Sterling Bay is looking at expanding its economy even with the little amount of human resources. People from around the world have obtained the capacity in purchasing and traveling. Due to the fact that people from developed urban cities faces busy and hectic lives so they would want to travel to rural areas. With the attractions provided, there will then be a sharp influx of tourists. Along with the suggestions of recreational and leisure activities may help to bring up the economy and at the same it benefits the different generations in Sterling Bay not just economically but also environmentally and in the sociocultural way.
Comparative Advantage is an economic law that shows and compares among different …show more content…
One of the primary motivations to advertise itself as a destination for tourism is the likely economic boost in a developing country. The powerful economic forces provide employment, foreign exchange, income and tax revenue.
One of the common economic impacts of tourism is the Multiplier Concept where good or service purchases from the tourist are gain by the Sterling Bay. The earning is then spent again by Sterling Bay to provide a better goods and services for better value.
One of the advantages will be from the multiplier effects. Firstly, the direct effects mainly from the food and beverages from the Seafood theme restaurant, bar and limestone cave café/restaurant.
Secondly, the indirect effects are generated from the rise in purchasing by tourism supplies to serve tourist needs. Thus, causing a chain effect and the amount of supplies purchase that the restaurant make from suppliers will increase. Suppliers will then again take turn increase their purchases …show more content…
This would often affect the locals whose incomes do not increase like the prices of the goods and services. The cost of building tourism related buildings would also increase proportionally. All these will eventually causing difficulties to meet the daily needs for the locals.
Socio-cultural Advantages and Disadvantages
Impact of tourism is that the quality of life of the local residents will be able to improve due to the development of tourism. They are able to wind down after a day of hard work by enjoying at the stay in the cabins of the tree house along with the high quality food and drinks by the bay.
With the establishment of restaurants the women folk will be able to prepare the fresh and tasty seafood. They will also be able to present their weaving skills by selling weaved products such as weaving baskets in the night market. This will generate opportunities for the locals when tourist visit and will cause massive interest for them. Furthermore, this allows tourist to be able to support these native arts. With these, the standard of living for the women folks will generally increase and they will be able to provide better healthcare and education for the
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For example, if I was able to make 50 units of cloths in one day and whomever I am trading with is only able to make 20 units of cloths, I would have a comparative advantage in cloths. Now if I also had a comparative advantage in making food, this would mean I would have an absolute advantage over everything.
John Winthrop: A Puritan Leader who became the first Governor of Massachusetts Bay Colony. From January 12, 1587/8 - March 2, 1649, John Winthrop led a group of English Puritans to the new world, joined the Massachusetts Bay Company in 1629 and became their Governor on April 8, 1630. He was the major backbone in molding the Colony’s government, also shaping its Legislative policy. Roger Williams: This man typically brought religious and political liberty to Rhode Island, (1603-1683). He acknowledged that, the civil government should punish whoever breaks the law, or poses harm or threat to the community.
The risks of failure can come from many different reasons, such as “changing demographics, accommodating the unrealized demand for new services and products, market consolidation to gain market share in selected regions, and realignment of the product portfolio that requires selected unit closures” (Parsa, Self, Njite, & King, 2005). The ever-shifting trends can also be a risk to a restaurant if the trends move away from the concept of the restaurant. Market saturation of restaurants can also be detrimental to a business, if there are too many business’s in the area serving the same style menu as you, then you could lose out on a lot of potential customers in the slew of competition (Scott, ). Poor management is another reason a new restaurant can fail. This includes poor planning of labor and ordering of inventory.
To do this it needs to have a competitive advantage over its its rivals. A competitive advantage is something a company does better than its rivals that gives it an advantage over its rival. Porter (1988) states that a firm performs many activities that can contribute to a firms relative cost position and create a basis for differentiation which can create a cost advantage that gives a firm a competitive advantage over its competitors. A company’s competitive advantage and competitive strategy are both interrelated. Competitive strategy is defined by Porter (1980) as a broad formula for how a business is going to compete, what its goals should be, and what policies will be needed to carry out those goals.
