About This Chapter
Market Forces & Globalization in the Hospitality Industry - Chapter Summary
These short text and video lessons can be accessed whenever and wherever your schedule permits to enhance your understanding of market forces and globalization as they relate to the hospitality industry. Whether at home or on-the-go, this online chapter enables you to study the globalization of business, types of global hospitality providers, the changing landscape of the global market and more. Navigate the lessons in any order you desire, and take their multiple-choice quizzes to assess your comprehension of the concepts they cover. Once you've completed this chapter, you will be ready to:
- Explain how market forces are used to manipulate supply and demand
- Share the impact and effects of the globalization of business
- Describe the changing landscape of the global market
- Discuss who wins and loses in globalization
- Provide ways globalization impacts economic inequality and labor conditions
- Understand how local culture, society and the environment are impacted by globalization
- Show an understanding of guest demands and diversity in hospitality
- Detail how businesses set and exceed customer expectations
1. Using Market Forces to Manipulate Supply and Demand
While the forces of supply and demand are powerful, they are not immobile. This lesson explains how various market forces can cause the supply and demand curves to shift.
2. What Is Globalization of Business? - Definition, Impact & Effects
What is globalization of business? In this lesson we'll discuss what it is, its impact on the global marketplace, and the effects of globalization on businesses worldwide.
3. The Changing Landscape of the Global Market
The global market is still developing, and a market that is developing is dynamic. The constant change offers opportunities and presents risks to countries and their domestic industries. In this lesson, you'll learn about some of these risks and opportunities.
4. The Winners & Losers of Globalization
Globalization is having a major impact on the way that businesses function. In this lesson, we'll see the winners and losers of globalization, as well as some facts to help you reach a conclusion on the idea of a single world market.
5. How Globalization Affects Economic Inequality
In this lesson we'll take a brief look at the effects of globalization on economic inequality through hypothetical interactions such as supply and demand, wealth fluctuation, and worker exploitation.
6. The Effects of Globalization on Labor Conditions
In this lesson, we'll discuss the effects of globalization on labor conditions around the world. Migration, worker exploitation, and the roles of unions in improving working conditions will also be examined.
7. How Globalization Impacts Local Culture & Society
Globalization has had many effects on local cultures and society. While there are many positive effects, there have also been many negative effects which influence people's everyday life. This lesson will discuss some of the pros and cons of globalization.
8. How Globalization Affects the Environment
In this lesson, we see how globalization affects the environment. We also look at how regulation and ethical issues impact an organization. Using examples of the mineral, timber, and energy industries, we discuss both short and long-term effects.
9. Diversity & Demands of Guests in the Hospitality Business
Creating a plan to meet the diversity and demands of guests can be a challenging and exciting process. There are many key aspects of guest services that need to be considered in the process of developing a new program. This lesson offers great tips to get you started.
10. Setting & Exceeding Customer Expectations
There are four key ways to set and exceed customer expectations. By following these recommendations, you can have loyal, happy clients who feel your business exceeds their expectations every time.
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Other chapters within the Hospitality Management: Help & Review course
- International Hospitality Management
- Strategic Planning for Hotel & Lodging
- Operations Management in Hotel & Lodging
- Rooms Division in Hotel & Lodging Operations
- Revenue Management for Hotel & Lodging
- Hospitality Marketing & Sales
- Human Resource Management for Hospitality
- Hotel Security & Safety
- Food & Beverage Operations in Hospitality
- Hospitality Industry Organizational Structure & Behavior
- Audits & Quality Control in the Hospitality Industry
- Intrapreneurship & the Hospitality Industry