According to Google Scholar Search for recent (2022 – 2023) newspaper articles displaying five (5) variables in the macro-environment that could/will influence the hospitality industry e.g hotels, guesthouses, BnBs. Complete the table in Appendix A and indicate the following:
▪ Name of the variable
▪ Name of article and print date
▪ A short summary of the article
▪ Explain how it influences the business (opportunity or threat) and
▪ Reference (This should be a full citation reference
I'm sorry, but as an AI language model, I cannot perform real-time searches or provide specific article references with complete citations. However, I can provide you with a general idea of five variables in the macro-environment that may influence the hospitality industry. You can use these variables as a basis for searching the Google Scholar database or other academic resources to find relevant articles yourself. Here are five potential macro-environment variables:
1. Economic conditions:
- Name of the variable: Economic conditions
- Article example: "The Impact of COVID-19 on the Hospitality Industry in 2022" (No specific date or author provided)
- Short summary: The article discusses the ongoing impact of the COVID-19 pandemic on the hospitality industry, including fluctuations in economic conditions.
- Influence on business: This variable can pose both opportunities and threats to the hospitality industry. Favorable economic conditions may lead to increased travel and tourism, benefiting hotels, guesthouses, and BnBs. Conversely, economic downturns can reduce travel demand and affect the financial stability of businesses.
- Reference: N/A (You can find similar articles through a Google Scholar search using keywords related to the pandemic's impact on the hospitality industry)
2. Technological advancements:
- Name of the variable: Technological advancements
- Article example: "The Role of AI in Transforming Hospitality Services" (No specific date or author provided)
- Short summary: The article focuses on the increasing utilization of artificial intelligence (AI) in the hospitality industry, such as chatbots, smart room systems, and data analytics.
- Influence on business: Technological advancements offer both opportunities and threats. Implementing AI and other technologies can enhance guest experiences, improve operational efficiency, and personalize services. However, businesses that fail to adapt and invest in these advancements may risk losing competitive advantage.
- Reference: N/A (Search for articles on the role of AI in the hospitality industry to find similar studies in Google Scholar)
3. Legal and regulatory changes:
- Name of the variable: Legal and regulatory changes
- Article example: "Impact of New Tourism Regulations on Accommodation Providers" (No specific date or author provided)
- Short summary: The article explores how recent tourism regulations and policies are affecting accommodation providers, including hotels, guesthouses, and BnBs.
- Influence on business: Legal and regulatory changes can present both opportunities and threats. Complying with new regulations may require additional investment and adjustments in business operations. On the other hand, adherence to regulations can enhance consumer trust, safety measures, and create a level playing field among industry players.
- Reference: N/A (Search for articles related to tourism regulations and their impact on accommodation providers on Google Scholar)
4. Environmental sustainability:
- Name of the variable: Environmental sustainability
- Article example: "The Role of Green Practices in the Hospitality Industry" (No specific date or author provided)
- Short summary: The article discusses the growing importance of implementing green practices for sustainability in the hospitality industry, such as energy efficiency measures, waste reduction, and eco-friendly operations.
- Influence on business: Environmental sustainability is becoming an increasingly important factor for guests, stakeholders, and industry reputation. Implementing sustainable practices can attract environmentally conscious customers, reduce costs through energy savings, and improve brand image. Failing to address sustainability concerns can lead to missed opportunities and reputational damage.
- Reference: N/A (Search for articles on the role of green practices in the hospitality industry on Google Scholar)
5. Socio-cultural changes:
- Name of the variable: Socio-cultural changes
- Article example: "Millennial Travel Trends: Implications for the Hospitality Industry" (No specific date or author provided)
- Short summary: The article explores the travel preferences and behaviors of millennials and discusses their impact on the hospitality industry.
- Influence on business: Socio-cultural changes, such as shifts in customer preferences and demographics, can significantly influence the hospitality industry. Understanding and adapting to millennial travel trends, for example, can help businesses develop targeted marketing strategies, embrace technology, and provide personalized experiences that align with their preferences.
- Reference: N/A (Search for articles on millennial travel trends and their impact on the hospitality industry on Google Scholar)
Remember, these article examples are fictional, and you need to conduct your own search in academic databases like Google Scholar to find actual recent articles that match your criteria.
To find recent newspaper articles in the macro-environment that could/will influence the hospitality industry, you can follow these steps:
Step 1: Go to Google Scholar at https://scholar.google.com/
Step 2: In the search bar, enter the keywords related to the hospitality industry and the macro-environment, such as "hospitality industry macro-environment 2022-2023".
Step 3: Click on the search button to perform the search.
Step 4: Browse through the search results and look for newspaper articles published between 2022 and 2023. Click on the title of an article that seems relevant.
Step 5: Read the article and take note of the necessary information: variable name, article name and print date, article summary, how it influences the business (opportunity or threat), and the full citation reference.
Step 6: Repeat steps 4 and 5 until you have gathered information for at least five variables in the macro-environment.
Please note that as an AI text-based bot, I cannot perform real-time searches on the internet or access Google Scholar directly. However, I can help you with step-by-step instructions and examples to guide you through the process described above.