International economy assignment

Added on - 21 Feb 2021

  • 1


  • 1134


  • 10


  • 0


Trusted by +2 million users,
assist thousands of students everyday
Showing pages 1 to 1 of 1 pages
International economy:There are several multinational organisationsexists in hospitality sector of UK whose operations are situated in more than onenation due to which their contribution towards growth of global economy is high.As per the report of Online statistical office, around 42 million visitors have visitedUK along with different purposes that is automatically supporting in growth of UKnation. From the discussed information’s, it has been analysed that Hospitalityindustries in UK not only providing employment opportunities to individuals butalso supports them in raising their standard of livingKey factors driving growthExpansion of international hotel chains and brand identity: Entering ofmultinational hospitality organisations supports the economic growth of nation atlocal, national or international level. Due to having wide presence, multinationalhospitality organisations have built strong brand image because of which largenumber of travellers of different nation prefers to stay or take services from thesefirms. This will impact positively on international economy as hospitality sectorwill grow due to new expansion that will increase revenue of local industry andglobal economies.The growth of franchising and licensing agreements: Nowadays,franchising and licensing agreements is becoming popular because lowerinvestment is needed for promotion and heavy benefits are received within ashorter span. Several international organisations have expanded their operations byusing franchising or licensing as this method is beneficial for them in entering in anew market with a specific investment. These expansion makes positive impacts onthe local economy as it supports the local individuals by providing thememployment so that their living standard can be improved. Due to growth ofhospitality sector, several big brands of food and beverages sector like KFC,McDonald have used this method for establishing their business in UK.P3 The contribution of hospitality industry to local, national andinternational economiesHospitality organisations are very important for economicgrowth of nation as they not only satisfies the needs of travelbut also provide employment opportunities to localindividuals or in market in which they are performing theirbusiness operations. These organisations and their impact oneconomies at each level like local, national or global aredescribed as under:Local economy:Hospitality organisations operates theirfunctions at each level as in local level these firms providesemployment opportunities to local individuals in form of guides,handmade crafts etc. that automatically leads towards raising of theirstandard. Hospitality industry also fulfils needs and wants of travellersat local level so that it can be said that this sector is impacting positivelyon the local economy and residential.National economy:In UK, Hospitality sector is rapidlygrowing as compare to others such as in year of 2018, thisindustry has reached an annual turnover of £102b thatdefines huge growth of industry in nation (Hospitality sectorto reach annual turnover of £102b in 2018). It is also knownas third largest employer of UK like 3 million individuals inUK are providing their services in hospitality industry.Therefore, it has been identified that hospitality industry isnot only supporting in nation's economy but also increasingrevenue that is useful for development of nation.Contemporary Hospitality Industry
You’re reading a preview
Preview Documents

To View Complete Document

Become a Desklib Library Member.
Subscribe to our plans

Download This Document