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Write a 8 pages paper on orientation in the hospitality industry. In terms of the realization that the hospitality industry and related businesses hold the promise of the service industry, in the near
Write a 8 pages paper on orientation in the hospitality industry. In terms of the realization that the hospitality industry and related businesses hold the promise of the service industry, in the near future academicians and researchers continue to offer their input in the characterization of the industry. Within the broader characterization of economic space that hospitality continues to occupy, global economics plays an important concept appropriate for the relevant orientation (Abbott and Dawson, 2011).
In this discourse, various orientation concepts emerge, to facilitate the projection of the industry as a business platform where competition and other globalization factors such as economics determine the fortunes of the industry. For the most definitive orientation concepts that perhaps compel academicians to identify the industry as one of the strongest performance in global business, management and strategy tasks compatibility has a striking interest. Just as observed in other business models in other sectors, hospitality assumes an interesting position in the market, and the growth potential demonstrated in the recent history illustrates the benefits of such characterization of industry forces. Profitability against a backdrop of competition and pressure from global economic fluctuations as well as involved recovery uncertainties justify the need for a definition of the appropriate industry orientation.
Since the global trends of a service-intensive economy started to form in the 20th century, several service sectors emerged to illustrate the potential that the new frontiers of business could provide to investors. However, typical differences between manufacturing and service industries proved to pose a substantial approach gap. For instance, the business setting in the service industry is different from manufactured products setting due to different interaction levels with the end-users. Apparently, the change of business management rules had to experience dramatic changes to introduce higher interaction and preference setting that defines the new business.
