Investigate how a major event can influence the hospitality, travel and tourism industry free essay sample

Executive Summary Within this report it outlines how a major event can influence the hospitality, travel and tourism industries. It will go into great detail about the chosen event and how this particular event impacted these industries, with topics such as what an event is, the chosen event in detail, and how this event impacted these industries. Table of Contents I. Methodology II. Introduction III. Findings IV. Conclusion V. References VI. Appendices VII. Bibliography Methodology After already establishing the basis of the theoretical view of this report, it is now required to reflect on how the evidence will be composed to support the theory and research within this report. There are a number of ways in which this research will be collected. Firstly it will be important to establish what an actual event is as well as definitions of the terms hospitality, travel and tourism. This can be done through secondary sources such as books e. We will write a custom essay sample on Investigate how a major event can influence the hospitality, travel and tourism industry or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page g. Allen, O’Toole et al 2011, websites and newspapers. The chosen event will then show how it has impacted the hospitality, travel and tourism industries in Belfast as well as how the Northern Ireland Tourism Board had this planned as part of Northern Ireland’s preparation of making Northern Ireland a huge tourist destination. Introduction The subject matter of this report is too educate how a major event can influence the hospitality, travel and tourism industries, looking a single event in particular, so that the impacts are more in a personal tone rather than generalising to looking into events as a whole. Definitions will be given of what an event, hospitality, travel and tourism actually are. Topics will include information on the chosen event that will be discussed in greater detail, Belfast as a tourist destination, important impacts on the hospitality, travel and tourism industries. Benefits of a major event within a city. How a major event can impact on a city or destination improvements, and a brief incite into Northern Ireland’s Tourist Board’s plan for Northern Ireland to become a huge and popular tourist destination in the future. Investigate how a major event can influence the hospitality, travel and tourism industry. For this report I have chosen to research and ‘Investigate how a major event can influence the hospitality, travel and tourism industry. ’ The event in which I aim on investigating is the opening if the Titanic Signature Building. This report will explain in detail how the opening of the Titanic Signature Building influenced the hospitality, travel and tourism industries. Within this report you will be introduced to the main question of this report. Topics will include talking about the building itself, its visitor numbers, Belfast as a tourism destination, the impacts the building had on Belfast’s hospitality, travel tourism industry. â€Å"The hospitality and tourism industry is a multi-billion-dollar industry with 700 million international travellers per year around the world,† said Zainal (2012) in his book, ‘Current Issues in Hospitality and Tourism: Research and Innovations. ’ According to the oxford dictionary the exact definitions of what an event, hospitality and tourism actually are. â€Å"An event is described as a thing that happens or takes place, especially one of importance, a planned public or social occasion. † â€Å"Hospitality is the friendly and generous reception and entertainment of guests, visitors or strangers. † And the definition of tourism is the â€Å"temporary movement of people to destinations outside their normal places of work and residence, the activity undertaken during the stay in those destinations, and the facilities created to cater for their needs. † According to Northern Ireland Tourist Board (NITB) the Northern Ireland vision is, ‘To create the new Northern Ireland experience and get it on everyone’s destination wish list. ’ As the well-known slogan for Northern Ireland 2012 was that â€Å"Northern Ireland 2012 is our time, our place† This means that NITB have stated that they think Northern Ireland is a rising tourist destination. And that Northern Ireland is trying to offer a unique way to be involved and to celebrate. And we as a city need to take our story to a wider audience. So as part of this transaction to take ‘our story’ to a wider audience, the Titanic signature building project started. Shone and Parry (2010) said that â€Å"for a town or city wishing to become a tourist destination, elements such as attractions, accommodation, transport, infrastructure and facilities must be present. † Belfast has been in the middle of this process over the past few years, and especially as 2012 was meant to be ‘our time, our place’ Belfast certainly lived up to this. And a huge part was the titanic signature building. The Titanic Signature building is the world’s largest Titanic visitor attraction 400,000 visitors were expected to visit the building per annum 900,000 per annum footfall through the building. Within the first 6 months, 500,000 people had already visited Titanic Belfast. â€Å"One of the most important impacts is the tourism revenue generated by an event. In addition to their spending at the event, external visitors are likely to spend on travel, accommodation, and goods and services in the host city. Titanic Belfast was part of NITB’s plan to attract visitors to Belfast and Northern Ireland with a consequent increase in revenue, which will generate jobs and income. Based on projected visitor numbers its one off the most expensive buildings of its kind in Europe. It cost ? 