Globalization and Hospitality Industry
Table of content
Table of content
Introduction
1. Globalization and its definition
2. Globalization and Hospitality Industry
3. Challenges brought by Globalization
3.1 Globalizing marketing
3.2 Global promotion
3.3 Global advertising
3.4 Global e-marketing
3.5 Global pricing
3.6 Global ethics
4. Strategies and tends toward Globalization
Conclusion
References
Introduction
World maps define national boundaries, but those lines belay the increasingly clear nature of the global economy. As recently as 30 years ago the international enterprise was a relatively rare phenomenon, and the term multinational was seldom heard (Gomes, 1991). Today, many companies have transcended the multinational phase and operate as trans-national or global companies. These labels reflect a major shift in the structure of the world market for goods and services - a shift to a competitive framework that has far-reaching impacts for almost all industries. Experts have predicted that by the year 2015, global corporations will control approximately half of the world’s assets. Сompanies are in the process of internationalizing the production of a vast array of manufactured goods, with mega-companies controlling factories all over the world.
Globalization has become an umbrella word for a number of political, sociological, environmental and economic trends which present challenges on a worldwide scale. The world as it was known long time ago, does not exist any longer, now we experience “shrunk" world (Dr. M.Cho, 2005). The globalization of business and lifestyles is characterized by communicating over vast distances in foreign languages, frequent travel to overseas countries, dealing in many currencies, and coping with a variety of political and social systems, regulatory environments, cultures and customs. While these aspects of globalization are easy to identify, understanding the underlying current and future trends can be problematic. Analysis, however, reveals that a
Table of content
Introduction
1. Globalization and its definition
2. Globalization and Hospitality Industry
3. Challenges brought by Globalization
3.1 Globalizing marketing
3.2 Global promotion
3.3 Global advertising
3.4 Global e-marketing
3.5 Global pricing
3.6 Global ethics
4. Strategies and tends toward Globalization
Conclusion
References
Introduction
World maps define national boundaries, but those lines belay the increasingly clear nature of the global economy. As recently as 30 years ago the international enterprise was a relatively rare phenomenon, and the term multinational was seldom heard (Gomes, 1991). Today, many companies have transcended the multinational phase and operate as trans-national or global companies. These labels reflect a major shift in the structure of the world market for goods and services - a shift to a competitive framework that has far-reaching impacts for almost all industries. Experts have predicted that by the year 2015, global corporations will control approximately half of the world’s assets. Сompanies are in the process of internationalizing the production of a vast array of manufactured goods, with mega-companies controlling factories all over the world.
Globalization has become an umbrella word for a number of political, sociological, environmental and economic trends which present challenges on a worldwide scale. The world as it was known long time ago, does not exist any longer, now we experience “shrunk" world (Dr. M.Cho, 2005). The globalization of business and lifestyles is characterized by communicating over vast distances in foreign languages, frequent travel to overseas countries, dealing in many currencies, and coping with a variety of political and social systems, regulatory environments, cultures and customs. While these aspects of globalization are easy to identify, understanding the underlying current and future trends can be problematic. Analysis, however, reveals that a
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