How would u answer this HSC question? (1 Viewer)
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Mr.Cassimatis
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- 2008
In this day and age, the hospitality industry is versatile, malleable, and is constantly adapting and being reconditioned due to change. The impact of emerging markets, government initiatives and labour issues within the hospitality industry can be perceived as a double edged sword, as the new and improved markets and more flexible laws which ensue have resulted in the deregulation in many industries, potentially resulting in closure hence leading to structural change in the economy. Many businesses may have to manage change and dealing with labour issues such as AWA’s due to the abolishment of collective agreements can potentially cause disputes and industrial conflict within the workplace.
The impact of emerging markets in the hospitality industry such as environmentally friendly procedures being implemented due to society’s awareness of negative externalities. As a result environmentally friendly strategies have become a part of businesses ethical and moral standards, as a result of change. The impact of this market has hit on a global scale with many resorts advertising their EFO’s (environmentally friendly programs) to attract customers. As a result of environmentally friendly emerging markets, this has led to the closure of several establishments as they have failed to integrate into the widespread almost mass market of environmentally aware consumers.
A major issue which many establishments have had to act according to and have haunted many establishments is the economic crisis, which has led to high levels of inflation. As a result, of Kevin Rudd’s injection of $10.4 billion into the economy, this will lead to a decline of employment into the private sector, and many establishments will need to cut costs, decrease portion sizes and increase prices of their menu’s which will lead to the hospitality industry in the non-commercial sector suffering.
Another emerging market affecting the hospitality industry is the emergence of niche markets. There are various niche markets operating in selected areas, such as Leichardt, Newtown, and Paddington which have enabled consumers to have access to their target market. Some examples of emerging Niche’s are Sri Lankan, Brazilian or Nepalese cuisine. This has turned many consumers, especially citizens of foreign decent away from mainstream food, as they are more able to feel ‘at home’ with cuisine suiting their tastes and needs. Furthermore this has also led to many mainstream customers experiencing these niches. Due to the loss of mainstream customers this has led to the diseconomies of scale of many establishments which has also led to unemployment in various establishments. Mr. Helper, winner of the Leader Business Achiever awards claims that “the current market conditions were testing for some small businesses , due to current economic challenges, however support would be on hand for those in need”.
As a result of these emerging markets, this has resulted in the constant change in consumer patterns and trends which ahs led to establishments having to adapt to this change, to be able to retain profits and customer base. As George Vardis, Upmarket Chain Entrepreneur who runs some of Sydney’s most exclusive Restaurants such as Salon Blonc & Kinglsey’s Steakhouse claims that “despite businesses adapting to constant change with the emergence of markets, one must not forget the focus point, for any business which is to get customers on seats”
Due to the constant manoeuvrability of the hospitality industry, there are also various government initiatives to regulate the industry. One of the major Acts which has dropped many jaws in the hospitality and consumer world was the Smoke-Free Environmental Act 2000. This has been a health strategy prompted by the government, as the level of deaths associated with smoking has elevated over the past and in hospitality industries, it has affected many non-smoking customers i.e. being the majority of consumers, not wanting to return to that establishment as their experience and hospitality they get is ruined by harmful and dangerous smoke.
Furthermore a more minor government initiative is the Alco pop tax which is designed to prompt people away from spending on alcohol and to promote a healthier lifestyle. The effect on the hospitality industry is not such an issue, but will become paramount, when enterprises such as night clubs, bars and clubs, whom will be damaged as they are reliant on the sales of “Alco pops”, which has led to the structural shift by consumers into especially cheap wine and spirits.
Due to structural change, in the hospitality industry, the shortage of skilled labour has detrimentally affected the hospitality industry. With the standard of tasks and operations being performed by employees whom cannot hold such a capacity, this can affect the standard and professionalism of an establishment. When the shortage of skilled labour strikes the hospitality industry, the supply for qualified employees rises, therefore increased and generous job prospects will be the case. As a result of this, the Government will inject funding into tertiary educational facilities such as TAFE, and the investment of capital within these training facilities to assist in the teaching process and to make domestic jobs a lot easier. As a result of this, unemployment will fall, as the government has reviewed plans to re train and re skill workers these job qualifications will be fit which will result in an increased standard of living. Furthermore if the Government were fund the training of future hospitality employees to a high standard, Australia could possibly outsource these employees which would account for as a credit on the current account furthering to increase Australia’s economic conditions.
