In the business world, the benefits of globalization are not just limited to profit maximization, but also provide other advantages equipping business to carve a niche for itself in today’s highly competitive market. The most significant benefits of globalization on business could be increases in competitive advantage, global collaboration, foreign trade and outsourcing. One of the benefits of globalization on business is the rise in competitiveness of a business firm. Every business, in order to survive and maintain its market share, must have a competitive lead apart from other firms. An increase in competitiveness boosts the efficiency level of the business as they can produce their masterpiece goods or render services that are well known.
The research study was conducted on the content that with increased globalization, competition, higher dealer turnover, growing customer acquisition costs and rising customer expectations in today’s competitive word, CRM is very important for companies. The scholar argues that the study emphasizes application of CRM in hotel industry brings increase in the rate of retention, increase revenue and profitability, reduce internal costs, reduce marketing costs, improving customer services, create positive word of mouth, market growth, improve marketing methods, streamlines business process, and finally protects marketing investment and maximize returns. The study outlines the four “P”s, required for a successful CRM initiative: Profiles, Preferences, Precision, and Property and points out ‘management commitment to embracing CRM as a way of doing business as the fifth most important element and substantiate this argument that without deep and confirmed leadership, this kind of initiative will go nowhere. The study finds that customer satisfaction will cause dealer loyalty and retention; dealer retention is important for business and dealers; successful implementation of CRM will increase rate of retention, increase in revenue, profitability, reduction in internal costs, reduction in marketing costs, positive word of mouth, better understanding of
Moreover, companies must search for an adequate level of corporate social responsibility for their future development. Most times, profitability and responsibility are in conflict, resulting in management decisions directed toward one of the two concepts. companies must be profitable to survive and big corporates need to generate at a rate of return that exceeds its cost. This rate of return should be higher than the interest obtained in the case of risk free bank deposit in order for business development to exist. Improve profitability, and consequently a good income leads to investor confidence, reflected by increasing the stock’s demand, which makes it easier to achieve long-term business goals.
The growth in demand for hotel is due to the economic growth and an increasing trend for global travel. In short term, industry trends will be affected by the economic, political or physical factors. Now, the GDP over the world has returned to stable economic levels, thereby increasing disposable income and demand for hotel rooms. In the long run, the emergence of sophisticated financial markets and recovery of global economy has increased the global hotel supply by 1.8%. And competitors are no longer simply recognised as branded or independent hotels, but now include travel agencies and organizations that offer search options, provide aggregate travel solutions.
Tourism is and remains a growth sector but is nevertheless influenced by the macro-economic environment. Tangerine group of hotels was established in the year ………… and has successfully remained in this challenging sector despite all of the shortcomings and the unfavourable global market conditions, it has managed to remain profitable, by recording a pre-tax profit of …………………… million in the year 2012/2013. Though a difficult road ahead, we believe that the Asian economies with relatively better fundamentals and rising incomes will eventually emerge stronger. While Tangerine hotel is a sub part of the Mercantile Investments and Finance PLC they have also branched out in providing other services such as finance leasing, hire purchase, Pledge
Over the past few decades, tourism has experienced the sustained growth and deepening diversification to become one of the fastest growing economic sectors over the world. Nowadays, the business volume of tourism can be said to be equals to or even surpasses the business volume of food products, automobiles or oil exports. Tourism plays an important role in almost every country due to it has a greater impact on the development of country economy. The main benefits of tourism are creating extra money for national income and creating more career opportunities for locals. One of the easiest benefits to determine is the career opportunities that the tourism brings.
They are important for the competition they stimulate and ideas, products and services they bring to the market place. The tourism and hospitality industry is a complex industry with distinct field of activity. This sector is a component of economic and social life, which offers multiple entrepreneurial opportunities for small business development. This is a capital intensive and highly competitive field of activity. Entrepreneurships in this industry mainly focus on economic development of tourist areas, aim to create new sustainable businesses by increasing the capacity and willingness of enterprises to organize the business and manage risks.
The research is aimed at analyzing the factors that influence tourism and the retail shopping experience in Oman and then study the current trends of shopping in Oman by the tourists and what is their reaction relating to retail shopping and what steps could be taken to provide the tourist with the best shopping experience that they would be expecting from Oman. Thus this could help to improve the retail shopping for the tourist who visit Oman and also improve Oman’s economy. The main focus of this research project is on Oman as a retail shopping destination for tourist and its effect on the economy of Oman. During the recent time key portion of tourism is shaped by the Leisure sector in Oman. In this research the researcher is taking into consideration Shopping aspect of the tourism industry.
Abstract The business tourism sector is an important facet of tourism as it not only fuels the global market channels; it is a chance for business associates to network with like-minded associates from all corners of the world. A business tourist seeks the comfort of a home away from home that can help him unwind after a long day while on a business. The aim of this paper is to analyze the marketing strategies used by Radisson Blu hotels to attract repeat business tourists to their hotel. The paper employs literature review principles to analyze how aspects such as Maslow’s pyramid, the 4P’s, Porters generic strategies and the Ansoff’s matrix have been applied to the operations of Radisson Blu hotels to meet their business objectives. Using the results of a questionnaire from a number of the hotel’s business tourists, the research reveals the pragmatic approach the Radisson Blu Hotels utilize to remain the top global hotel chain.