As the rapid growth rate of economic environment in current world market, economic globalization is affecting emerging countries economic development by increasing oversea business activities such as FDI, export-import, also the culture communication between different countries are interacting and influencing each other during diplomatic business activities. The globalization also simulates innovation and creativity in the emerging countries; it encourages the spirits of entrepreneurship and drives the emergence of innovative business models. China as one of the fastest growing countries in efficiency-driven economy system, where economic growths are based upon manufacturing in domestic markets, outsourcing, and exporting products to foreign
Overview Hospitality means kindness to everyone, and make an environment of home away from home. It is the pure relation between the guest and host. The field work include the management of hotels, restaurants & other tourist attractions comprising of the hospitality industry facets of hospitality management includes – TOURISM MANAGEMENT, HOTEL MANAGEMENT, EVENT MANAGEMENT, RESORT MANAGEMENT, etc.. Introduction Evolved to be the fastest growing sector, today. It is a multi-billion dollar enterprise. Provide a huge network of business also increases employability.
It should also mean profitably providing value at any price level, while demon starting your own unique points of distinction. Hospitality, travel, and tourism are the fastest-growing industry in the world, governed by powerful corporate and political influences. Many companies are using technology to improve productivity and reduce labor costs. Moreover, this customer segment is interested in utilizing technology to do things that many others have become accustomed to doing manually: checking in at hotels, paying their restaurant and bar bills and looking up places to eat, shop and play to name a few. Potential Trends and Developments in Hospitality Industry The hospitality industry is part of a huge group of companies known as travel and tourism industry, which provides the necessary or desirable goods and services to travelers.
Moreover, the hospitality industry is not concerned by only one sector of activity of a business but is concerned by, nearly, all the businesses which are focused on customer expectations and answering the need of the customer. Whereas, this industry has a huge target audience thanks to the wideness the hospitality industry. However, it could be suffering of a lower purchasing power of customer. That means that kind of hospitality is including costly hotels, so, most of the time the customers have to spare money to access to this universe. And, if the purchase power slump the middle-class customers could not spend their money in this industry only wealthiest could do
Human mobility is not only related to business activities but also recretional activities.To be sucessful in this industry we need a lot of and loyal customers. The loyal customers will keep coming back to the same place if they satisfied through the place they have visited. Customer loyalty give the most important impact towards hospitality and tourism industry. “Hospitality refers
Food has become a major part of this industry. Not only did restaurants get popularize but catering services were also introduced. These services are used in weddings, airlines and cruise lines and so on. Event planning is also a category of this industry, where events like weddings, birthdays and all are planned. People still have a thought that hospitality industry is limited to hotels and food only.
According to McNeely (1998) and Mbaiwa (2003), tourism is known as the largest growing industry especially in the area of job creation, improve quality of life to host community, improving local economy and many more (Mochechela, 2010).This is because tourism industry is one of the largest industries where host resident can get the economic benefits where both skilled and unskilled people can be employed. Economic impact usually can directly bring benefits to communities. However, even though the economic benefits are popular with the tourism impact, the negative side still need to be taken with caution. In addition, tourism industry can make a positive economic contribution such as increase income of local people, increasing foreign exchange
The expenditures spent by the tourists, the import and export of the related goods generate income to the national economy and can further stimulate the investment necessary to finance growth in other economic sectors of country. Some of the countries such as Bhutan seek to accelerate the finance growth by requiring the visitors to pay certain amount of foreign currency per day of their stay and it is not refundable. For some of the regions or countries, tourism is an important source of their welfare as it is the main source. If the country is a remote island, the way to build up the country economy is mainly dependent on their tourism industrial. According to the World Travel & Tourism Council on year 2012, the country that ranked first in the top tourism-dependent countries is Macau, which is an island on the western side of Pearl River Delta, China.