Today, the hospitality industry is experiencing immense challenges and opportunities, and this is attributable to the phenomenon of globalization. It is worth noting that globalization has facilitated market integration in the modern society. It is perceived that the forces of globalization and the new scenario of market integration are likely to persist into the 21st century and beyond. Over the years, the hospitality industry has undergone transient revolution due to the impact of globalization, in order to maintain its role and function in the modern society. It seems that there is creation of a universal lifestyle in the industry (Dubcová, Petrikovič & Šolcová 2011). This phenomenon has also been witnessed in other sectors. However, it is worth noting that different sectors have been influenced by globalization differently. Currently, business dynamics in the hospitality industry seem to have been transformed through market integration. For instance, interactions within the hospitality industry, as well as with other related sectors have changed significantly to open new opportunities (Munoz 2006). These changes are attributable to trade liberalization, emergence of new technologies which have reduced communication and lowered transportation costs, and created opportunities beyond borders. From an analytical perspective, the transformation of business dynamics has contributed to competitive activities and economic growth worldwide. On the other hand, the new wave of globalization has enhanced political and economic interdependencies through accelerating capital flows, and this has led to policy changes and governance in the hospitality industry. As a result, the hospitality industry has been forced to re-evaluate its role and function to meet the rapidly changing market place. Therefore, this paper will describe and analyze how the hospitality industry has evolved under the forces of globalization to remain relevant to the modern society.
Inhaltsverzeichnis (Table of Contents)
- How the Hospitality Industry Has Evolved Under the Forces of Globalization to Remain Relevant to the Modern Society
- The Impact of Globalization on the Hospitality Industry
- Changes Introduced by Globalization in Hospitality Business Practices
- The Influence of Communication Technology on Hospitality Industry Evolution
- New Investment and Finance Approaches Brought about by Globalization in the Hospitality Industry
- Concluding Thoughts on the Evolution of the Hospitality Industry under Globalization
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper aims to describe and analyze the evolution of the hospitality industry under the influence of globalization and its efforts to remain relevant in the modern society. The analysis delves into the industry's transformation, examining how it has adapted to the changing global landscape.
- The Impact of Globalization on Hospitality Business Dynamics
- The Role of Technology in Transforming the Hospitality Industry
- The Influence of Globalization on Hospitality Management Practices
- The Interplay of Culture and Business in a Globalized Hospitality Industry
- The Impact of Globalization on Investment and Finance in the Hospitality Industry
Zusammenfassung der Kapitel (Chapter Summaries)
- The first section sets the stage by outlining the profound impact of globalization on the hospitality industry. It highlights the shift from a localized industry to one increasingly integrated into the global market. The introduction emphasizes the key role of globalization in shaping the contemporary hospitality industry.
- This section delves into the specific ways globalization has transformed business practices within the hospitality industry. It examines the shift from a regional to a global perspective in business operations, emphasizing the importance of cross-cultural understanding and management in a globalized market.
- Focusing on the role of technology, this section highlights the evolution of communication within the hospitality industry. It analyzes the transition from localized communication to global connectivity, showcasing the influence of information technology on modern hospitality practices.
- This section explores the impact of globalization on investment and financial strategies in the hospitality industry. It analyzes how globalization has enabled businesses to access global markets and engage in cross-border financial transactions, leading to increased competition and internationalization of hospitality businesses.
Schlüsselwörter (Keywords)
This paper focuses on the impact of globalization on the hospitality industry, exploring themes such as market integration, technology advancement, internationalization, cross-cultural management, and the evolution of business practices, investment strategies, and communication patterns within a globalized context. Key terms include globalization, hospitality industry, market integration, technology, investment, finance, business practices, cross-cultural management, and communication.
- Quote paper
- Caroline Mutuku (Author), 2018, How the Hospitality Industry has Evolved Under the Forces of Globalization to Remain Relevant to the Modern Society, Munich, GRIN Verlag, https://www.grin.com/document/432501
