Tourism industry Dissertation Example | Topics and Well Written Essays - 1250 words

Tourism industry - Dissertation Example are highly associated with the formation of strategies among the travel and tourism companies regarding the changing demography on travel and tourism industry? 3. What are the assessments of companies regarding the potential impacts of changing demography associated with their strategic formulations within the travel and tourism industry? 3. Literature review The following are preliminary results of survey of related literature. Competitive strategy Competitive strategy is everywhere especially in contemporary society where there is a need to implement strategic moves in order to respond to any significant changes. Like for example, in tourism and travel, organisations under this industry needs to substantially adapt to changes in the environment. According to Porter (1998), the formulation of competitive strategy is associated with understanding the current activity within the corresponding type of business, the actual event happening in the business environment, and the assessment of potential activities that every business should be implementing. In other words, competitive strategy is highly influenced by the actual business environment. Tourism has emerged as one of the fastest developing economic activity across the globe (Fayos-Sola, 1996; Koutsouris & Gaki, 1998). The fundamental objective of tourism has been recreation and relaxation to rejuvenate mind and body. In the changing times, while the basic concept has remained same, the modus operandi and mechanisms of providing customers with unique experience have changed. The changing demographic patterns of society are major elements of change that hugely influence consumer behaviour and have considerable impact on national economy and market imperatives. Awareness and knowledge about demographic trends... Holloway (2002: 205) says that the ‘scope of providing new attractions to feed the insatiable appetite of the tourist is never ending’. With advancing technology and increased income, the age group of 18-35 years is endowed with more buying. Mathieson & Wall, (1989: 39) have defined tourism as ‘total number of persons who travel, or wish to travel, to use tourists’ facilities and services at places away from their places of work and residence’. Tourism was hitherto an occasional family vacation which was self managed. But today the technology has redefined communication and transformed tourism into an industry that customizes experiences of its customers. Thus, lifestyle of GenX is not constrained by money and along with new gizmos, prefers new tourist destination which can satisfy their sense of adventure. Witt & Witt, (1995) propose that understanding consumer behaviour in tourism industry with regard to travel destination, special interest tours etc. have become major factors that must be identified and addressed. In the highly competitive environment, an in-depth analysis provides the industry with necessary information that can be exploited and customized to suit the changing preferences of the masses. The flexibility within the travel plans and the variety across the travel and recreation hugely facilitate in meeting the demands of the segmented market. In the tourism industry, technology plays very important role.

Key Business Concepts that Alter Results of Business Entities Essay

Key Business Concepts that Alter Results of Business Entities - Essay Example Business planning Significant issues in business planning include resource allocation, which is a process that involves finding ways of getting the resources needed. This aspect of planning ensures that resources such as human labor are available in good time and the right quantity. Planning is important because it enables management to identify any problem that could occur when implementing new ideas in the organization. Further, planning prepares an organization for forthcoming changes in the organization. During the process of planning, there is a revelation of activities of the selected quota to all employees using the company calendar. Such events as team building and staff appraisals are known earlier, which makes necessary preparations. Employees team up with management in order to set organizational goals and prioritize issues. Additionally, planning enables business enterprises to lay benchmarks of their achievements. It is at the planning stage that business enterprises dec ide on marketing strategies that would increase their sales. Organizations are able to launch new products and adequately prepare them for competition within the market because there is an allocation of time to lay necessary plans. Planning in business also encourages the development of desirable character traits in employees because they tend to adapt to what management has proposed. They are transformed into organized individuals who many employers would wish to recruit. The dynamic business environment Business environments keep changing from time to time because of many reasons; therefore, there should be proper networking for business enterprises to overcome emerging challenges. Issues in the dynamic business environment involve constantly determining opportunities that could make the organization register good growth. The need for business enterprises to identify their strengths and weak points is also important in the dynamic business environment. Possible threats from extern al sources and ways of maintaining transparency at the workplace are more issues concerned with the dynamic business environment.