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Markets in the Hospitality & Tourism Industries

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  • 0:05 Three Major Markets
  • 0:52 Accommodations
  • 1:30 Food and Beverage
  • 2:52 Travel and Tourism
  • 3:21 Lesson Summary
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Lesson Transcript
Instructor: Tara Schofield

Tara has a PhD in Marketing & Management

Hospitality and tourism are large industries in the United States and they affect most citizens in one way or another. This lesson discusses the three major markets that fit within these industries.

Three Major Markets

Let's say you've heard of an ice cream-themed amusement park four hours away and decide to plan a weekend trip to visit. Not only do you need to plan transportation, you'll need to know the details of the park to ensure you make appropriate meal plans and accommodations in the area. You want to make sure you have a hotel room near the park and are able to eat there or somewhere nearby. As a tourist to the park, you also want to know the hours, parking arrangements, activities, and appropriate attire. By making appropriate travel plans, you will increase your chances of having a wonderful, memorable experience.

The hospitality and tourism industry includes three overall categories: accommodations, food and beverage, and travel and tourism. Let's take a look at each of these categories.

Accommodations

Accommodations include all lodging and facilities for guests and conventions. This segment of the market includes hotels, bed and breakfasts properties, convention operations, meeting facilities, and event locations.

Our ice cream-themed amusement park is in a part of the state you've never been to and you're excited to see all that the area has to offer in addition to the park. As such, you want to choose a hotel to stay that is near all of the spots you want to see. After visiting several websites, you select a hotel that is in your price range, has the quality you need, and is in the right location. You are excited about the accommodations you have selected.

Food and Beverage

Food and beverage relates to options for eating and drinking at locations outside of a person's home. Food and beverage (often referred to as F&B) includes local restaurants, bars, cafes, bakeries, pubs, and nightclubs. It also includes catering and food services. Let's say a couple has planned a wedding and wants to provide food for their guests. The food, cake, and liquor fall under the F&B umbrella.

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