5 Pages, Grade: 1.4
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.
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