Economic Crisis Management in Hospitality and Tourism Industry

INSTITUTE FOR INTERNATIONAL MANAGEMENT AND TECHNOLOGY
OXFORD BROOKES UNIVERSITY, GURGAON

Issues in International Hospitality and Tourism Management
U 54082

Module leader:
Ms. Bandana Rai

Submission:
ECONOMIC CRISIS IN HOSPITALITY & TOURISM INDUSTRY

Submitted by:
Pavitra Mehrotra
Student Id: 010109029

Abstract

In the recent scenario, hospitality and tourism sector has become an important part of daily life but which is now experiencing multiple challenges because of the global economic crisis. Besides tourism, many other industries are in a position to create affluence and economic development opportunities, which also considered difficult to develop. After a significant reduction in 2009, tourism industry boomed strongly in 2010 and 2011 the international tourist arrivals were predictable to increase considerably. As tourism is a steadily growing sector, and a more globally connected, which is already indulged with a maximum population, so in such environment it is often considered different to think about Crisis Management. But this thing is often neglected and also mostly considered a task to be only thought upon when Crisis actually takes place.
Purpose
This research study is done to know how financial crisis occurs in tourism industry and how it can be overcome. So this research article named Economic Crisis in Hospitality and Tourism Industry will tell about the impact of economic crisis on this industry and the recommendation to overcome it.
Methodology
It was an attempt to determine the impact of Economic Crisis in Hospitality Industry, and its main objectives were: * To investigate negative effects of economic crisis in this industry. * To investigate the possibilities and importance of preventive crisis management within corporate framework. * To recognize the importance of crisis planning and organizational measures.
Keywords: hospitality, tourism, crisis, economic uncertainty, growth, and tourism market
Paper Type: Research Paper

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