International Tourism Management and the Economic factor

SIGNIFICANCE OF ECONOMIC FACTORS ON INTERNATIONAL TOURISM MANAGEMENT
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Tourism industry has become a global force for economic and regional development that accrues with it a blend of benefits and costs. The growing tour ism industry has import ant economic contribution in business environment. Development of tourism sustainability has been appreciated because it is an essential element of tourism economic viability. The economic dimensions of sustainability constitute the social, environmental and political dimensions. A significant role is played by the government in development through extensive engagement in planning and strategies, marketing and development of infrastructure. The ability of recognizing and to deal with the changes across a wide range of behavioral, environmental and technological factors, and the way they interact provides a principle element for success in tourism industry.
There have been shifts in the industry which reflect the dynamics of customer values, political forces, environmental changes and the rapid growth of information technology. Every aspect of the tourism industry will be touched by these factors, generate challenges to stakeholders, both public and private sectors to account for changes proactively so as to attain and maintain their competitive advantage in their organizations. This essay examines the way in which external environment drives would affect the tourism industry locally and internationally. This examination will allow significant changes on both the demand and supply side of the industry to highlight strategies to be formulated to develop tourism in a sustainable manner. Moreover, economic efficiency has to be achieved and the overall objective of sustainable development of the tourism industry.
The Global Trends Affecting Tourism
The global feature are being advanced where a wide range of experts have worked tirelessly in an effort to identify the global drivers of tourism which will shape the industry in the future. Globalization, social trend, political trends, environmental trends and advancement in technologies are the major factors which contribute to the dynamics of tourism industry (Dwyer, Edwards, Mistilis, Roman, Scott, & Cooper, 2008). Every driver has its impacts on the industry and their reinforcement will enable them to work in co-purposes.
Economic Factor
Global market boom and recession or inflation has the effect of changing the manner an organization plans for the future and how it operates currently. Economic factors are often difficult to assess because economic forecasts and analyses vary with respect to different experts (Dwyer, Edwards, Mistilis, Roman, Scott, & Cooper, 2008). Unemployment levels, relative foreign exchange rates, and the state of the global economy can either help to improve or hurt a business' ability to get needed elements in order to attain and maintain a sustai...