Bus344 International Management: Economic Impact Assessment Answers
Write about the economic impact of travel and tourism.
Answer:
Research area and objectives
Travel and Tourism is one of the most versatile and modernized business acceleration that impacted over the modern economic and creditability of world business. There are some long term and short term values and objectives which operate in a highly ethical way for the modernized consideration of the strategic marketing o travel and tourism. The pin point opportunity of this industry has made a great impact on the streamline relationship with customers and travel management. The certain objectives that have to be served by the travel companies are:
To create development and regeneration that has impacted on economic point of view.
To understand the economical flow that has made the commercial balance by spreading the business within local economy.
To enhance the employment opportunities in direct or indirect way and has set the career objectives through earning.
Literature Review
This industry has shared the peer- to-peer economy to stay in this globalized market. Peer to peer economy is state of decentralized model where people can interact, buy or sell any good or can perceive any service form any direct process, there are no intermediate third party allocation within company and user and this is the whole model structure of this economy. The online placement, booking, traveling allowances, company statistics all are in the technological limitation where the access of this situations are good and impactful as well. Theories like embodying tourism have emphasized on the putative subjective freedom and want the differentiation and its dependence on signposting and constructions (Lean, Chong & Hooy, 2014). There are certain theory brand questions that encompass the significant influence of travel culture. The concept of untidy tourist theory is made up of certain subjectivities of tourism and makes different arguments for the development of tourist accompany. As asserted by Mowforth and Munt, (2015), Targeting the right customer and identification of the unique people, those are interested in travel, are the unified work process of any travel company. The fundamental shift of the brand structure of the travel has made three amplified form of management. These are possible inside approach, the impactful belief, and attitude and a unique brand of tourism beyond expectation.
Research Method
Travel and tourism economy and its interference have provided the economic impact of countries GDP and contributed to the development of the country. There are certain induced and indirect contributions of traveling that measure as the collective nature of government influence. Travel and tourism have impacted almost 9.8% in GDP in 2015 where as the percentage increased by 10.8% in 2016. Employment structure has also been changing by the effective impact of traveling impact (Luh Sin, Oakes & Mostafanezhad, 2015). Travelling for the business spending has been noticed on 23% and leisure spending noticed at 77% as the comers re preferring the traveling for leisure most of the times. In case of foreign visitors, 28% are there for the travel spending and 72% of domestic spending is there for travel. These statistics are relevant and important to understand the traveling business and their establishment in modern business scenario (de Grosbois, 2016).
Timeline
|
Month |
Dissertation Activity |
|
October ( Week 1) |
Introduction |
|
October ( Week 2 & 3) |
Literature Review |
|
October (Week 4) November (Week 1) |
Research Methodology |
|
November (Week 2 & 3) |
Finding and Analysis |
|
November (Week 4) |
Recommendation and Conclusion |
References
de Grosbois, D. (2016). Corporate social responsibility reporting in the cruise tourism industry: A performance evaluation using a new institutional theory based model. Journal of Sustainable Tourism, 24(2), 245-269.
Lean, H. H., Chong, S. H., & Hooy, C. W. (2014). Tourism and economic growth: Comparing Malaysia and Singapore. International Journal of Economics & Management, 8(1).
Luh Sin, H., Oakes, T., & Mostafanezhad, M. (2015). Traveling for a cause: Critical examinations of volunteer tourism and social justice. Tourist studies, 15(2), 119-131.
Mowforth, M., & Munt, I. (2015). Tourism and sustainability: Development, globalisation and new tourism in the third world. Abingdon: Routledge.
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