Tourism in the Economic Recession
Introduction
The hospitality industry is considered as one of the largest industry in every nation. Admittedly, the economists estimated that most of the economic growth of their country is because of the help of the tourism and other hospitality business. Through the foreign monetary values and the expected rate of return of the visitors, there is a great expectation regarding the development of the economy. Hospitality is very favorable for the countries that are under the series of development and the people are seeking for the opportunities.
Background and Problem Statement
The hospitality management is in the middle of risky decisions. First is the challenge in terms of the globalization and second is the challenge of economic recession. Most of the developing countries are on the focus of the effective ways to bringing back the life in their economy. With the opportunity opened by the tourism and the areas of hospitality, the people finally finds a greener pasture to live. However, because of the economic recession and financial crunches in most of the successful countries, the tourism is now in danger of downfall. Based on the various economic data, businesses and their propellers can still find a way on how to boost the hospitality industry.
Research Objectives
The first objective of the study is to identify the various challenges that lie within the hospitality industry. The second objective is to determine the other solutions that the hospitality businesses employed in order to answer the economic recession and build the strengths. The third and last objective is to provide another thrust for the businesses to create various strategies which is appropriate in the economic challenges.
Research Questions
The study understands the various consequences that might lead to the total downfall of the hospitality industry if the country let the impact of the global recession reflect in their performance. Therefore, there are questions that can help the study meet its own objectives with regards to administering the hospitality and economic growth of the country.
1. What are the principles in managing a hospitality business?
2. What are the recognized results of the economic recession?
3. What are the actions of the government to help the tourism industry?
Literature Review
The first action that might be taken by the business leaders is to improve the performance of the people. In order to suit the high level of the people’s performance is through innovating the technologies or the system. With these two effective collaborations of manpower and technology are strong results of the past experience of the leaders. The rapid changing and evolution of the practices are the extension of the challenges that the industry should pass through. The modification and the state-of-the-art engineered facilities are still effective ways to create a competitive advantage against the competitors. Together, there would be a establishment of a new and very important idea or strategy. Changes are essential for the business to determine what would be the right positions in the industry. The delivery of quality service will be one of the major challenges facing hospitality managers in the present time up to the next millennium. A difficult and intriguing management issues like the interaction of the staff towards their guests. The difficulty in dealing with co-workers or employees is a very rare problem. This can affect the team’s vision to become blurred and the involvement of personal interest. One popular adversity is the challenge came from other leading competitors. They challenge the business to catch their reigning supremacy although they don’t really say it. It is a kind of challenge in every one of the managers establish into their own mind. Reversely, it is considered as a kind of goal that they have to meet at the end of their career. This thing can help the business to foster the growth and compose own identity in the face of the hospitality industry.
Methodology
The proposed methodology in the study is the use of the secondary information. Through the application of the method, the appropriate techniques that were incorporated by the various hospitality organizations can be an essential tool to help the industry breathe even in the rapid changes in terms of globalization. The method will provide the study an opportunity to measure the effectiveness of each technique and therefore, the study can generate its own analysis regarding the issue on boosting the tourism industry.
Sources:
GMI Hospitality Renovation & Construction (2004)
Global Management Innovations [Online] Available at: http://www.gmirenovations-hospitality.com/home.html [Accessed 22 March 2010].
Lazer, W., & Layton, R., (1999). Quality of Hospitality Service: A Challenge for the Millennium. [Online] Available at: http://www.hotel-online.com/Trends/EI/EI_ServiceChallenge.html [Accessed 22 March 2010].
Smith, R., (2007). Prospects and Challenges for Tourism and Hospitality Organizations in the 21st Century. [Online] Available at: http://www3.ntu.edu.sg/nbs/research/TM-prospects.htm [Accessed 22 March 2010].
United States Department of Labor (2007). Nature of Work Occupational Outlook Handbook, 2008-09 Ed. [Online] Available at: http://stats.bls.gov/oco/ocos024.htm [Accessed 22 March 2010].
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