Hospitality Industry and its Contributions to the Economy

This document discusses the different sectors in the hospitality industry, such as food and beverages, travel and tourism, lodging, and recreations. It also evaluates the contributions of the hospitality sector to the local, national, and global economy. Additionally, it explores the utilization of franchising and licensing agreements in the hospitality sector.

POSTER PRESENTATION
1. Different sectors in hospitality industry and identifying the diverse
products offered by companies.
Companies in hospitality industry has planned to form partnership with
the other organizations in different sectors. Purpose for which such strategic
partnership between two companies belonging to different industry is to provide the
customers with quality as well as timely services. The hospitality sector is very big
and consists of different segments these are:
Food and beverages: It is considered to be the biggest segment of hospitality
sector. Food and beverage segment comprises business which are basically engaged
in preparing meals, beverages and snacks for quick consumption by clients. Food
and beverages is one of the services offered by Hilton hotel (Bratton and Watson,
2018.). Business entity have focus on providing good experience to customers by
delivering them good quality of food and services.
Catering business, Hilton hotel also provides food as well as catering
services for special occasions.
Travel and tourism: It involves the transportation facilities which is provided to
tourist for enabling them to move from one place to other. Hilton hotel also
provides cab , taxis facilities to its guest for enabling them to visits different tourist
destinations.
Lodging : It involves the accommodation facilities. In context of Hilton hotel,
business entity offers different accommodation facilities such as resorts, villas etc.
according to the budget of customers.
Recreations : These facilities are provided by Hilton hotel for catering to the needs
as well as demands of people travelling for the purpose of relaxation as well as
enjoyment. Entertainment business provide shows such as theatre or movie. In
addition to this, other entertainment activities provided by Hilton hotel are sports
and gaming, night clubs, bars etc.
3. An evaluation of way global growth and utilisation of Franchising as well as
licensing agreement has influence on hospitality sector
Franchising is considered to be as most essential part of hospitality
sector. It includes a contract between the franchisor and the franchisee which
include the term as well as conditions. The franchising supports organizations in
strengthening its supply chain which is very much essential in order to provide
timely services to customers. Licensing has supported Hilton hotel in smooth
running of business. Both licensing and franchising strategy has assisted Hilton
hotel in promoting goods or services. In addition to this, It has provided Hilton
hotel access to varying types of business arrangements (Presbitero, 2017).
Licensing as well as franchising strategy has provided firm an ease in expanding
business. Hilton hotel has form merger with other supporting industry which has
enabled business entity to provide additional services as well as facilities to
customers. It has helped an organization in increasing sales as well as
profitability. Changes in economic condition of the nation has direct as well as
significant influence on the financial performance of company (Otis and Wu,
2018). Franchising strategy has supported Hilton hotel in dealing with financial
crisis. Both licensing and franchising strategy has enabled enterprise to cater the
need of routine business operations. In context of Hilton Hotel, business entity
management as well as franchises division consists of 4,419 hotels with 691,887
rooms. It has enabled firm to deliver products or services to wide number of
customers
REFERENCES
Bolton, S.C., Laaser, K., McGuire, D. and Duncan, A., 2018. A neglected pool of
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Management Review.
Presbitero, A., 2017. How do changes in human resource management practices
influence employee engagement? A longitudinal study in a hotel chain in the
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pp.56-70.
Bratton, J. and Watson, S., 2018. Talent management, emotional labour and the role of
line managers in the Scottish hospitality industry: A roundtable discussion.
Worldwide Hospitality and Tourism Themes. 10(1). pp.57-68.
Nadda, V., Rafiq, Z. and Tyagi, P., 2017. Effectiveness and Challenges of Recruitment
process outsourcing (RPO) in the Indian Hotel Sector. International Journal of
Academic Research in Business and Social Sciences.7(2); pp.218-236.
2. Evaluating the way hospitality sector contributes to local, national and global
economy.
Hospitality sector is growing at very rapid rate. This is a sector which is
making significant contribution in domestic, national as well as development of
international economy. Hospitality industry contributes to economic growth of
domestic country in direct as well as indirect manner. Hospitality sector has
played a significant role in generation of employment in the nation. It has provided
government with additional source of income. The hospitality sector generates
revenue for local economies directly when tourists spend money in hotels,
restaurants and entertainment venues (Nadda, Rafiq and Tyagi, 2017).
The hospitality sector make indirect contribution to Gdp also , as tourists
purchase retail goods, pharmacy items and locally made souvenirs and crafts
which help other business in increasing their profitability and sales. This
sector has made contribution in generation of seventy millions job at national
level.
As per the report of world economic situation 2012, in hospitality
sector presently has made approx. 10.4 percent to Global GDP. Hospitality
sector has generated job approx. 313 million globally.