“Tourism is now the largest industry in the world by virtually an economic measure, including gross output, value added, employment, capital investment and tax contributions.”(Wheatcroft,1994).Tourists can be defined as people who travel to and stay in places outside their usual surroundings for more than twenty-four hours and not more than one consecutive year for leisure, business and other purposes by the World Tourism Organization. Tourism industry is the idea of attracting, accommodating, and pleasing groups or individual travelling for pleasure or business. For example hotels, restaurants, and tour guides. Five sectors in tourism industry, which is including accommodation, food & beverage services, recreation & entertainment, transportation and travel services. The relationship between Hospitality and Tourism, Tourism and hospitality help each other, the hospitality industry offer services like accommodation, transportation, food and beverage, recreation and leisure.
Stakeholders are owners who show interest in the amount of money that the business make. Adding up, the customers who expect fair prices by the business for their quality products. Not to forget, the suppliers who cannot resign the business’ purchase of products, as well as the investors who insist on getting their investment in time. Last but not least, as local entrepreneurs, the community has an allotment in the industry as well. This makes the community a stakeholder (BBC, 2012).
Stakeholders have an interest in an organisation and they are affected by all decisions and actions taken by an organisation to attain its objectives. Stakeholders can be internal or external to the organisation. Stakeholder relationships are categorised in to the following four categories participative, collaborative, informative and defending. (Anon., 2017) Stakeholder engagement is a process of engaging with the relevant stakeholders (Morphy, 2015-2017). Stakeholder engagement is about addressing problems by providing strategies, infrastructure and processes.
(Mitchell, Agle, & Wood, 1997, pp. 853-886). What may be regarded to be a latent stakeholder in the eyes of one higher education institution, may be regarded to be a definitive stakeholder in the eyes of another. Sub-conclusion: Who are the external stakeholders? A stakeholder in higher education is “a person or entity with a legitimate interest in higher education and which, as such, acquires the right to intervene.” (Amaral & Magalhães, 2002, p. 2).
Those undertakings in the hotel industry included accommodations, meeting space rentals, restaurants, leisure, and community involvement. Altinay and Miles (as cited by Appiah, 2016) suggested that stakeholders are a uniform group who display individual forms of stakeholder relationships. Many theorists have identified stakeholder groups, along with the expectations they hold according to Connolly; Johnson & Scholes; Kuratko,
12. Through the wide range of services needed to satisfy its requirements, tourism creates new activities of considerable importance which are a source of new employment. In this respect, tourism constitutes a positive element for social development in all the countries where it is practised irrespective of their level of development. 13. With respect to international relations and the search for peace, based on justice and respect of individual and national aspirations, tourism stands out as a positive and ever-present factor in promoting mutual knowledge and understanding and as a basis for reaching a greater level of respect and confidence among all the peoples of the world.
(TG Journal, 2008). Tourism industry is one of the most dynamic and competitive industry in the globe. Customers’ needs and satisfaction keeps changing and tourism study should able to balance those changing aspects or trends of the customers to adapt as the business industry. Tourists travelling to their destinations demands certain services and facilities such as food and accommodation, transportation, communication, security, entertainment, etc. These services and facilities plays a vital role in the overall promotion and development
It is a multi-segment industry while gauging the positive economic effect of tourism, its contribution to the generation of national income, expansion of employment opportunities, increasing of taxes, revenue, and generation of foreign exchange and transformation of regiment economy. Tourism industry is a heterogeneous industry made of complex components. This intangible perishable service industry is getting the right business curve backed by information and communication technology now-a-day. IT enabled tourism has different aspect such as direct booking , easy payment for the end users, business to business trading for product providers, travel agents and resellers. ICT has become the key component of tourism.
By people they mean the host and the guest that include in the tourism venture. Under the responsible tourism policy, when a tourism spot is recognized and a business venture is launched in that area, the primary stakeholder should be the local community thus they give prior importance to the host of that area. Apart from the stakeholder- ship the society should also get a share of the tangible economic benefit. Since setting up the venture will impact their lives directly, the society should be allowed to involve in the decisions undertaken for the same. The responsible tourism policy focuses that the venture is accessible to all, young or old, disabled, dependent or independent, children, families etc.
The city is superior to the countryside and concentrated on the elements of production. Therefore, the tourism industry can develop rapidly. In fact, the city is a big market. Thus, tourism problems cannot be solved by traditional microeconomic economics. The tourism industry is composed of many single economic entities, and its economic relations are much more complicated than the single economy.