Travel Domain
Travel & Tourism Industry – Domain Knowledge
Looking for knowledge and key business information on the Travel & Tourism industry?
TechnoFunc brings to you Travel & Tourism industry overview, business model, value chain, competitive landscape, and latest trends. Travel & Tourism is one of the largest service sector globally in terms of its contribution to the economy. It contributes to the gross revenue, earns foreign exchange and creates huge employment opportunities. Over a period of time Travel and tourism has created a niche in the service Industry with improved service standards and motivated by the human urge for new experience, adventure, education, and entertainment. This section helps the learners understand key concepts, terminology, issues, and challenges associated with the travel & tourism industry.
Learn the various dynamics and challenges in the domain of Travel & Tourism 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.
