Tourism and Hospitality Management Economic Dynamics

Question: Discuss about the Tourism and Hospitality Managementfor Economic Dynamics. Answer: Tourism and hospitality sector is a budding sector that attracts traveler from all around the world. If it is broadly defines, this sector is regarded as one of the largest and fastest growing industries all around the world. However, in recent years there have been significant shifts in the tourism environment that entirely reflects on the economic dynamics. Various factors can be accountable for these changes in the hospitality sector such as political forces, fast changing customer values, environmental changes and the fast growth in the information technology. The hospitality managers should understand that the external factors can be crucial in the business growth of the organizations. The hospitality managers should also ensure that the human resource team works in that ace, so that they can hire such employees who can cope up with the changing environment in the hospitality and tourism sector. All the sectors in a tourism and hospitality industry should ensure that they keep a pace with the upcoming changes. Due to globalization, many issues can influence the tourism and hospitality sector. So, the manager of such an organization has a huge responsibility to maintain the quality of their work while they accept the changes in both the external an internal environment. The external factors in the environment can influence the performance of an organization to a great extent, the hospitality and tourism sector is no exception. In coping up with these challenges the hospitality manager should address them specifically. Travelling is not always only the rational decisions taken by individuals, rather it is also relate with emotions. Therefore the organizations should make an innovative move that affects the travelers so much that they tend to come back to that place repeatedly. Numbers of factors that can affect the performance of a hospitality firm such as is climatic, geographical and environmental factors, but it is also dependent on the social profile of an individual such as their culture and demographics, not only that the economical and social factors of a certain destination can affect their performance as well. If the affecting factors can be put into a layered model, each layer can have influence on its performance, where the environmental f actors would be in the outer layer the socio cultural factors would be in the middle and the economic, political and other factors would be in the last layer. The hospitality manager should successfully address all the issues to come up with a strategy to deal with those challenges. Bibliography Baum, T. (2015). Human resources in tourism: Still waiting for change? A 2015 reprise. Dwyer, L., Mistilis, N., Edwards, D. and Roman, C. (2016). Gambling with our tourism future: the role of research in destination and enterprise strategies to avoid strategic drift. https://www.youtube.com/watch?v=vWPFhdz3G7E Martinez, A.M. , Cegarra-Navarro, J-G. and Garcia-Perez, A. (2015) Environmental knowledge management: A long-term enabler of tourism development. Tourism Management, volume 50 : 281291