There are trends that affect the performance of organizations in the hospitality industry. These include socio-cultural, economic, political and technological factors. Socio-cultural factors, such as religion, culture, dietary consumptions, among others have significant impacts on the industry. Some cultural groups have strict living styles. Some factors, such as population growth and social mobility, have a great influence on the success of organizations in the industry.
There are certain economic factors which affect the hospitality industry (Enz, 2009). The recent economic slowdown and high cost of living are the examples of these economic factors influencing the hospitality industry. The income level of the population also determines the success of the industry. The position of the economy usually determines the responsiveness of the industry in different parts of the world. The political environment affects the nature and success of the hospitality industry. The stability of the government determines the success of businesses. The government offers taxes and laws that affect these businesses (Enz, 2009).
There are policies implemented by the government which determine the nature of businesses in the society. The issue of technology is critical when it comes to business performance. The current technological developments continue providing new opportunities for businesses and organizations in the market. Customers can now place their orders online instead of visiting the facilities. This has improved the performance of the hospitality industry. New technologies allow modern managerial strategies to improve the performance of the industry. From the discussion, it is notable that there are certain changes seen in the industry. Positive consumer behaviors and adoption of modern technologies help businesses deliver good services to the customers.
Reference
Enz, C. (2009). Hospitality Strategic Management Concepts and Cases. New York: Wiley.