Reflective Thinking †Globalization

Introduction Hospitality industry is considered as one of the fastest expanding sectors globally. This is largely due to globalization. Most companies were traditionally fixed to national boundaries until recently when advancement in among others, infrastructure and technology enabled further expansion.Advertising We will write a custom essay sample on Reflective Thinking – Globalization specifically for you for only $16.05 $11/page Learn More This has brought about several changes in organizational structure of the industry. Moreover, the industry has had to adjust to changes in management and strategies. Most companies have resorted to joint ventures, franchising, (FDI) Foreign Direct investment and strategic alliances, among others, to achieve competitiveness. People of diverse cultures can now interact and work together for a common purpose, irrespective of their social, political or geographical background. Globalization has created a new edg e in hospitality industry by opening up opportunities for investment. In addition, it has created a platform for technological exchange in various areas, including hotel industry. This paper will provide a reflective assessment of globalization in hospitality industry (Smith Doyle, 2002, p. 1). Globalization in Hospitality Industry Hospitality industry is regarded as one of the fastest expanding sectors in the world. Moreover, it is also regarded as the center of globalization. This is mainly because it is directly linked to tourism and development. Multinational businesses conduct research across the world to find regions with great prospects in their area of dealing. This is usually accelerated by hospitality industry. Hospitality therefore, plays an integral role in globalization. This has brought about countless benefits to global economy. However, several considerations have to be made before venturing in foreign countries. For instance, fiscal factors come into play when a bu siness plans to expand beyond its borders. Moreover, various strategies have to be put in place in order to ensure success (Go Pine, 1995, p. 25). Another issue of great concern is the mode of training and employment. This has to conform to standards outlined by the host country and/or international body that regulate hospitality industry. The complexities involved have resulted in varying strategies and ownership methods.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More For instance, some hotels have resorted to franchising, joint ventures and strategic alliances, among others to minimize costs and comply with the regulations. In essence, globalization has brought more complexities into management of hotels and tourism industry at large (Milliot Tournois, 2010, p. 11). Effects of Globalization in Hospitality Industry Globalization has had various effects on hospitality industry. These inc lude exposure to cross-cultural influence, increased market area, complexity in management, advancement in technology, global economy, creation of jobs and creativity. Hospitality industry employs various skills, which range from accountants to engineers, among others. This exposes it to variety of cultures on an international stage. These people need to work together for a common goal. It therefore puts pressure on management to ensure adequate training is provided for better service delivery (International Monetary Fund, 2011, p. 1). It is also important to note that hospitality industry opens opportunities for creativity and art. In this regard, various cultural artifacts get to be viewed. Globalization in hospitality industry has provided me with opportunity to learn new languages, skills and ideas in hospitality and management. Moreover, cultural interaction has improved my interpersonal skills and experience. It is also important to note that the industry employs people in var ious disciplines; this opens opportunities for me as a manager (Awuah Amal, 2009, p. 1). Conclusion Hospitality industry is regarded as one of the fastest expanding sectors worldwide. This has opened more opportunities for employment as well as enhanced organizational culture. It has also improved global economy and increased provision of international services. However, these benefits, among others have come at a price. For instance, managing expanded business at international levels has come with greater responsibilities and fiscal issues. This has forced industries to consider new ownership and management strategies. In essence, globalization has improved cross-cultural interaction, economy and employment opportunities, among others (Scribd Inc., 2011, p. 1). Reference List Awuah, GB Amal, M 2009, ‘Impact of Globalization’, European Business Review, Vol. 23, No. 1, pp. 120-32.Advertising We will write a custom essay sample on Reflective Thinking – Globa lization specifically for you for only $16.05 $11/page Learn More Go, F Pine, R 1995, Globalization strategy in the hotel industry, Routledge, London. International Monetary Fund 2011, Globalization: IMF key Issues. Web. Milliot, E Tournois, N 2010, The Paradoxes of Globalization, Palgrave Macmillan, UK. Scribd Inc. 2011, Discuss the impact of Globalization on the Hospitality Industry, Scribd. Web. Smith, MK Doyle, EM 2002, Globalization, infed. Web. This essay on Reflective Thinking – Globalization was written and submitted by user Liberty Z. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.