Report: TM4010 Business Environment in Events, Hospitality, Tourism

This report provides a comprehensive analysis of the business environment in the events, hospitality, and tourism industry, focusing on a London museum as a case study. It utilizes PESTLE and SWOT analyses to evaluate the macro and micro factors influencing the museum's operations, including poli...Read More

TM4010 Business
Environment in Events
Hospitality and Tourism
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PART 1............................................................................................................................................3
INTRODUCTION...........................................................................................................................3
PART 2............................................................................................................................................4
PART 3............................................................................................................................................8
Importance of business ethics and ethical considerations (including CSR) in today’s business
environment............................................................................................................................8
REFERENCES..............................................................................................................................11
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PART 1
INTRODUCTION
Event, hospitality and tourism industry is deeply providing benefits to economy. It is one of
the most important area which helps country to generate revenue from taxes which is collected
from fees paid by tourist while accommodation and travelling fees (Barauskaite and
Streimikiene, 2021). This states that event, hospitality and tourism is an important aspect which
not only fulfils consumer expectations and desires but also remains an essential source of
revenue for a country. Event, hospitality and tourism industry is highly respectable to the
changes in business environment which is affecting operations and activities. However, these
changes are also offering number of economic opportunities.
An industry to conduct this report is, tourism attraction for which a museum in London is
being selected. It is a basically attraction centre which offers high level expertise as well as
collection to tackle the biggest challenge the world is facing today. It has been evaluated that
tourism is basically a combination of various forms of sector which forms an entire industry. In
this attraction centre are basically natural based or manmade which is used for tourism product
development. Attraction sector in tourism industry is an important aspect as it attracts consumer
attention towards a specific location which attraction motivate tourist to visit the destination and
have awareness. There are mainly three types of attractions such as natural attraction, cultural
attraction and special attraction (Celuch, 2021). In terms with special attractions, it is inclusive of
environment which include entertainment centre, stadium, museums, theme park, zoos etc. To
conduct this, report The National History Museum in England is selected which is a world-class
visitor attraction and a leading science research centre. Present report is conducted to discuss the
journal knowledge of the manner in which attraction centre in hospitality and tourism industry
operates with the help of macro and micro business analysis.
Present report is conducted on The National History Museum in London which exhibit wide
range of specimens from various segments of natural history. The museum is home to earth and
life science specimens. It has been evaluated that this museum is mainly famous for its exhibition
of dinosaurs, skeletons and architecture. The National history Museum was established in the
year 1881. It has been identified that this museum has great knowledgeable staff those who offer
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strong consumer service. Furthermore, it has been underlining that National history Museum of
London offers outdoor learning as well as activities with an aim to inspire the next generation for
preservation of object. Along with this, respective Museum is aiming towards transforming the
study of natural history. To fulfil this The National history museum, have a vision to create
advocates for the planning, as Earth is now changing fast under the influence of human
behaviour which is leading towards biodiversity loss and climate changes.
PART 2
PESTEL
Pestel analysis is a strategic tool or framework which helps in determining the elements
in business environment which is having positive or negative impact upon business organisation.
In terms with present report pestle analysis of The National History Museum is being conducted.
Political:
The political factor is important element in Pestle analysis. It has been evaluated that
United Kingdom government is being affected due to Brexit which hinders number of project
and opportunities. Other sustainable plant project of the national history Museum is also at risk,
due to Brexit the national history Museum is at risk of receiving appropriate financial in
assistance.
Economical:
Economic factor plays important role in pestle framework. In terms with present analysis,
it has been identified that due to increase in competitive fundraising landscape the national
history museum is facing difficulties to manage maintenance cost.
Social:
This factor of pestle analysis is inclusive of believes, values, cultural perspective,
education and other elements within a community (Tuan, 2021). In the provinces of United
Kingdom younger generation are more responsible towards preserving heritage as well as
cultural values. This increases the opportunity for the natural history museum in which they can
attract and involve younger generation in the preservation of natural and cultural heritage.
