism industry. Eventually, the student will provide some recommended solutions on how the managers of hospitality, lodging, and tourism industry could successfully overcome negative economic consequences of these challenges.
External environmental threats caused by terrorist attacks and natural calamities such as hurricanes, typhoon, floods, tsunami, and earthquakes or the spread of air-borne diseases like SARS and bird flu could significantly affect the progress of hospitality, lodging and tourism industry within a state or region. (Gretzel et al., 2006)
Based on the study that conducted by Chandler (2004), continues weather disturbances caused by hurricanes has led to the economic decline among the hospitality, lodging and tourism industry situated in the state of North Carolina during the month of September and October back in 1999. As result, as much as $96 million to $125 million worth of physical damages on existing hotels caused a lot of similar businesses to lose a significant large amount of expected sales a few months after the calamity has damaged the entire state.
One of the most common challenges caused by globalization is the problem associated with having diverse cultural differences between ...Download file to see next pagesRead More
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