The Growth Of Retail And Hospitality Industries Essay

Within the social sciences of production and consumption the concepts of macroeconomics and microeconomics help to analyse the broadness of our vast economic system. This research essay will critically review an article published in The Australian â€Å"Retail spending rose 0.3pc in January, less than expected†. The author of the article, Dow Jones compares the forecasted growth of retail and hospitality industries. Aspects of consumer sovereignty and market demand explain trends in the post-holiday period of January which Jones raises concern to be enforcing the downward trend of Australia’s economic system. To begin with the article discusses the industry of retail, in particularly the month of January is used as a basis. Economists estimated that retail spending would rise 0.4 percent, however it only rose 0.3 percent (ref). This notion of not reaching the predicted market forecast, has heightened Australian’s concern with the country’s economic growth. Furthermore the article features various economic concepts. Specifically the idea of customer sovereignty was focused on. Customer sovereignty is known in economic terms as the assertion that consumer preferences determine the production of goods and services (Garnett et al., 2016). In relation to the article it is clear that the author is portraying to the reader that household goods and cafes were strongest sales in January, but department stores were a lot weaker. Evidently the performance of a company or sector ofShow MoreRelatedCurrent Skill Gaps in the Hospitality Industry1105 Words   |  5 PagesCurrent skill gaps in the Hospitality Industry The main objectives of the assignment is directed towards determining impact of skill gaps on the UK hospitality industry and on the services provided by the entire industry. To be able to address this objective, the researcher would recognize the present recruitment strategies of the hotel, as literature shows that hospitality industry is having a lot of problems in their internal and external recruitment strategies. Also, the assignment shall discussRead MoreThe Modern Evolution of the Hospitality Industry955 Words   |  4 PagesThe Modern Evolution of the Hospitality Industry Over the past thirty years, the hotel and restaurant industries have evolved at a rapid rate, with the hotel industry coming to maturity before its less capitalized cousin. Hotels use a wide range of data analytics to set rate, staffing levels, connect with their customers, and bring that unique attention required to obtain repeat customers. Restaurants behave more like hotels did before the 1990’s; by relying on their staff to remember regularRead MoreTourism : Tourism And Tourism1526 Words   |  7 Pageswho is making a visit for less than a year to a main destination outside his/her usual environment for any main purpose including holidays, leisure and recreation, business, health, education or other purposes†¦ (http://www2.unwto.org/) The hospitality industry includes enterprises that provide accommodation, meals and drinks in venues outside of the home. These services are provided to both domestic and inbound visitors. Tourism is, without doubt, one of the major social and economic phenomena ofRead MoreThe Impact Of Tourism On The Hospitality Industry1534 Words   |  7 Pageswho is making a visit for less than a year to a main destination outside his/her usual environment for any main purpose including holidays, leisure and recreation, business, health, education or other purposes†¦ (http://www2.unwto.org/) The hospitality industry includes enterprises that provide accommodation, meals and drinks in venues outside of the home. These services are provided to both domestic and inbound visitors. Tourism is, without doubt, one of the major social and economic phenomena ofRead MoreRed Rooster Essay1025 Words   |  5 Pagesdiscuss why the fast-food chain, Red Rooster was unable to thrive and grow when it was part of the Coles-Myer chain, the significant changes for the industry in the area in Australia during the next five years, the dominant management or marketing factors that permit success within the fast-food business. The paper will question whether a large retail chain such as Coles-Myer, Safeway, Wal-Mart and others can effectively compete in the fast-food business. As well as this it will explore the issuesRead MoreImproving the Employment Rate1408 Words   |  6 Pagesmonth in a 12 month span, and with the US economy adds only 173,000 jobs a month. Now, with that a quarter of the population is without a job which is a complete slowdown in hiring. Federal budget cuts, banks being on edge with Wall Street, and slow growth in the countries of China and Europe have hur t international trade, and these are only a few factors that hurt the hiring process in 2013. The year 2014 is the year the country is looking to progress on the economy giving the opportunity of more jobsRead MoreAnalysis of Red Bull Distribution Channel1697 Words   |  7 Pagesprice. They relied heavily on store executions to get the necessary retail push. Since 2009, Red Bull has begun selling to wholesellers and began the practice of price cutting. The reasons for these changes in strategy was that the competition in the energy drink segment was increasing through the improved presence of XXX and Cloud9. As a result of these changes there is a high volatility in the prices of Red Bull in the retail channels. There are two consequences to high price volatility/price cutting:Read MoreAnalysis of Red Bull Distribution Channel1709 Words   |  7 Pagesprice. They relied heavily on store executions to get the necessary retail push. Since 2009, Red Bull has begun selling to wholesellers and began the practice of price cutting. The reasons for these changes in strategy was th at the competition in the energy drink segment was increasing through the improved presence of XXX and Cloud9. As a result of these changes there is a high volatility in the prices of Red Bull in the retail channels. There are two consequences to high price volatility/price cutting:Read MoreAnalysis of Macys Business Model950 Words   |  4 Pageslike the other two rivals is focused on achieving sustainable growth. Most of the business strategy is outlined and dominated by the firms extensive indulgence in Corporate Social Responsibility. Macys believes in attaining sustainable growth satisfying its customer and providing them value for their money in a socially responsible manner (Child 2002). As stated earlier, Macys business model, though aims at sustainability and growth, but it is too much centred on corporate social responsibilityRead MoreA Report On The Hospitality Industry1238 Words   |  5 PagesThe hospitality industry has many sectors within this one industry that include lodging, tourisn, event planning, food and beverage, and cruise ships. It is an industry that is comprised of customer service (Reynolds, 2015). The hospitality industry provides services to travelers while they are away from home. This industry is a billion dollar industry that relies on the traveler and the money they spend while away from home. According to the definintion on dictionary.com, hospitality is defined