Furthermore, it has been evaluated with the help of strong community links the natural history
museum can influence younger generation and other individuals which helps in ensuring
preservation of natural history.
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Technological:
Technological aspect in pestle analysis is an important aspect which will significantly
help The National History Museum in terms of conducting more research with innovative
durable technical system. In this with the help of taking advantage of technological and technical
systems and components national history museum can fulfil desired goals. Along with it has
been evaluated that digital marketing and technology will significantly affect museum to conduct
various programs to have fundraising opportunities through which they can also influence
individual from different locations around the world.
Environmental:
Due to Brexit, there are number of changes in laws and legislation along with national
curriculum. Furthermore, it has been evaluated that number of modifications is done in
regulatory framework due to practice at which is essential to emphasize upon in order to
overcome and acknowledge the issue that can arise around ownership.
Legal:
The world is facing challenges in terms of preserving natural history. Furthermore, it has
been underlined that earth is now changing faster under the influence of human behaviour which
is making significant changes in terms of biodiversity laws and climate changes (Emmens and
McEnroe, 2021). In this with the help of generating awareness of the importance of preserving
natural history, museum will play a significant scientific, global and cultural leader through
which they can make positive difference to the global future in terms of harness museum
collection research and forming the study of natural history.
From the Pestle analysis it has been identified that due to Brexit the National history
Museum will face certain challenges in terms of political, legal and economic aspects. In this
with the help of developing strategies and taking assistance from government institutions
respective museum can fulfil their aim of making earth a place where both people and the planet
will thrive efficiently.
Porter generic strategies
Cost leadership:
In cost leadership organisation set out to become the low-cost producer in industry. In
this organisation can include proprietary technology, differential access to raw materials,
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economics of scale as well as other elements. In this it is essential for the National history
Museum to exploit all the sources of cost advantage in order to sustain over cost leadership.
There is negative impact upon the National history Museum due to Brexit. In this to attract
tourists from various location organisation can effectively emphasise upon producing standardise
products at very low cost per unit for consumers those who are price sensitive. This will help
museum to not only gain competitive advancements but also allow them to increase
performance. With the help of low cost, the National history Museum can offer educational
courses and other membership programs to consumers or visitors.
Differentiation
It is one of the key business strategies of porter generic strategy. Differentiation mainly
defined as the development of unique product or services. It is essential for the National history
Museum to distinguish themselves from other competitors in terms of services, product or its
quality (Son, Huang and Padovan, 2021). In this with the help of offering unique services to
consumers in industry with the help of differentiated features with the help of research and
development and innovation along with technological advancements, the National history
Museum can influence large number of individual attentions towards the urgency of issue which
is facing by the planet. This will help them to have solution that will significantly bring a
prosperous future.
Cost Focus
Focus strategy is a generic strategy in which organisation mainly aim towards enhancing
its overall performance in a specific regional market group of buyers or product line. With the
help of this strategy organisation can focus upon two segment which is cost focus and
differentiation focus. In cost focus the National history Museum can mainly exploit differences
in cost behaviour in some segment, while in terms of differentiation focus it mainly exploit the
special need of customers in certain segment. As per the analysis it has been evaluated that the
National history Museum is required to develop a generic strategic framework which combines
both the cost focus and differentiation focus aspects (Kumoratih, 2021). In this they will work in
a partnership with other museums in the heart of London as to host an outdoor learning and
activities to open up for new opportunities of apprenticeship and training shape to inspire the
next generation.
SWOT
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SWOT analysis is a strategic tool which comprises of strength, weaknesses, opportunities
and threats. It offers a strategic direction through which organisation can undertake strategic
planning and take effective actions while evaluating threats and opportunities in business
segment.
STRENGTHS WEAKNESSES
 The major strength of the National
history Museum is that it is having
dedicated existing audience.
 Respective museum is having very
good quality collection and dedicated
staff who engage in providing
awareness individuals about the
cultural and historical heritage
(Pawłusz, 2021).
