The world has reached a stage at which everything is close-knit. There are several bodies and structures that interact with each other that appear to be systematic. Globalization for instance is something has many countries, organizations and institutions operating together. Each of the components in the globalization process exists for its self and is self-driven, yet the system functions. In this regard, one might assert that markets of different types and sizes function in a similar manner. Corporate hospitality is in fact a small part of the market or economic operation, with its visible effects. Companies and clients are both actively participating in it, making it an increasingly viable one for people to invest in. This is because of the fact that there are organizations that cater to those interested in being hospitable towards their clients. The option available is to either allow the clients use of the facilities under hospitality packages or enjoy the same package with them. Some companies choose to do the latter because of the fact that it would save costs and also help in building a better relationship with them being around their clients. In this case, the clients actually have time to learn more about the company they are dealing with. This helps to build trust between both parties (Shone, 1988).
The services and products of corporate hospitality are known to be quite reliable with an immense amount interest in them. In recent years this has been the case and in time to come it is expected that there is going to be even more interest in this particular industry.
Foresightedness is affected by various factors. Knowledge of economic history may also play a pivotal role in the future of one’s business. This is coupled by the individual experiences of other entrepreneurs too whose consultancy is a must. Novices must gather as much information as possible from the experienced individuals s/he comes into contact with. This mitigates the chances of a business failing to a great extent and serves as the greatest precautions for a new business.
The Involvement of Consumer Behavior:
Consumer behavior is considerably dependent on promotion of products; the manner in which products and services are promoted directly influences customer behavior. Each medium used for promotion has its own impact, and the one that is believed to have a tremendous impact is the Internet. Similar to this is the manner in which client and company relations are boosted through corporate hospitality. It is believed to boost promotions and sales greatly through setting to work on friendship.
Basically, here one is talking about the emotional stimulation that helps ameliorate business relationships. This is because of the simple human mechanism in relation to business; if you...