Similar to other sectors of the economy, political influence affects the hospitality industry. Government policies on taxation, for example, determine how much visiting tourists can shop. Policies on taxation…
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In addition, diplomatic relations among governments have diverse effects on the hospitality industry. A government may choose, when it ascertains it is appropriate, to advise its citizens against visiting certain countries depending on how the prevailing diplomatic relations between the two nations.
Economic factors influence the hospitality industry. A booming economy leaves a people with spare cash to spend on holidays. A weak economy presents, however, little cash flow to governments and relevant agencies that may lack the resources to invest in the hospitality industry.
In addition, technology influences the hospitality industry. Tourists can enjoy their tours in many ways due to the advances in technology. Tourists can now film their adventurous trips and share their experiences with friends and family through social sites. Hotels can also provide booking services to their travelling clients online through their websites (Mok, Beverley and Jay 139). Surveillance and security provided in the hospitality industry have improved because of technology. There are fewer incidences of terrorist attacks targeting the hospitality industry because of technology applied in gathering and sharing intelligence by relevant agencies.
Socio-cultural factors influence the hospitality industry. The manner in which local people interact with tourists determines their satisfaction levels. In addition, hospitable societies receive the highest number of tourists. Societies with unique cultural practices also attract many
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Economic forces and effects of globalization in tourism industry Introduction There exists no one agreed definition of the tourism industry. Tourism refers to travel for predominant leisure, recreational purposes, or provision of services in support of this industry.
Available information from the Internet has also been incorporated in the study after checking its authenticity. This has provided a greater variety of sources to the study which can be examined from various other angles.
Employee turnover is said to be an increasing phenomenon as with greater availability of jobs, increased ability and ambitions of people, the trend for job hopping has increased (Khatri, 1999).
Import and export has massive growth and development from most countries, developing and developed economies, while foreign direct investment and growth of new comers as well as established multinational companies as much as the international financial transactions all define the global connection of trade and industries.
The report takes an analytical approach where all the dimensions of globalization are looked into and examined by presenting the political, economic, socio-cultural and technological impacts on the tourism and hospitality sector. Domestic policies are being taken in conformity to the needs and preferences international tourists.
Employee turnover is said by the writer to be an increasing phenomenon as with greater availability of jobs, increased ability and ambitions of people, the trend for job hopping has increased. Turnover implies employee leaving the present job voluntarily and taking up other jobs. Turnover is not resignation which involves end of employment.
The two main environments present employee turnover, a booming economy and accepting job swapping culture, will be explored. The research will be explored through literature reviews, statistics, and charts. The reasons for employee turnover in the Hong Kong hotel industry, possible solutions, and prediction will be explored in this paper
According to the report finance ensures a balance between risk and profitability. Today finance focuses on the analysis of risk and the return on investment and the investor’s time. Finance redefines what is real and what is quantifiable. The goal of financial management is to increase shareholder’s wealth.
The hospitality sector comprises of hotels, providers of holiday accommodation, pubs and bars, restaurants and take-away food outlets (Lowpay 2005). The hospitality sector is very sensitive and any small changes in the economic and business environment can have an impact on
The author is focusing on green capacity creation as well as operational aspects, driven by legislative as well as market compulsions. Also the growth in International hospitality Industry and consequent increase in air travel is proving to be harmful to the natural environment. The researcher provides initiatives and steps to minimize the above impacts.
It defines an organization’s intention and the reasons for establishment. Consequently, a mission statement is an expression of what an organization ought to have been if it functioned in its ideal environment. The definition of a
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