A Report On Hospitality Industry

According to the World Bank, the hospitality industry revenue has been the largest contribution to the world GDP, for the sixth consecutive year, outdoing a total of 10.2% (US$7.6 Trillion) in the year 2016. The hospitality industry currently employs around 292 million of people, and that means that 1 in 10 jobs around the globe is linked to the hospitality industry (Oxford Economics for World Travel & Tourism Council, 2017)

With globalization and increasing interconnectedness between countries, today’s organizations operate in a rapidly changing environment which is fraught with complexity and uncertainty. Factors such as increasing diversity among culture, people and nations is impacting global organizations.

Today, technology continues to evolve from the gadgets like, wireless internet, smartphones, tablets etc. it is more convenient for them to browse a hotels to stay in and the best hotels or restaurants to visit. Few years from now all the hotels and restaurant will be fully supported by the technology, more and more customers will be stun to hotels and restaurants because of the impact of

Nowadays trends are everywhere. You can find them in every industry and they play a huge role. The retro trend in clothing, the SUV trend in the car industry, but nowhere else are trends more important than in the hospitality industry. But what exactly is a trend? A trend describes usually the time measurable course of a development into a certain quantitative and/or qualitative direction. In economics, trends are changes of the behavior of the society. In marketing research this describes the change and development of the consumerism and consumption behavior.

Hospitality industry is very important in the world. It provides services and as well as demonstrating consistent excellence quality. The hospitality industry includes the hotel and motel, or lodging, food services, recreation services, and tourism. Consequently, hospitality industry prepares variety of job vacancies for people to work in different areas of interest, such as restaurant and bar, accommodations (hotel, motel, resort…) or theme park and others. This day, the development trend of tourism is very fast and it is a multibillion-dollar industry that depends on the availability of leisure time and disposable income. So, the hospitality industry brings a lot of foreign exchange to a country. Therefore, a country has more

The hotel industry has transformed into a global industry that is characterized by competition (Kotler, et al., 2016). As a result, McQuarrie Hotel has used modern systems to improve its staff efficiency, customer experience and increase profitability and embraced current technologies to improve service delivery, staff efficiency, and profitability to gain a competitive advantage. McQuarrie Hotel requires constant review and change to respond to the ever-changing customer requirements and demands efficiently (Kotler, et al., 2016). Technology helped McQuarrie Hotel owners to achieve and maintain customer loyalty, increase profitability, and enhance the quality of services offered.

When financial ratio analysis of an industry, having business in multiple fields is done, the major concern becomes the difference between the overall hospitality industry, as well as single company. As mentioned earlier, hospitality industry involves lodges, hotels, theme parks, cruise lines, event management (Ketz, et al., 1990). The major concern is that hospitality industry classifies in service industry due to which it provide multiple services to diverse client portfolio. Hence, the financial ratio would not provide overall information about the different segments it addresses (Ketz, et al., 1990).

At the same time career opportunities are offered to people interested in the industry (Chon and Yu, 2012; Tesone, 2009; Clarke and Chen, 2007). Hotels are considered a basic element of the industry and thought to be a physical need for a guest to feel safe and comfortable when sleeping away from their home environment (Littlejohn, 2003). An interesting fact that Taylor and Bush (1974) stated in their book, was the origin of the term hotel. It originated from France and was often used back in the 18th century to refer to businesses in the hospitality industry that made a profit from their guests. The term was passed on from the country to London with the opening of the Nero’s Hotel (Bush and Taylor,

The hospitality industry is divided up into many areas. Some of these areas include; restaurants, lodging, sales, event planning, general operations, and tourism. Due to all these areas, a lot of jobs are needed to run the operation. With the hospitality field expanding overseas a bigger variety of employees are hired. No employee is the same. Every employee comes from a different religious, cultural, sexual orientation, and racial background. Since there are such a wide variety of people working in the hospitality industry, how do workers deal with cultural differences? I will be discussing the background of cultural competence, companies expanding overseas, traveling, company procedures for cultural competence, issues in the workplace

