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Economics Essay

   

Added on  2019-12-28

10 Pages2708 Words225 Views
Economics Essay1

TABLE OF CONTENTSINTRODUCTION................................................................................................................................3Macro-economic changes Hilton’s external environment while evaluating opportunities andthreats.........................................................................................................................................4CONCLUSION....................................................................................................................................8REFERENCES...................................................................................................................................102

INTRODUCTIONExternal business environment affects the working of an organization and it includes thefactors such as economic, legal, political, social etc. Hospitality industry is ever changing andcounted to be one among the fastest growing sectors in the world. UK's hospitality sectoremploys millions of people from domestic and worldwide countries which accounts for 17% oftotal UK net employment growth in 2014 (Powers and Barrows, 2009). Here, this report is goingto focus on external environment of UK hospitality industry, especially to economic factors.These are uncontrollable factors in the hospitality industry which are further associated withmacro environment (Harrison, 2003). Economic situation of UK or even the world affects thebusiness of hospitality sector. To complete the present report, a leading hospitality Company ofUK is taken into account which is “Hilton Hotels & Resorts”. The mentioned company was previously recognised asHilton Hotels. It is a global chainof full servicehotels and resorts which was founded in 1919. Hilton Worldwide is the brandwhich is associated with the hotels and resorts of Hilton. This group has its operations in morethan 78 countries and has 530+ luxuries hotels. The mentioned hotel brand owns Hilton Hotelbrand which remains company's flagship brands and counted as the largest hotel brand all-roundthe world. Marketing practices of the company focuses on business activities. It includes leisuretravels, along with brand promotions at city centres, convention centres and near airports.However, the major operations of Hilton hotels are affected by the economic fluctuation faced bycountry and global market. This report represents the macroeconomic changes in the external environmentof HiltonHotels and resorts. Impact of various economic factors such as unemployment rate,interest rate,foreign exchange rate fluctuations, corporate tax rates, inflation rate and gross domestic productis further discussed in this unit.3

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