 The major weakness of the National
history Museum is that it does not
well advertise and does not take use of
digital platform.
 The other weakness in terms of the
National history Museum is funding
crisis due to Brexit.
THREATS OPPORTUNITIES
 The major threat which is facing the
National history Museum is Brexit as
it will increase the competition for
finance from other local authorities’
services.
 Along with it has been identified that
it due to fast changes in earth because
of the influence of human behaviour
there is biodiversity loss and climate
change which is threatening future.
This will impact the strategy
formulation of respective museum.
 The National history Museum is
having the opportunity to engage large
number of audiences with the help of
taking use of digital marketing and
digital platforms. This will also help
them to engage interest of audience
for long run.
 The national historical museum can
develop partnership with other
museums in order to have open
funding opportunities. This will help
them to overcome the crisis of funds
due to Brexit.
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From the analysis of above analysis, it has been evaluated that the major threat which will
affect business operation is due to Brexit. In addition to this it has been evaluated that as per the
Porter generic strategy it is essential for the National history Museum to overcome the threat of
Brexit with the help of offering cost effective apprentice internship and training programs. This
will help in engaging interest or future generation. This will help organisation to assure
competitive advantage in industry.
PART 3
Importance of business ethics and ethical considerations (including CSR) in today’s business
environment
Business ethics and ethical consideration is a crucial aspect for a responsible business
organisation as it allows them to recognise the impact of the decision and activities upon
environment and society. With the help of considering importance of business ethics and other
ethical consideration organisation can effectively behaves in a manner that will positively
contributes in welfare of society and sustainable development. CSR plays important role in
today's business environment through which organisation can take social responsibilities while
developing more positive and productive work environment for employees. Ethical behaviour as
well as corporate social responsibilities have tendency to bring benefits to business. It has been
evaluated that ethics are mainly quotes of values and principles which governs the actions of
group of individual and individual in terms of right and wrong. Being ethical means
implementing principles of fairness on honesty to relationship with consumers, society and with
co-workers. Business ethics is specifically a form of applied it takes for professional ethics
which duly examine ethical principles, ethical problems or moral issues that arise in business
environment. With the help of adhering and implementing business ethics and ethical
consideration in business activities organisation can successfully build consumer loyalty, retain
good employees, develop a positive work environment and can also avoid legal problems
(Maslarov and Georgiev, 2021). In addition to that has been evaluated that corporate social
responsibility plays essential role in today's business environment as it significantly aid
organisation in any industrial sector to ensure long term sustainability with an industry. Thus,
corporate social responsibility is used to describe strategies and initiatives that an organisation
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put in place to make themselves more socially accountable. With the help of practicing social
corporate responsibility company can be more aware of its impact upon society.
As per the analysis of, The National History Museum it has been identified that this
attraction centre in tourism segment consider ethical aspects in which they have vision to create
advocates for the planet in order to transform the study of natural history. This has been
evaluated that with the help of democratic leadership style respective museum aim towards
engaging with large number of consumers and youngsters around the globe. With the help of
democratic leadership style museum management retain employees with the help of developing
strong relationship with them. However, in order to be more ethical in internal or external
environment. It is essential for The National History Museum to maintain ethical standards by
involving several segments such as conducting ethical programs in order to support organisation
objectives. Along with this it is essential for museum management to establish a system to alert
management when the organisation is getting close to a legal or ethical boundary (NGUYEN,
2021). Along with it is essential for museum to have ethical training inside museum in order to
help employees to address the model dimension of business decisions. This will help them to
guide and motivate Employees with the help of democratic leadership.
Conclusion
According to the above-mentioned report it has been concluded that travel and tourism
industrial sector is a leading and fastest growing industry around the world which not only helps
in generating employment economic growth and development within a country but it also offers
attractive destinations which helps in fulfilling needs and demands of consumers. Attraction
centre in tourism industry is also one of the most important aspect of this industrial sector which
aim towards delivering nature based or manmade services and products of tourism to consumers.