Overall, the economy can be seen as the flesh and bone determining which way the hospitality industry will swing. Furthermore it has been through emerging markets, government initiatives and labour issues which have assisted in the constant beneficial change either driven morally ethically, or by profits.
tahts my essay
The impact of emerging markets in the hospitality industry such as environmentally friendly procedures being implemented due to society’s awareness of negative externalities. As a result environmentally friendly strategies have become a part of businesses ethical and moral standards, as a result of change. The impact of this market has hit on a global scale with many resorts advertising their EFO’s (environmentally friendly programs) to attract customers. As a result of environmentally friendly emerging markets, this has led to the closure of several establishments as they have failed to integrate into the widespread almost mass market of environmentally aware consumers.
A major issue which many establishments have had to act according to and have haunted many establishments is the economic crisis, which has led to high levels of inflation. As a result, of Kevin Rudd’s injection of $10.4 billion into the economy, this will lead to a decline of employment into the private sector, and many establishments will need to cut costs, decrease portion sizes and increase prices of their menu’s which will lead to the hospitality industry in the non-commercial sector suffering.
Another emerging market affecting the hospitality industry is the emergence of niche markets. There are various niche markets operating in selected areas, such as Leichardt, Newtown, and Paddington which have enabled consumers to have access to their target market. Some examples of emerging Niche’s are Sri Lankan, Brazilian or Nepalese cuisine. This has turned many consumers, especially citizens of foreign decent away from mainstream food, as they are more able to feel ‘at home’ with cuisine suiting their tastes and needs. Furthermore this has also led to many mainstream customers experiencing these niches. Due to the loss of mainstream customers this has led to the diseconomies of scale of many establishments which has also led to unemployment in various establishments. Mr. Helper, winner of the Leader Business Achiever awards claims that “the current market conditions were testing for some small businesses , due to current economic challenges, however support would be on hand for those in need”.
As a result of these emerging markets, this has resulted in the constant change in consumer patterns and trends which ahs led to establishments having to adapt to this change, to be able to retain profits and customer base. As George Vardis, Upmarket Chain Entrepreneur who runs some of Sydney’s most exclusive Restaurants such as Salon Blonc & Kinglsey’s Steakhouse claims that “despite businesses adapting to constant change with the emergence of markets, one must not forget the focus point, for any business which is to get customers on seats”
Due to the constant manoeuvrability of the hospitality industry, there are also various government initiatives to regulate the industry. One of the major Acts which has dropped many jaws in the hospitality and consumer world was the Smoke-Free Environmental Act 2000. This has been a health strategy prompted by the government, as the level of deaths associated with smoking has elevated over the past and in hospitality industries, it has affected many non-smoking customers i.e. being the majority of consumers, not wanting to return to that establishment as their experience and hospitality they get is ruined by harmful and dangerous smoke.
Furthermore a more minor government initiative is the Alco pop tax which is designed to prompt people away from spending on alcohol and to promote a healthier lifestyle. The effect on the hospitality industry is not such an issue, but will become paramount, when enterprises such as night clubs, bars and clubs, whom will be damaged as they are reliant on the sales of “Alco pops”, which has led to the structural shift by consumers into especially cheap wine and spirits.
Due to structural change, in the hospitality industry, the shortage of skilled labour has detrimentally affected the hospitality industry. With the standard of tasks and operations being performed by employees whom cannot hold such a capacity, this can affect the standard and professionalism of an establishment. When the shortage of skilled labour strikes the hospitality industry, the supply for qualified employees rises, therefore increased and generous job prospects will be the case. As a result of this, the Government will inject funding into tertiary educational facilities such as TAFE, and the investment of capital within these training facilities to assist in the teaching process and to make domestic jobs a lot easier. As a result of this, unemployment will fall, as the government has reviewed plans to re train and re skill workers these job qualifications will be fit which will result in an increased standard of living. Furthermore if the Government were fund the training of future hospitality employees to a high standard, Australia could possibly outsource these employees which would account for as a credit on the current account furthering to increase Australia’s economic conditions.
Overall, the economy can be seen as the flesh and bone determining which way the hospitality industry will swing. Furthermore it has been through emerging markets, government initiatives and labour issues which have assisted in the constant beneficial change either driven morally ethically, or by profits.
tahts my essay