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Business Environment of Travel & Leisure Sector

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Added on  2021-01-01

Business Environment of Travel & Leisure Sector

   Added on 2021-01-01

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Key Issues In the BusinessEnvironment
Business Environment of Travel & Leisure Sector_1
Table of ContentsINTRODUCTION ..........................................................................................................................3a. Identifying the key macro issues in the business environment and significant for the Travel& Leisure sector..........................................................................................................................3b. Explaining the potential impacts at micro level due to any 2 of the identified issues...........5c. Describing 2 challenges faced while carrying out the tasks....................................................6CONCLUSION................................................................................................................................7REFERENCES ...............................................................................................................................8
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INTRODUCTION Business environment is the most challenging and essential part for the company in orderto meet out the market needs and wants. Key issues of business environment affect businessperformance or their strategies to conduct the business. Present study will be based on key issuesinvolved in the travel and tourism or hotel sub sector which will be explaining the key issues, orsignifiant factor that affect business functions. Further study also explaining the potentialimpacts at micro level and key challenges involves in overall research. a. Identifying the key macro issues in the business environment and significant for the Travel &Leisure sectorEconomic factors have been given the greatest influence to the development growth oftourism sector. For example raising wages helps people to invest more on leisures and also helpsin recreational activities (Adeleye and et.al., 2015). On the apart, due to high inflation rate, realincome of the population will be reduced. Travel and tourism sector are highly influenced by rate of interest, governmentexpenditure, foreign investment and unemployment rate. Travel & Leisure sector growing andgrowing in rapid manner. Destination and different stakeholder are ensuring that benefits growthhas been more increased and negative externalities are should be minimized. Pestle Academic model of analysis Political: Political factor is the significant element of business environment whichincludes political stability, strategic development, promotional activities in business, governmentregulatory changes etc (Charter, 2017). Political environment of UK is comparatively stablewhich has gives positive impact on the development of Travel & Leisure sector. Apart from that,one major issue that is significant issue for Travel & Leisure sector. Adversely, terrorism hasalways been given negative impact to influence growth. For example : 52 people were died in7/7 London tube and bus bombings. These types of harmful incidents may reduce the ratio oftravellers. Economical : Economic factors has been influenced the growth of tourism sector.Economic element strongly based on the profit earning or on the revenue growth of the company.It has been given long lasting channel of growth and makes market more uncertain due to highinflation or constant changes in the interest rates. The Greatest risk challenge involves in
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