Verified Document

Personal Reflection On The Hospitality Industry And Future Career Plans Essay

¶ … Hospitality Industry The economy is made of three major sectors with varying economic activities i.e. agricultural, manufacturing, and service industries. The service industry differs from agricultural and manufacturing sector given that it's a tertiary segment that offers intangible products, which contributes to its consideration as a soft part of the economy. As the name suggests, the service industry basically deals with activities relating to production of services (intangible goods) instead of end products (tangible goods). Services are not only provided to customers but also offered to other businesses depending on the nature of their operations and business needs. Given the broad nature of service, this industry consists of numerous segments including entertainment, hospitality or tourism, public health, education, financial services, information technology, consulting, mass media, waste disposal, professional services, and retail sales. These different segments are some of the major examples of service sector industries, which is very wide because of variations in business and consumer needs.

The segment that I wouldn't consider in the service industry is financial services sector, which includes banking, investment management, and insurance. The financial services segment entails provision of economic services by the finance industry or businesses...

This segment in the service industry is not attractive to me because of its complex nature given that financial transactions are usually complicated, especially when handling huge amounts of money. Moreover, it requires a high level of knowledge, which is a major hindrance for starters.
One of the segments in the service industry that is most appealing to me is the hospitality industry, which is much broad as compared to other industries. The attractiveness of the hospitality industry is because it focuses on customer satisfaction ("What is the Hospitality Industry?" n.d.). Even though all businesses focus on customers, the hospitality industry entirely depends on satisfying customers by making them happy. The extreme focus of this sector on customer satisfaction and happiness is because it's based on offering luxury services. Therefore, one of the defining aspects of the hospitality industry is its dependence entirely on customers' happiness and satisfaction.

The second defining aspect of the hospitality sector is dependence on disposable income and leisure time. As a result of this, most of the businesses in the hospitality industry are established for wealthy patrons and tourists. However, in case of recession or decrease in disposable income these businesses are negatively…

Sources used in this document:
References

"What Exactly is the Hospitality Industry?" (n.d.). Best Hospitality Degrees. Retrieved December 22, 2015, from http://www.besthospitalitydegrees.com/faq/what-exactly-is-the-hospitality-industry/

"What is the Hospitality Industry?" (n.d.). Wise Geek -- Clear Answers for Common Questions. Retrieved December 22, 2015, from http://www.wisegeek.com/what-is-the-hospitality-industry.htm
Cite this Document:
Copy Bibliography Citation

Related Documents

Workforce Development in the Construction Industry
Words: 31891 Length: 3 Document Type: Essay

……How Veterans Can Make a Positive Impact on Workforce Development in the Construction IndustryABSTRACTThe U.S. construction industry faces significant workforce development challenges, mostly in terms of labor shortage. Addressing this challenge is important for meeting the present and future needs of the industry. Hiring veterans is a valuable way through which the construction industry may overcome the workforce development challenges it faces. In spite of the several initiatives introduced by

Technology Has Evolved a Great
Words: 13130 Length: 43 Document Type: Dissertation

Again, Mc Donald's has managed to deal with competitive threats posed by both these market players due to the fact that the prices that Burger King, Starbucks and Costa Coffee charge are much higher than that charged by Mc Donald's. The primary reason behind higher prices of Costa Coffee and Starbucks is the fact that their target market is much stronger and niche as compared to that of Mc

Start and Run a Successful
Words: 8411 Length: 30 Document Type: Research Paper

1.7. Key definitions of terms Research process = a sustained effort concentrated around a topic or subject of study aimed at generating new findings, and characterized by identification and labeling of variables, research design, collection of data, analysis of data and evaluation of the problem (Shinde). Qualitative research = Research method through which researchers address the studied phenomenon by observing it in its natural environment and strive to make sense of it

Business Using Gelso 2006 , Harlow
Words: 16758 Length: 60 Document Type: Term Paper

Researchers have an occasion to further organizational science and to make research practical by producing information that can impact changing organizational forms and circumstances. Pragmatically, academic researchers are not likely to get access to a company that is going through change unless the practitioners believe the research will be helpful (Gibson & Mohrman, 2001). There have been a number of calls to augment the significance and effectiveness of organizational science

Complexity Leadership Qualities of a Nursing Leader
Words: 2844 Length: 9 Document Type: Term Paper

Nursing LeadershipIntroductionNursing leadership is a quality that is best illustrated by way of example. This paper looks at the life and career of Dr. Peter Buerhaus, a prominent nursing leader and healthcare economist, who is renowned for his influential research on the nursing workforce and health policy. It discusses what makes Dr. Buerhaus such a leader and provides a reflection on his leadership style and what it might mean for

Andrew Carnegie Perhaps the Story
Words: 3550 Length: 10 Document Type: Thesis

There would be other incidents of violence, and it is that part of Carnegie's history where we are able in retrospect to see him as a businessman in retrospect. There are some historians and researchers who believe that Carnegie and other wealthy men of the industrial era were not just men focused on building their industrial empires, but who were also focused on building world empires (Jenkins, Dominick, 2005, p.

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now