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Ch 11: Market Forces & Globalization in the Hospitality Industry

About This Chapter

Strengthen your knowledge of market forces and globalization in the hospitality industry with help from fun lessons, mini quizzes and a practice exam. This chapter's resources make it easy for you to prepare for an upcoming exam, work on a class assignment, or improve your performance at work.

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

10 Lessons in Chapter 11: Market Forces & Globalization in the Hospitality Industry
Test your knowledge with a 30-question chapter practice test
Using Market Forces to Manipulate Supply and Demand

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.

What Is Globalization of Business? - Definition, Impact & Effects

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.

The Changing Landscape of the Global Market

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.

The Winners & Losers of Globalization

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.

How Globalization Affects Economic Inequality

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.

The Effects of Globalization on Labor Conditions

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.

How Globalization Impacts Local Culture & Society

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.

How Globalization Affects the Environment

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.

Diversity & Demands of Guests in the Hospitality Business

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.

Setting & Exceeding Customer Expectations

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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