Types Of Business And Diverse Products Within The Hospitality Industry

This article discusses the various types of businesses and diverse products within the hospitality industry. It covers lodging, food and beverages, and travel and tourism. It also explores how the hospitality industry contributes to the local, regional, and global economy.

Contemporary Hospitality Industry
Types Of Business And Diverse Products Within The Hospitality Industry
 Lodging - Accommodation:- It is the service that is given by the organisation that deals in offering the facility of lodging and boarding to the customers or the travellers that travels around the world (Wu and
et.al., 2017). Accommodation is an absolutely broad sector of the hospitality or the service industry. It includes everything from beds and breakfast enterprise and the hotels to the other facilities that offer
lodging services. The satisfaction of the customer is completely critical in case of providing the accommodation services. And, it's all about the efficiency; integrate comfort and the world class amenities are also
its foundation (Wu and et.al., 2017).
One of the most important thing that the customers need at the time of travel is accommodation facility. Other two things are:- transportation and the food. A lot of focus and efforts are being made by the people
to improve the experience of lodging facility of the customers that are travelling around the world this time (Michael, 2017).
 Food And Beverages:- This is the second crucial factor that plays a very important role in the hospitality sector. It's the another wide sector of the hospitality industry. This is such a sector or such type of service,
that reign supreme in the industry (Ladkin and Buhalis, 2016). Starting from something very simple like an eating house or a restaurant all the way to a high end hotel or restaurant and every catering
establishment in between. There can be a long list in the food industry when we categorize the food service or the food items of the hospitality industry (Ladkin and Buhalis, 2016). Below are the key categories
of the services that are catered by the hospitality industry to the people:-
1. Quick Service Establishments:- These are the commercial food service restaurants, that compete for the customers who look to offer quick snacks; drinks; and meals.
2. Catering Business:- This is the category that provides food and beverages for any special occasion- from wedding to the birthday parties and everything in between (Arsyad and Rosyidin,
2015).
3. Full Service Restaurant:- These are the typical restaurant or the eateries which feature course meals; drinks and a plethora of other food service. These establishments usually seat you at a
table and use waiters to take food orders.
 Travel And Tourism:- This is a vast sector in the hospitality industry with the several key players across the globe. Most of them include trains; airlines; cruise ships; and several crew members in their service. It
could also be seen as the business in which the members of the travel and tourism sector play a vital role in moving the people from one place to another. The travel and tourism sector is like a backbone of the
hospitality industry. The domain of the travel and tourism sector is playing a very crucial role in the strengthening the hospitality and the service industry ( Lui, 2015). Different types of tourism include:-
adventure; medical; cultural; eco-tourism; business tourism; religious and agritourism.
How hospitality industry contributes to local and national or global economy
Local Economy
The economy of UK has boosted like anything. Contribution of the hospitality industry in the economy of UK has grown more quickly than, that of nay other sector. Hospitality in Britain is the fourth largest employer,
accounting for 3.2 million direct jobs and a further 2.8 million indirect jobs (Wu and et.al., 2017). The Gross Value Added by Hospitality, has increased in the economic value from the production of the goods and
services by 5.9% and it is almost double to that of economy as a whole.
Regional Economy
Productivity of labour in this sector has grown at more than double the rate of the overall economy since,2008 (Ladkin and Buhalis, 2016). The hospitality and the tourism sector has brought 73 billion pounds to the
economy just last year only. It also includes the indirect impact, that includes 15 Billion pounds in exports and 38 billion pounds in the direct tax receipts (Lui, 2015.).
Global Economy
However, it also showed that the outlook of the growth was “highly uncertain, by the score of pressure of falling real living standards, implementation of the national living wages; increase in business rates and
finally there is lack of potential labour” (Bowie and et.al., 2016). The Tourism and hospitality industry seems to be going through an economic gloom. Not only the tourists have become choosy and cost saver in terms of
their choices and demands, but, an array of new destinations seemed to have sprouted in this increasingly interconnected world ( Köseoglu and et.al., 2018). Technological advancements have played a huge role with the
travel and is becoming increasingly more accessible (Michael, 2017). This is having a major role in the development of economy. Growth in the hospitality industry is being driven by the latest trends in the travel and
tourism industry (Bowie and et.al., 2016).
In terms of employment, Hospitality industry is arising as a one of the most dynamic industry in giving employment to the people in the UK (Bretherton, 2017). The industry offers a wide and varied scope in
the respect of career progression. When the potential candidates are applying for job in the hospitality industry, the, economy of the nation will grow and will prove to be a useful tool for improving the effectiveness and
working criteria of the employees (Wu and et.al., 2017). The Hospitality sector in Europe is an important contributor to the European economy, and is having a crucial impact on employment, growth and tax
contributions (Lui, 2015). Hospitality sector directly employs 10.2 m people in Europe . Turnover, across the hospitality sector is over 1.0 tn Euro and it is approximately 8.1% of total economic output. The hospitality
sector support around 16.6 million jobs, that represent 7.8% of the European workforce or one in every 13 jobs in Europe. It directly, employs the workers in the enterprise by operating in the hospitality sector ( Martínez
and del Bosque, 2015).
Hospitality sector is having a key ro le, in supporting not just the economic aims but also social objectives through support The
significance of this varies across the countries, there are a number of divides between the rural and the urban prosperity in the European nations and this is the reason, the contribution of the hospitality enterprise is
really significant/appreciable (Ladkin and Buhalis, 2016). Now, additional sectors that are linked to a successful and thriving hospitality sector includes:- transportation; tourism; culture; construction and brewing. As a
direct employer, hospitality sector plays a fundamental role in supporting job creation across Europe.
REFERENCES
Books and Journals
Köseoglu, M. A., and et.al., 2018, June. INTELLECTUAL STRUCTURE OF STRATEGIC MANAGEMENT RESEARCH IN THE HOSPITALITY MANAGEMENT FIELD.
In 8th ADVANCES IN HOSPITALITY AND TOURISM MARKETING AND MANAGEMENT (AHTMM) CONFERENCE (p. 441).
Bowie, D., and et.al., 2016.Hospitality marketing. Routledge.
Michael, S. B., 2017. Exploring a theory and ethic of hospitality through an instrumental case study of a middle school band room.