Analysis of Key Sectors and Businesses in Hospitality Industry

This report provides an overview of the hospitality industry, encompassing travel and tourism, food and beverages, and lodging. It explores the sectors within the industry, including hotels, restaurants, and related services, highlighting examples like the Hilton hotel. The report discusses the contribution of hospitality to local, national, and global economies, emphasizing employment generation and economic stability. It also delves into various business strategies employed by hospitality companies, such as franchising and licensing agreements, to enhance productivity and profitability. The analysis further includes an introduction to hospitality management and its key components, addressing how businesses analyze customer needs and provide services in the most appropriate manner.

HOSPITALITY AND MANAGEMENT
Hospitality refers to lodging, event planning, theme parks,
transportation, cruise line, travelling and additional areas of
tourism industry. Hospitality management includes effective
strategies and techniques to manage such business in order to
provide desired services to people for completing their actual
requirements appropriately.
SECTORS OF HOSPITALITY
Hospitality industry refers to several areas of business
including, tourism, hotels, theme parks, cruise line and many
more. They have their own concept to conduct production
procedures in order to provide required services, product and
facilities to people in appropriate manner. However, analyse
actual needs of citizens and put efforts to fulfil them at
reasonable price along with attracting new customers with
retaining the current ones in respect of grabbing more profit
share of market.
INTRODUCTION
BUSINESSES OF HOSPITALITY
The hospitality industry includes travel & tourism, hotels including
Hilton, restaurants etc., which facilitates to provide required facilities
to visitors. It includes to render products and services to tourist who
visit particular country due to visiting attractive tourist places of the
same. It is helpful to generate better income in hospitality industry
which provide support to increase annual income of the county. The
contribution of hospitality on economy is explained further –
Local economy – The hospitality businesses like 'Hilton hotel'
are responsible for generating various employment opportunities which
facilitate to reduce unemployment rate on local area. However, it is
helpful to improve the standards of living of citizens living in
particular place.
National economy – This includes about increased annual
income of particular nations through improve income of overall
hospitality industry. Increase in annual income of the nation become
capable conduct more developmental activities and remain
economically stable.
Global economy – The increase in hospitality businesses
facilitates globalisation of which is helpful for increasing access to
technology, media, education, health care, consumer goods and
resources.
There are different types of hospitality companies which adopt various
effective as well as efficient techniques and practices in respect of
boosting up productivity. It includes their different strategies or tactics
which aimed to increase profitability of overall business in order to
achieve better growth of the same.
Franchising – This can be described as a legal process in which one
party (franchiser) provide right to another person (franchisee) in terms
of utilising trademark along with it systems or processes. It is helpful
or Hilton Hotel to grab market share of other countries which facilitate
to develop hospitality industry.
Licensing agreements – This includes a legal contract between two
parties such as licensor and licensee. However, the licensor grants right
to licensee for producing and selling desired goods in order to make
better profits along with achieving growth of business at global level.
Travel and tourism – This can be described as business
with deals with services related with moving of people
from one place to another. It includes services of providing
buses, cabs, planes, ships, trains and many more.
Moreover, it involves adventure tourism, recreation,
airlines, events & conferences etc.
Food and beverages – The food and beverages
refers to business which provide various relevant products
such as meals, snacks and beverages. Moreover, these
products are manufactured according to desires of
customers and modify them respectively to fulfil changed
demands of people to attain their satisfaction. It involves
hotels, restaurants, pizza shops and cafes.
Lodging – This involves staying facilities which
are usually provided by different types of places like fancy
hotels, youth & elder hostels, camp grounds, motels and so
on. For example, Hilton hotel is preferring by many of
visitors to stay there due to its effective facilities. They
have variety of products including food items, drinks,
room service, entertainments, accommodation and
CONTRIBUTION OF HOSPITALITY