There are many high tech innovations being used today. Some of these innovations are being used in hotels to make the guests stay easier, more fun, and more efficient (Wulhart, 2015). With guest or customers using technology in every part of their lives whether it be to stay connected socially, shopping, or work, how could technology not be an influence on the hospitality industry, more specific hotels. According to Hospitality Technology’s 2015 Lodging Tech Study, those properties that were surveyed plan to allocate 17% of their IT budget to guestroom technology (Gregory, 2015). Hotels feel that upgrading their establishments with up to date technology will help them better serve the guest, and help the hotel to personalize the experience. Technology being used in hotels includes mobile tech, wearable tech, and infrared sensors. Technology is helping to bring personalization to the travel experience. In an age where more and more travelers are turning to their smartphone, their tablet, and even their watch to search, compare, and book travel options, the usual forms of advertising are moving towards mobile devices. With hotels upgrading with the up and coming technology, will providing these changes help increase guest satisfaction and loyalty (www.traveltech.org, 2015).

In today’s world, hospitality is one of the most important, powerful and profitable industries globally. According to the World Travel and Tourism Council, the largest industry in the world is Tourism, Hospitality & Leisure, which accounts for almost 11 percent of world GDP (WTTC, 2014). Also, People 1st‘s State of Nation Report for 2013 survey results found that hospitality and cruising industry is responsible for one out of eleven jobs in UK. Cruising industry is closely related to hospitality industry. The global cruise industry offers one-of-a-kind vacation experiences because cruises take place in the most exotic and beautiful locations globally. For year 2014, cruising industry have to expect a significant growth. According to Cruise Lines International Association (2014) “cruise line members are looking forward to a positive year of growth with a 2014 passenger forecast of 21.7 million-that means a growth of 0.4 million passengers in relation with 2013- worldwide guests on 63 lines, according to data released in the association’s annual State of the Cruise Industry findings. To meet demand, these member lines will introduce 24 new ships in 2014-2015 adding a total passenger capacity of 37,546, representing a capital investment of approximately $8 billion in ocean going and river cruise categories. Because of the importance that these particular industries have, there are lots of issues which are pressuring. The scope of this essay is to prove with documented

The hotel industry is one of the most prolific industries in Australia due to its presence in society and, the impact it has on the nation’s economy. Advances in technology since the end of the 20th Century have allowed the service market of a hotel to develop rapidly (Hilton Melbourne South Wharf

Marketing In Hospitality By: Quynh Anh MARKETING IN HOSPITALITY LO1. Understand the Concepts of Marketing in a Service Industry Context 1.1define and Explain the Concept of Marketing A concept is the general scheme or formation of something and marketing is the way in which a produce is moved by means of a channel to reach its target audience. Marketing idea is the attitude which encourages firms to center on their consumers’ desires. This is by examining their wants and making efficient choices that suit those requirements in an enhanced way than the competition.

Growth of tourism in Russia has been rapid, fuelled by the nation’s rich history and diverse geography along with a strong economy. Russia has faced a growth in both outbound and inbound tourism in the last decade.

In recent years, hospitality and tourism has become increasingly popular, being the largest and fastest growing industry in the world. Lodging is the relationship between the guest and the host and it is one of the most important operating sectors in hospitality and tourism industry. Study of lodging industry is essential to determine the functions in lodging to discern the heart of the hotel business. By conducting this experiential learning project in a hotel, our group was able to observe and identify the front office operation and manager’s daily tasks. The hotel we chose for this project is Toronto Marriott Downtown Eaton Centre Hotel, which is one of Toronto’s Premier hotels with four stars and diamonds according to Forbes Travel Guide and AAA. The reason that we chose Marriott Eaton is because it is one of the largest chain hotels in North America that is located at core downtown Toronto. James Chard, the Front Office Manager said “Marriott Eaton targets individual business travelers and family group travelers.” The reason of this is because Marriott Eaton is a city center hotel, being located on 525 Bay Street downtown core Toronto. Merit of this Marriott Eaton is the location as Ryerson University, University of Toronto, CN Tower, Toronto Eaton Center, and Art Gallery of Ontario are all in walking distance. Marriott hotel was established by J. Willard Marriott and the Marriott International Inc. is one of the leaders in the hospitality and lodging industry. They own