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Critically Evaluate the Competitiveness of the International Hospitality Industry in the Context of Globalization - Essay Example

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Critically evaluate the competitiveness of the international hospitality industry in the context of globalization Introduction The age of globalization has brought about changes in most industries and activities around the world. We are now living in a borderless world where the impact of physical borders has been reduced and where interactions among different nations have become more open and less restrictive…
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Critically Evaluate the Competitiveness of the International Hospitality Industry in the Context of Globalization
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Critically Evaluate the Competitiveness of the International Hospitality Industry in the Context of Globalization

The advancements in information technology have made it more convenient for hotels, restaurants, and the hospitality industry to gain access to a wider audience and a wider consumer base. With these considerations, this paper shall critically evaluate the competitiveness of the international hospitality industry in the context of globalization. A discussion on the globalization drivers shall first be laid out followed by a discussion on the following aspects: the impact of globalization, impact of transnational companies and multinational companies and deregulation, impact of globalization on SMEs, taxation and economic leakage, inequality in globalization, and the future of the hospitality industry. Body Globalization drivers The competitiveness of the international hospitality industry in the context of globalization is impacted by different factors. One of these factors includes the globalization drivers, which are mainly, cost, market, government, and competitive drivers. Market drivers for globalization are very much based on common customer needs, and are also based on global market channels and global customers (University of Kentucky, n.d). The strength of market drivers are evaluated from a range of multidomestic markets to the global market. For example, the market for specific foods or cuisines would likely find greater success in the local or domestic setting; however, the market for automobiles, computers, and hotels, fast food chains can be high on the global scale (University of Kentucky, n.d). Cost drivers are also drivers for globalization and include elements which relate to global-sized economies, including source efficiencies, production differences, high production development costs, as well as rapidly shifting technologies (Jager, 2009). The Science Initiative Group Institute for Advanced Study (2007) discusses that globalization is driven by cost which is largely based on the economic conditions of organizations. The persistent pressures on the “economies of scale, advances in technology, and increasing cost of product development are factors that are relevant in this grouping” (Summers, 2005, p. 284). The emergence of innovations adapted by those involved in the hospitality industry determines the costs incurred, and thereby impacts significantly on the call for globalization. In this case, advances in the manner of doing business, including internet availability and advertisements impact on trade costs, prompting other businessmen in the hospitality industry to consider these same innovations (Whitla, Walters, and Davies, 2007). The actions of these drivers are based on other competitors (Summers, 2005). Elements which include increased world trade, new global markets, growth of global economies, and the increased number of competitors all impact on this driver, triggering considerations of globalization (Summers, 2005). Increasing competition among corporations and businesses in the hope of winning over customer consumption preferences has also prompted many corporations to improve the marketability of their products. Current trends in most products include the digitalization trends, where most products have now shifted towards digital versions – ... Read More
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