Contemporary Hospitality Industry: Economic Contribution and Analysis

This report provides an overview of the contemporary hospitality industry, emphasizing its significant contributions to both local, national, and international economies. It highlights the industry's substantial impact on employment, particularly in the UK, where it is outpacing other sectors in growth. The report examines the diverse business operations within the hospitality sector, using Marriott International as a key example, detailing its services, products, and operational and functional departments. It also discusses the industry's global presence, its contribution to GDP, and the increasing importance of foreign direct investment. Furthermore, the report touches upon the future trends, including the convergence of competitive landscapes and the need for personalized services to maintain a competitive edge, especially in catering to the growing middle class and their travel needs.

Contemporary Hospitality Industry
INTRODUCTION
Hospitality industry is a broad category of business which provide
services to consumers (Legrand, Chen and Sloan, 2013). This
organisation depends on accessibility of free time and discretionary
income. In this report the chosen industry is Marriott international is an
fastest growing lodging industry. Its headquarters is situated in Maryland,
DIFFERENT TYPES OF BUSINESS
Now a days hospitality industry is a leading organization that deals with
different types of business in hospitality industry such as hotels, travel
and tourism, catering, lodging and recreation. Marriott international deals
in various business like hotels, resorts and lodging. They provide some
services to customers like 5 star hotel amenities, boutiques, 24- hours
room services, barber facilities, helicopter services, currency exchange,
non-smoking rooms, business centers and laundry facilities. And products
they use Marriott bed, bedding, bathing showers, Marriott bear, linens and
pillows.
FUNCTIONAL OPERATIONAL
DEPARTMENTS
Operational department deals with business operations and
functional department is responsible for the proper functioning of
businesses (Khanna, 2015). In Marriott hotels operational
departments operates house keeping, pursers, entertainments, food
and beverages. And functional departments includes human
resource, security and accounts departments. These two
departments manage functions and operations of hospitality
business to satisfy customers and maximize profitability. Some
functional and operational departments are explained below:
House keeping Department: House keeping department in
Marriott international is accountable for guest rooms management
and cleanliness of hotel.
Account Department: Accounts department is answerable for
overall financial state of Marriott hotels.
The future of hotel chain can be derived by the convergence of an
increasing competitive landscape, along with a diverse associated
with the customer that are based on seeking out unique and
individually experiences. In insights go beyond the segments to
provide personalised service that are continuously develop the
brand through signature to deliver personalized services to
maintain an edge in technology and services. It has been found
that the world is witnessing the large growth not only in the
population size but in the middle class people those are sometimes
not being able to get the facilities to travel from one destination to
another.
CONTRIBUTION
Hospitality industry play a major role that provide contributions to local,
national and international economy development practices.
Hospitality industry have great impact on employment of UK as well as in
increasing growth of nation (Legrand, Chen and Sloan, 2013). This sector
has identical growing quickly than any other sector. Furthermore it has being
observed that hospitality sector is providing 15% employment in UK to
approx 4.5 million people.( THE ECONOMIC CONTRIBUTION OF THE
UK HOSPITALITY INDUSTRY, 2018). This industry is third largest
employer provider for UK economy accounting for around 3.2 million direct
jobs and 2.8 million indirect jobs. Hospitality industry have brought £73
billion to economy including £38 billion in direct tax receipts. However
hospitality gross value added under UK economic is around 5.9% that is
almost double the economy as a whole (Hospitality’s contribution to UK
economy outpacing other sectors, 2019).
Hospitality Industry contribution for economic growth at national and
international level. This sector has contributed 10.4% to global GDP. (Why
Is the Hospitality Industry Important, 2019) Hospitality sector is providing
313 million jobs worldwide which includes is 9.9% of total employment.
Foreign direct investment have shown excellent growth prospects in
economies. Moreover good infrastructure of hospitality sector attracts more
tourists the tend to increase income of this specific sector. Around 12.5%
that is 187.9 billion dollars are contributed to this sector (Hospitality’s
contribution to UK economy outpacing other sectors. 2019).
M. Karatepe, O. and Demir, E., 2014. Linking core self-evaluations and
work engagement to work-family facilitation: a study in the hotel
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REFERNCES