77million to construct, with most of the funding (? 60million) coming from the public’s wallet. Mike Smith, the chief executive of the building said that, â€Å"We think the building is good value for money. † The opening of the Titanic Belfast produced instant employment benefits as it was estimated that 200 people would be needed to work in the building. The projected increase in visitor numbers, from within the UK and Ireland as well as internationally, will lead to a corresponding demand for local hotels and services, therefore generating job opportunities in the construction and hospitality sectors. Allen, O’Toole et al 2011, talked about how a major event has potential to bring ‘new money’ into Belfast from outside visitors. â€Å"The role event tourism is required to play in a destination’s tourism development efforts will vary according to the overall tourism strategy that is being pursued. † (Allen, O’Toole et al 2011) Belfast is now a popular short-break destination and one of Europes top visitor destinations. In 2006, Belfast had 6. 8 million tourists compared to 2011 when we had 7. 86 million tourists. There was quite a number if impacts the opening of Titanic Belfast had on tourism on not only Belfast but Northern Ireland as a whole. The Titanic Signature building is located only 5 minutes from the city centre, so therefore this increasingly popular tourism attraction is not difficult to travel to, there are buses to the Titanic Quarter every 10-15 minutes from the City Centre. It is also within walking distance. The city centre is always crowded with tourist companies who are there to promote tours of the city, these tours run every day and very frequently, they seem to be every popular and since the opening of the Titanic Signature Building, a new tour opened up that was solely about the Titanic alone and it’s attractions. â€Å"Events add to the range of experiences a destination can offer, and this then adds to its capacity to attract and hold visitors for longer periods of time. † (Getz and Wicks 1994) Since the opening of the Titanic Building, this saw Belfasts biggest jump in hotel occupancy in March 2012 in nearly a decade and a 12% year on year hike in revenues. Then in April saw the year on year occupancy in Belfasts leading hotels increase by 25%, the average is usually are 15% over April 2011. Belfast’s PWC partner Stephen Curragh said, â€Å"Overall, 2012 has been a successful year for Belfast hotels thus far, but it is off a very low base and will require sustained visitor numbers to bring Belfast back to pre-downturn levels of profitability. † Allen, O’Toole et al (2011) said that events can also provide a significant spur to both public and private investment in a destination. Large scale events can play in destination renewal and in the later development of a destination’s attractiveness and capacity as a tourist destination. NITB have identified excellent events and business tourism as two of their winning themes with the potential to deliver competitive advantages for Northern Ireland as part of their tourism Strategic Framework for Action 2004-2007. NITB said, â€Å"Note for the Excellent Events theme, research confirms that events are an effective tool for changing perceptions and attracting visitors. † Opportunity 2012 2013 2014 2015 Total Additional Visitors 150,00 333,000 200,000 150,000 833,00 Additional Revenue ?24 million ?52 million ?34 million ?30 million ?140 million Created Jobs 612 1,326 867 765 3,570 This table, which can be found on NITB’s 2012 guide, shows NITB’s goal for the future, which is to increase tourism spend to ? 1 million by 2020 and to increase visitor numbers to 4. 5 million by 2020 It shows NITB’s plan in more detail. In 2013 their plan is at its peak by expecting to have 333,000 additional visitors into Northern Ireland which will then create 52 million additional revenue and will generate 1,326 extra jobs in Northern Ireland. Events can affect the hospitality, travel tourism industries in many ways. In Belfast due to the opening of the titanic building we have shown you that there has been quite a high incline in Belfast as a tourist destination. Overall we found that the Titanic Building has had an positive impact on hospitality and tourism in Belfast. â€Å"2012 is about changing global perceptions and trying to get tourists to come to Northern Ireland,† Arlene Foster.

