Importance of London Tourism and its Stakeholders

TOURISM
INDUSTRY
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Importance of London tourism to its business environment and the role of its main
stakeholders............................................................................................................................3
Economic dimensions of tourism in London as an economic force, its multiplier effect and as
an employment generator.......................................................................................................5
The motivation of London tourists affecting the tourism and globalization..........................7
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Tourism is the fastest growing industry and it is contributing to the growth of the
countries. The industrial revolution and globalization has increased the businesses across the
globe and attracted many tourists (Tan and et.al., 2017). There is growth in many sectors which
are connected to tourism like food industry, transportation, etc. and they are making the
experience of the tourists worth visiting. The report is on the tourism industry of London which
is the most attractive tourist destination in UK. There are millions of visitors who travel to
London so the travel company TUI UK provides the best experience to tourists by providing
travel and tourism services. It was founded in 1965 and they are providing different services like
travel, tourism, airlines, hotels, etc. They are operating in many countries and is the biggest
organisation in UK. The report includes the importance of London tourism on business
environment, people affecting it, the economic dimensions, motivation and the affect of
globalisation on tourism.
MAIN BODY
Importance of London tourism to its business environment and the role of its main stakeholders
Business environment refers to all those factors that affect the performance of business
(Sigala, 2017). They include factors such as business regulations, government, supply and
demand forces, tourists, etc. London is amongst the most popular tourist destinations in the
world. Visitors of all choices from all corners of the world visit London to explore its jubilant
culture, admire its impressive history and relish the tasty food that it offers. Buckingham Palace,
The Victoria and Albert Museum, Green Park, St. James Park, British Museum, Tower of
London, House of Parliament, etc. comprise most famous tourist destinations. London tourism
comprises of many industries which are directly and indirectly impacted by it such as hospitality
industry is directly impacted while clothes industry is indirectly impacted.
There are many individuals, groups and organisations which are involved with each other
to form tourism industry of London. They affect and get affected by the level of tourism. They
are called stakeholders of tourism.
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 Government – Through the different policies and plans, government brings out
practices, rules and requirements to be followed by tourists, operators and businesses in
the industry (Holloway and Humphreys, 2019). For example, tourist visa policies,
maintenance of public infrastructure, etc. UK Government and London local government
headed by Mayor of London wholeheartedly promotes tourism, for it improves whole
business ecosystem of London, supports many industries and provides employment to
numerous people. Government develops infrastructure, maintains tourists attractions and
other services to support tourism. Government itself organises many global events,
parades, exhibition, shows, etc. such as New Year's Day Parade to encourage business
ecosystem that develops around these events. Such events show a long lasting and
multiplier effect on economy of London.
 Tour operators and other associated enterprises – These are all those organisations
which are directly and indirectly associated with the tourism industry. These are the
organisations that play a variety of roles in tourism development. For example, airline
services, cruises, waste removal company, hotels, tourists information centres, etc. It also
includes farmers who supply their fresh vegetables directly from farm to restaurants (Tan
and et.al., 2017). There are many tour operators and organisations which arrange for tour
of London and other cities of UK. TUI Travels is one such organisation which arranges
for all services related to organising a successful tour. It provides services such as travel
insurance, currency conversion, flights, cruises, cars, hotels, etc. in all hand-picked and
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Illustration 1: Stakeholders in tourism, 2020