Significant developments in the transportation facilities, inventions and innovations in the field of communication, ll}.ying of a strong foundation for industrialisation and urbanisation and further development of tourism as an industry paved ways for the development of hotels and motels. Besides, the growing significance of foreign trade, internationalisation of culture and civilisation and the need for setting the foreign exchange balance became instrumental in the organised development of classified and unclassified hotels. The officials on deputation, the business dons on trade promotion mission, the foreign representatives on peace mission, the domestic or foreign tourists interested in visiting a place for pleasure or for enriching their knowledge bank can't perform; if we don't work towards the development of hotels, motels, restaurants and cafeterias. The fact cannot be denied that the world of the hospitality industry has witnessed'multidimensional transformation from traditional to the modern age, In the past, the hospitality was due to religious and superstitious
Every industry to include the hospitality industry is impacted by external factors which directly influence organizational behavior and decision making. There are numerous factors to be considered, but political, economic, and social are three of the most influential. These outside factors sway managerial operational decisions daily regarding personnel, spending, policy, and short-term and long-term strategic planning concerning both core and exterior operations. As within every industry, the hospitality industry has unmanageable elements that affect management or ownership of hospitality establishments (Lewis 2017). Understanding these factors is important because it provides an opportunity for contingency planning (Lewis, 2017).
Mr Price has a wide range of competitors such as H&M, Woolworths and Pick ‘n Pay. A competitive advantage describes how the business has benefits or strengths over its competitors in the market. By having this, the competitors don’t seem as a threat to the company. It’s used
This will have negative multiplier effect downstream supply chain. The implication of this is that, there will be a delay in Bose’s deliveries to its customers resulting in possible loss of customers and profit. To prevent this, Bose must have a strategic alliance with supplier. That ensures quality delivery of
Cruise tourism is one of the largest components in tourism industry and also one of the fastest growing industry in the world. It has generating revenue and creating job opportunities in many country. The growth rate of cruise tourism has been almost twice the average rate of traditional land-based tourism. Cruise tourism has provide few real jobs and business opportunities for local resident. The impact of cruise tourism on a location are not only positive but also has its negative.
There are six factors that make countries more competitive: (Porter, 1990) • National competitiveness – It refers to intensity of competitiveness with the rival countries and the area of competition, for instance governmental support, relationship with customers, etc. • Type of domestic demand – Domestic demand refers to its type of structure and level of sophistication and the availability to transfer to other competitors (countries). • Factor advantages – The advantages that a country has over competitors in raw materials, climate, education, infrastructure, telecommunication, educated workforce and research
Suppliers are one of the most important elements for any business. The power of the suppliers depends on the volume of suppliers existing in the market and the uniqueness of their products or services. Apple outsources micro-chip from Intel for high processing technology. The power of customer depends on the purchasing volume, availability of substitutes, price sensitivity and buyers’ incentives. The consumers of Apple have a flexible variety of product line from its competitors.
IDENTIFY AND RESEARCH A TOURISM ATTRACTION Introduction Tourism has experienced continued growth and extensive diversification and competition on the last decades, becoming one of the fastest growing economic sectors in the world and by consequence, one of the main income sources for many developing countries. “Every time we travel we are part of a global movement that has the power to drive inclusive development, to create jobs and to build the sustainable societies we want for our future,” says the actual UNWTO¹ Secretary General, Taleb Rifai. “This movement also contributes to build mutual understanding and to safeguard our shared natural and cultural heritage,” he completes. A sustainable and responsible approach to tourism means that neither the natural environment nor the socio-cultural organisation of the host communities would be compromised by the arrival of tourists.
Competitive advantage is when two or more firms compete within the same markets, one firm possess a competitive advantage over its rival when it earns (or has potential to earn) a persistently higher rate of profit. There are three types of competitive advantage. a) Cost leadership strategy occurs when a firm a delivers the same services as its rivals but at a lower price. b) The differentiation strategy occurs when a firm delivers greater services for the same price of its rivals. c) Focus strategy is a focused approach requires the firm to concentrate along one specific segment either a cost leadership or a specialization strategy.
1.2 Background Females are an integral part of human civilization. No society or country can ever progress without an active participation of female in its general development. The status of female in society is directly linked with social and cultural traditions, stages of economic development achieved, educational levels, attitude of the society towards women, social and religious taboos, women's own awareness and political attainments. Through the centuries, the image and the role of female have been observed and studied in various ways, and the acquired knowledge has been recorded in literature, works of art, religious texts, mythology and codes of social behaviour.