Strategic Management and Strategic Competitiveness

Strategic Management and Strategic Competitiveness Introduction: Definition of Concepts Strategic management refers to the methodical examination of the factors related with clients and competitors and the firm to come up with the ground for maintaining maximum management practices. Simply put, it is the process of examining the internal and external environments of an organization (BusinessDictionary.com, Web). Strategic management involves examination, decisions, and actions that a firm carries out to create and maintain competitive advantages (Dess, 2005).Advertising We will write a custom research paper sample on Strategic Management and Strategic Competitiveness specifically for you for only $16.05 $11/page Learn More Competitive Strategy refers to continual plan of action designed to enable an organization achieve a competitive advantage in a certain market segment or over its competitors (BusinessDictionary.com, Web). Deriving from this, strategic competitiveness is the advantage that one firm has ove r its competitors. This essay seeks to examine Toyota Corporation on various aspects. Impact of Globalization and Technology on Toyota Corporation There exist different definitions for globalization but for the sake of this essay, globalization is the evident identifiable organization of firms and regulations that enable taking of advantage of communities and states and their resources by international companies (Vogel, 2008). Globalization happens not only in the developing world but also in the developed world. For instance, Toyota has 13 operational manufacturing units in North America (Vogel, 2008). The Toyota Corporation laid claim to the fact that its revenues went up due to ‘lean manufacturing’ but looked at closely, that translates to a myth. Globalization has enabled Toyota Corporation to venture out into regions that have cheap labor. This is what the company has taken advantage of, as well as the drastic slashing of operational costs to boost its revenues (Vo gel, 2008). Where technology is concerned, Toyota has engaged in hybrid technology, an idea that saves on fuel consumption. This has lead to a high demand for such cars and more revenues for the company (Vogel, 2008). Industrial Organization Model Industrial organization Model of above Average Returns looks that the external environment influences the strategic plans of an organization. According to the model, the production field that an organization opts to compete in has a greater impact on performance than the options that the management comes up with in the company (Adner Helfat, 2003). The organizational performance is seen to be influenced by such industry features like economies of scale, penetration barriers, differentiation of products and services, diversifying, and the level of concentration of organizations in the industry (Adner Helfat, 2003).Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The model operates on four assumptions. First, external environment exerts force and constraints that will influence the strategies that will lead to above-average returns (Adner Helfat, 2003). Secondly, majority of the rivals take charge alike strategically relevant inputs and such inputs dictate the companies’ strategies (Adner Helfat, 2003). The third assumption intimates that inputs used to realize strategies are highly movable across organizations and as such, input gaps between various cannot last long (Adner Helfat, 2003). Lastly, a company’s management is rational and acts in the best interest of the organization as indicated by their desire to maximize profits (Adner Helfat, 2003). The model decrees that firms must identify the most appealing industry in which to compete. This is informed by the fact that firms in any industry have similar valuable inputs that are transferrable from one firm to the other and that for fir ms must therefore compete in the industry with the greatest profit potential (Adner Helfat, 2003). In addition, firms must learn ways of utilizing their inputs to execute strategy required by the field’s structure features (Adner Helfat, 2003). Toyota could earn above average returns if it embarks on the technological innovativeness that has driven it throughout the years. More research should be carried out on hybrid models of vehicles. Resource Based Model This model is based on the uniqueness of an organization’s internal inputs and abilities. A five-stage system explains the interconnections between input identification and method selection that will afford the company over average profitability (Open Learning World.com, n.d.). Therefore, the model emphasizes that an organization’s inputs and skills are more crucial to realization of profitability than the external resources or strategic decisions (Open Learning World.com, n.d.). The five stages include in puts, skills, competitive edge, an appealing industry and strategy formulation and execution as explained hereafter. Primarily, organizations must identify their internal inputs, and gauge their strengths and weaknesses against rivals’ strengths and weaknesses (Open Learning World.com, n.d.). Secondly, organizations must know what set of inputs grant the organization