National economy: Under Hospitality Sector

Added on - 21 Feb 2021

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nd Functional unitNational economy:Under hospitality sector large number of others business arecovered which performed under this industry. This includes restaurant, travelagency and local distributor which support an organisation indirectly for satisfyingneeds of customer. In the last few years’ tourist are more attracted towardsdeveloped countries. This results that in the last few years more than 70 milliontourist visit UK that contribute 4.9 increase in the annual growth rate in theeconomy of country. This results more revenues in the form of tax, import andexport, sale of local product increases the funds of governmentInternational economy:In present scenario all the industry and organisation areworking together at global market or level. This creates tough marketingcompetition at both level local as well as inter-national. For hospitality sector itcreates complex process because organisation has to face competition from localand inter-national market. In context of Wembley inter-national hotel, they bringmore 30% of overall foreign exchange that generates in the Hospitality sector ofUK. Along with this according to British Hospitality Association more theyincreased 16% employment rate which helps to recruit employees from overallworld.Hospitality sector or industry is growing with rapid face which work stand as pillarfor he economic of country. This sectors is growing at all levels and in all segmentswhich are local, national and economical. In this task the effort of hospitality ineconomic sectors is given belowLocal economy:The major part that is impacted by an organisation is local ororigin region which determines that with opening of Wembley inter-national hotel.The employment rate, purchasing power of consumer is increased by earningrevenue from outside the country also. In the context of UK hotel or hospitalityorganisation are increasing rapidly through which they are contributing 10% in theGDP of world. Apart from this it brings skilled employees for the organisation also.The contribution of the hospitality industryContemporary Hospitality Industry
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