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Write 7 pages with APA style on The Development and Future of the UK Budget Hotel Sector in Financial Crisis.
Write 7 pages with APA style on The Development and Future of the UK Budget Hotel Sector in Financial Crisis. The importance of conducting this research is seen in the relevance of discussing the financial crisis in today's time, which affects almost all businesses, sectors, and industries. In light of this financial crisis, the study shall look at the direction and future of the UK budget hotel sector. The economic theories will help direct the research in its determination of the future of the sector in order to produce a socially scientific prediction on the direction of its future.
Hence, since globalisation, competitive advantage, and economic productivity are relevant concepts in today's businesses, the pursuit of this research makes it an important endeavour. Likewise, the current global crisis that puts nations, trade, and businesses in a rather bad condition is an important aspect that will be necessarily touched in the research due to the topic itself. All of these considerations will be tackled in the research, making it fit the body of knowledge which other researchers may utilise for their own. The literature review will comprise of three parts:
The development of the UK budget hotel sector
The globalised industry in which the budget hotel sector is situated
How the financial crisis affect budget hotels
The Development of the UK Budget Hotel Sector
Brotherton (2004) explores the critical success factors in the operations of the UK budget hotel and utilises the questionnaire survey design in ascertaining the relevance of these factors in academic and trade literature. A report from Hall (2004) suggests that in over a five-year period from 1997, there was an annual growth rate of almost 20 per cent in room capacity among the UK budget hotel sector. The report likewise examines key emerging trends in the sector, including the branded budget hotels' city-centre focus.
In the development of UK budget hotel, it is important to mention that the management of "commitment cultures," the recruitment and selection procedures, and the training and development practices, which are all in the heart of human resource management (HRM) are important points to ponder (McGunnigle and Jameson, 2000, p. 404). It is suggested that firms that adopt an HRM approach put high regard on employee commitment, sophisticated and objective recruitment procedures, and good selection methods. Morrison (2002) states that there have been significant changes in the UK hotel sector in the past decade, alongside the marketplace and its operations.
