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Hospitality and Tourism Business - Essay Example

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The hospitality and the tourism industry is one of the fastest growing industries of the world. The importance of the industry has increased considerably over the years where an increasing proportion of population tends to depend on this particular sector…
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Hospitality and Tourism Business
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Hospitality and Tourism Business

Download file to see previous pages... Moreover, the industry also performs a key role in dealing with the aspect of unemployment all over the world by employing millions of people worldwide. In the contemporary context, the industry has undergone various noteworthy changes and its significance has reached a considerable level altogether (Barrows & Powers, 2008). It is apparent that the tourism and the hospitality industry have emerged as quite crucial with its presence being quite prominent all over the world. It is worth mentioning in this context that there are certain characteristics of this particular industry, which are observably unique and different from other industries upto a marginal extent. Some of the differing characteristics of this particular sector include its predominant nature of being a service industry although imbibing the characteristics of a product oriented industry as well, the labour intensive nature of this sector and the aspect of seasonality among others. All these facets are crucial for business operating in this sector, with the purpose of devising their strategies ensuring sustainability in their operations (Tesone, 2012). Contextually, the primary intention of the discussion henceforth will be to analyse the characteristics of this particular sector in detail and recommend strategies to the small business units operating in this particular sector....
Over the years, the industry has expanded its presence extensively and has become a major contributor towards the development of the world economy. Arguably, the current prospects of the hospitality and tourism industry of the world have been in an ever rising mode and are expected to continue the same way in the near future. However, it is important to note that there are several reasons, which have contributed towards the immense growth of this particular industry in the recent years. Among the several factors, the uniqueness of the industry is one vital domain, where it excels evidently. Correspondingly, it is often argued that the hospitality and the tourism industry of the world are quite unique as it possesses certain characteristics that are quite different from other forms of industry to say the least (Brotherton, 2013). The hospitality and tourism industry is one of the few industries of the world, where the services provided to the customers are treated as the ultimate products; therefore making an initiative to mitigate the gaps and differences between product management principles and the notion of services management (Education Bureau, n.d.). Thus, the products offered to the customers in this particular sector are considered as intangible and perishable. The companies therefore strive to ensure effectiveness in their performance with the help of delivering efficient services to the customers, further ensuring maximum satisfaction from them. The primary emphasis of the business, in this particular sector, is therefore to develop the quality of the services in order to ensure a sustainable presence in the increasingly competitive environment, over a longer period of time (Vasile, 2009). Another unique characteristic of the ...Download file to see next pagesRead More
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