International Hospitality Managemen
PART 1:
Hospitality industry is very wide and prosperous. All the businesses providing accommodations, catering, transportation, for people away from their homes are considered as hospitality organizations. The growth and the challenges of this industry are not solely dependent on the organizations and companies involved in it but also on the business environment. Business environment can be explained as set of external factors and forces, i.e. social, economic, political, technological, which have direct or indirect effects on the business organizations (P. Ward, R. Duray, 1995). The analysis of the business environment can be conducted by means of PEST, which is a tool to find out the external influences such as political, economic, social and environmental, on the business environment (Hone, 1994). By this method the management team of a company manages to examine the effects that the events or impacts from outside may have on the performance of the company. Moreover, it also allows us to face the global and local impacts of the external factors (P. Ward, R. Duray, 1995). Hotel Ritz-Carlton being one of the leading hotels in the world will be taken as an epicenter of the investigation to reveal the results of the influences that the above-mentioned factors cause. The Ritz-Carlton New York, Central Park hotel is located in the heart of Manhattan welcoming guests to enjoy the elegance of the 5star luxurious hotel and the beautiful landmark. The property offers 259 guest rooms and 47 attractively designed suites (Ritz-Carlton Company, 2013). The combination of the personalized service and absolutely relaxing atmosphere make the hotel stand out among its competitors. Ritz-Carlton hotel chain has 100 years of history, thus the managerial and operational success is a result of the improved strategies for decades.
PEST ANALYSIS
* Political Environment
The political environment of the hospitality industry touches the areas of relevant laws and
Hospitality industry is very wide and prosperous. All the businesses providing accommodations, catering, transportation, for people away from their homes are considered as hospitality organizations. The growth and the challenges of this industry are not solely dependent on the organizations and companies involved in it but also on the business environment. Business environment can be explained as set of external factors and forces, i.e. social, economic, political, technological, which have direct or indirect effects on the business organizations (P. Ward, R. Duray, 1995). The analysis of the business environment can be conducted by means of PEST, which is a tool to find out the external influences such as political, economic, social and environmental, on the business environment (Hone, 1994). By this method the management team of a company manages to examine the effects that the events or impacts from outside may have on the performance of the company. Moreover, it also allows us to face the global and local impacts of the external factors (P. Ward, R. Duray, 1995). Hotel Ritz-Carlton being one of the leading hotels in the world will be taken as an epicenter of the investigation to reveal the results of the influences that the above-mentioned factors cause. The Ritz-Carlton New York, Central Park hotel is located in the heart of Manhattan welcoming guests to enjoy the elegance of the 5star luxurious hotel and the beautiful landmark. The property offers 259 guest rooms and 47 attractively designed suites (Ritz-Carlton Company, 2013). The combination of the personalized service and absolutely relaxing atmosphere make the hotel stand out among its competitors. Ritz-Carlton hotel chain has 100 years of history, thus the managerial and operational success is a result of the improved strategies for decades.
PEST ANALYSIS
* Political Environment
The political environment of the hospitality industry touches the areas of relevant laws and
References: Cathy A. Enz, 2010. Handbook of Applied Hospitality Strategy. The Cornell School of Hotel Administration, vol 2, 34-45. Jim Hone, 1994. Analysis of PEST Control. 1st ed. The Edinbourg Building, Cambridge: Cambridge University Press John Fletcher, Chris Cooper, 1998. Tourism Principles and Practice McIntosh, R. W.; Goeldner, C. R.; Ritchie, J. R. B., 1995. Tourism: principles, practices, philosophies. 2nd ed. Peter T Ritz-Carlton. 2013. Ritz-Carlton Company. [ONLINE] Available at: http://www.ritzcarlton.com/en/Default.htm. [Accessed 03 July 13] Robert Poirier, 1997 Technorati. 2012. The Travel and Tourism Industry Innovates through New Technology. [ONLINE] Available at:http://technorati.com/lifestyle/travel/article/the-travel-and-tourism-industry-innovates/. [Accessed 08 July 13]. The Ritz-Carlton, 2011. The Ritz-Carlton Magazine. New York From Top to Bottom, vol 7, no 3, 17-21 Vessenes, Peter, 2003