Travel and Food Industry

 Tourism and Hospitality Sector Essay

IMPACT OF GLOBALIZATION ABOUT HOSPITALITY AND/OR TOURISM MARKET

Globalization identifies the increments in the associations of the persons, industries, lifestyle and numerous activities of economy. The word Globalization identifies the economics and all a global distribution in the production of goods and services which in the end reduces the barriers of international control like foreign trade fees, importance quotas and various other tariffs, Cowen (2003). The Globalization has contributed to the growth of economy within a considerable way. The the positive effect have followed to economical growth in developed and developing countries through increased specialization as well as the principle of comparative benefits. Globalization means the transnational change between ideas, languages, and well-liked culture of numerous nations and countries in order to increase the selection in the economy and enhance the regarding economy. It really is argued that the decrease in the inter-cultural contact will increase the potential of international and intra-national discord. According to Shoa (2002), the the positive effect impacts the hospitality industry in prospect for the national and also international lodge and travel and leisure industry being a new occurrence. Actually, there are numerous hotels that are dealing with the international players even in the eighties. Nevertheless , these days, the phenomenon is now so common that some company's declare fifty percent of their profits will emanate by foreign businesses, Pimentel (2008). The major factor behind the greater impact of globalization is usually that the hospitality sector has captivated international hotels into international countries plus they are exploring the useful and cost effective methods of conducting business. The financial systems of scale are not only a theoretical phenomenon. it similarly works in the hospitality sector and provides considerable effect of globalization on the same. The hotels have realized that the bigger they become the reduced their development costs plus the higher all their profit margins. Besides that, the organization within the sector will take their particular business to overseas and so they can tap the unexplored markets that will never have recently been reached in local markets. Another reason that has increased the impact of the positive effect and has also increased the propensity for globalization within food industry is increasing competition within community markets. Therefore, in order to expand their individual businesses, the hotels and tourism industries have started exploring the untrained markets and thus, the the positive effect have started out impacting the growth and success of the overall hospitality sector. However , it is necessary to look for the modern markets since the more and more players with this industry will be increasing the internationalism and competition in the hospitality market. According to McAlister (2005), it is also most likely that there are a lot of competitors that happen to be now getting into new market segments because they will allure a global brands. In contract to local brands, international marketplaces would have to customize their brands to collection specific circumstances in the local industry. However , with increasing talk about global brands, now intercontinental hotels may market their services to a wide array of shoppers who are actually agents of globalization themselves. Most of the consumers are multicultural with this scenario and always looking for ways to push themselves and their resources very easily across various parts of the world, Dreher (2008). In such a case, the main concern of study is to become the knowledge of the impact of globalization on hospitality and tourism sector industries. With this case, there has to be geographical location on what the whole study can be done and further geographical examination will be based on the same. The location which can be chosen to get the case can be India a country in South Asia, Roger (2004). The economy of India is the ninth-largest economy by nominal GDP on the globe and...