Hospitality and Leisure Domain
Hospitality Industry – Domain Knowledge
Looking for knowledge and key business information on the hospitality industry?
TechnoFunc brings to you hospitality industry overview, business model, value chain, competitive landscape, and latest trends. The Hospitality Industry is a broad category of fields within the service industry that includes lodging, food and drink service, event planning, theme parks, and transportation. It includes hotels, restaurants and bars. The market size of the global hotel industry was just over 570 billion U.S. dollars in 2017. The hospitality sector encompasses a wide variety of activities within the services sector and is a major job provider both direct and indirectly. Food and beverages, Travel and Tourism, Lodging, and Recreation are all segments of this industry. This section on Hospitality Industry is designed to help learners have an overview and understand key concepts, terminology and glossary, issues and challenges, associated with the industry, and what strategies gets employed to meet some of those challenges.
Learn the various dynamics and challenges in the domain of hospitality industry. Quickly enhance your business acumen and talk like an expert and impress your stakeholders in your next meeting!
Economic Impact of Tourism Industry
The tourism industry has contributed to the economic growth of a country through factors like industrialization, education, advanced technology, a higher number of qualified professionals, opening up of foreign markets, liberal trade policies, and better advertising and strategic marketing. The income generated helps the national balance of payments, earning revenue through direct taxation, as well as from indirect taxes on goods and services purchased by the tourists.
Environmental Impact of Tourism Industry
The environment is the surrounding atmosphere or condition for existence. The impact of tourism on the environment is both positive and negative. This article considers the major issue of the consequences of tourism for the environment. This is a complex area as, whilst tourism is dependent upon environmental quality to attract and support visitors, it also can have a detrimental effect upon those very environments – and their climate.
Challenges in the Tourism Industry
Top challenges confronting tourism are taxation, travel marketing, infrastructure issues, and security and cross border regulations. Too many tourism destinations are not prepared for visitors. Tourists or travelers can at times deem travel marketing to be exaggerated. Another major challenge that the tourism industry faces is the fluctuating rates and cost inflation. New challenges seem to arise quickly impacting the industry as a whole.
Overview of Hospitality Industry
Hospitality is the act of kindness in welcoming and looking after the basic needs of customers. The hospitality industry is a broad group of businesses that provide services to customers. The industry can be broken down into three basic areas: accommodations, food and beverage, and travel and tourism. Hospitality is actually one facet of the service industry. It primarily involves addressing customer satisfaction and catering to the needs of guests.