From this report it has been evaluated that attraction centres are an institution which cares for
collection of participate as well as other objects of cultural, historical, scientific or artistic
importance. However, in order to successfully thrive in any industry, it is essential for an
organisation to evaluate elements which is prevailing in business environment, as this will help
them to undertake effective strategies for more growth and development. With the help of
considering all the ethical standards associated to the industry organisation can successfully
developed a culture through which they can fulfil business objectives effectively.
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Recommendation
National history museum is aiming towards transforming the study of natural history and
engage younger generation with an aim to creating advocates for the planets in order to make
positive difference to the global future. To fulfil this, aim The National history museum will
harness that collection research and reach as to transform the study of natural history. However,
in order to overcome the negative impact that has been imposed by Brexit there are some certain
recommendations being provided to The National Historical Museum:
 The National Historical Museum is recommended to undertake use of take advantage of
low-cost strategy while putting emphasize upon organisation performance in travel and
tourism industry. Along with this museum is also recommended to take use of
differentiation strategy in order to take use of digital platforms to offer the services in a
different manner comparatively to others in London.
 The National historical Museum is recommended to build loyal consumer base file while
adhering all the ethical standards and practices. This will help them to retain good
employees that will allow them to serve consumers and engage younger generation in
more effective manner.
 The national historical Museum is recommended to influence attention and interest of
audience with the help of making partnership with other local museums. In order to fulfil
business objectives which is to make younger generation aware with preserving natural
heritage. In addition to this is to engage large number of younger generations The
National History Museum is recommended to host learning and activity space activities
to inspire the next generation. Museum is also recommended to have cost effective
apprenticeship and training programs through which they can inspire students in order to
make a positive difference to the global future.
With the help of emphasising upon these recommended measures The Natural History
Museum can gain competitive advantage in industry and can overcome the negative impact of
Brexit in a well-defined and effective manner.
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REFERENCES
Books and Journals
Barauskaite, G. and Streimikiene, D., 2021. Corporate social responsibility and financial
performance of companies: The puzzle of concepts, definitions and assessment
methods. Corporate Social Responsibility and Environmental Management, 28(1),
pp.278-287.
Celuch, K., 2021. Event technology for potential sustainable practices: a bibliometric review and
research agenda. International Journal of Event and Festival Management.
Emmens, S. and McEnroe, N., 2021. Acquiring infection: the challenges of collecting epidemics
and pandemics, past, present and future. Interface Focus, 11(6), p.20210030.
Kumoratih, D., 2021. “SPICE ROUTE” AUTHORITY AND LEGITIMACY IN THE
PROCESS OF RECONSTRUCTING NATIONAL HISTORY THROUGH
CULTURAL-HISTORICAL NARRATIVE. e-Prosiding Pascasarjana ISBI
Bandung, 1(1).
Maslarov, B. and Georgiev, T., 2021. The Importance of Practices in Corporate Social
Responsibility Disclosure.: A case study of Volvo Cars.
May, N.F. and Maissen, T. eds., 2021. National History and New Nationalism in the Twenty-first
Century: A Global Comparison (Vol. 44). Routledge.
NGUYEN, L.T.C., 2021. Corporate Social Responsibility and Consumer-Company
Identification in Vietnamese Project-Based Organizations. The Journal of Asian
Finance, Economics and Business, 8(8), pp.157-166.
Pawłusz, E., 2021. The Role of Estonian National Museum in the Process of Redefining the
Boundaries of National Identity. Identity at the Borders and Between the Borders,
pp.73-87.
Son, I.S., Huang, S.S. and Padovan, D., 2021. Realising the goals of event leveraging: The
tourism and hospitality SME perspective. Journal of Hospitality and Tourism
Management, 49, pp.253-259.
Tuan, L.T., 2021. Employer event communication and hospitality workers’ resilience during the
COVID-19 crisis: the role of core beliefs examination and family support. International
Journal of Contemporary Hospitality Management.
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