capabilities that are special to the organization compared to their rivals (Open Learning World.com, n.d.). The company should then gauge the potential for their special group of inputs and skills to outdo their competitors regarding profitability. In other words, the organization should prognosticate how the inputs can grant them competitive edge in the industry (Open Learning World.com, n.d.).Advertising We will write a custom research paper sample on Strategic Management and Strategic Competitiveness specifically for you for only $16.05 $11/page Learn More The fourth stage involves de tecting and competing in an appealing industry (Open Learning World.com, n.d.). Lastly, if companies must realize above average profits, they must come up and execute strategies that enable them to utilize their inputs in a better way to exploit chances in the external environment (Open Learning World.com, n.d.). Toyota is currently the world’s greatest car manufacturer. This implies enough internal resources and all that they need to do is to come up with strategies to allow them exploit the external environment where they have a niche too in selling hybrid cars (Vogel, 2008). Toyota’s Vision and Mission Statement and Their Impact The company’s global vision as it is called influences the company’s overall success in that, it encompasses all stakeholders and gives a very special place to the global environment. In addition, the global vision takes keen interest on current and future innovations, which the company expects to be the best. In other words, t he mission and vision statement adopts both industrial organization model – focus on external environment- and resource-based model – focus on the internal resources and capabilities (Vogel, 2008). Lastly, the company utilizes both internal and external stakeholders to reach great heights in the industry. The company engages the best employees possible and trains them accordingly. In addition, due to its superior innovations and eco-friendly products, the company is in tandem with its actual and potential customers (Vogel, 2008). Conclusion For any company to succeed in an industry, several factors must be at play. The company must understand the whole concept of globalization. In addition, they must be aware how globalization can affect the company. It must take advantage of such incentives like cheap labor force and local government subsidies. In addition, the company must focus closely on its internal resources as well as its external resources or opportunities ther ein. Unique internal resources enable a company to go out and exploit opportunities in the external environment. Lastly, the mission and vision statement must encompass all that a company intends to do.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More References Adner, R., Helfat, C. E. (2003). Corporate Effects and Dyanamic Managerial Capabilities. Strategic Management Journal , 1011-1025. Web. BusinessDictionary.com. (Web). Strategic Management. Web. Dess, G. G. (2005). Strategic Management (2nd Edition ed.). New York: McGraw-Hill Irwin. Open Learning World.com. (n.d.). Resource Based Model. Web. Vogel, R. D. (2008). How Globalization Works: Toyota Motor Manufacturing, Texas (TMMTX) A Case Study. Web.

Analysis Haier Company Essay Example | Topics and Well Written Essays - 2750 words

Analysis Haier Company - Essay Example The first angle of analysis is the trend exploration of the company over the period of five years. Additionally, the common size analysis for the company will be done to figure out the item percentage change over the last five years. Secondly the report will address the cross-sectional investigation between Haier Company and Tesco plc Company. The main aim of the cross-sectional analysis is to compare the performance of the company with others so as to identify the key points to the failure or success of the firm. The third performance analysis will be for industrial average comparison to weigh how the company is performing compared to other firms globally. Finally, the recommendations pursuant to the analysis will be at last. It is also known as the horizontal analysis. It is a financial psychoanalysis technique that demonstrates the variation in the amounts of matching items financial statements over a certain span of time (Logan,  2014). Two or more periods grants a trend analysis. The first important item is the revenue. It can be evidently being seen that there is an increase in the total returns each year from 2010 to 2014. The returns amplified from 48,500 in the initial year 2010 to 50,089.9 in the following year. The increase percentage will be (which translates (1589.9/48500)*100 = 3.28%. In the year 2012, the revenue increased to 55615.0 hence an augmented revenue of (55615-48500) =7115. Calculated as an increase in percentage by (7115/48500)*100 = 14.67%. By the year 2013, the proceeds earned was 62,263.2 scaling up by 13763.2 leading to increase percentage of (13763.2/48500)*100 = 28.38%. 2014 had revenue of 67,134 and when calculated as a percentage increase the result is (18634/48500)*100 = 38.42%.It is evident that the income improved by 3.28% from 2010, 14.67% from 2011, 28.38% from 2012 and 38.42% from 2013. This demonstrates that the