External Business Environment Assignment Help
With the proper analysis and interpretation, the content of the report is being developed so as to fulfil the aim which is in concern with the British economy. This report will have the discussion in regards with the hospitality industry. As the hospitality industry have a great impact on the economy of the country and have an important role in the development of the economy. The report will also have the discussion regarding various legislation regarding the hospitality industry and the discussion will also include various rights of tourist that are being set by the government and legislation authorities of UK
A. Dscuss the market structure as it exists in England andidentifyits impact on the hospitality industry at both national and local levels.
Market Structure:Market is structure is one of the most important aspects for every industry whether it is a hospitality industry or any other industry; it is like a pillar for the hospitality industry. It is of various kinds and has certain authorities available in the market. It’s a fact that service sector have a very important role in British economy and one of the major contributor in it is the hospitality sector. Various market structures have a direct impact on the British economy at national level.
Free Economy, Perfect/Imperfect Competitors:There are ample of opportunities available in the free market economy that are being provided to the hospitality sector as it helps in the development of the economy of the country. Perfect competition also provide a set platform to the hospitality sector as it provides good share of hope to the sector via which the sector could refine its management of work in an effective and efficient manner. Imperfect competition doesn’t provide an effective market as it does not contain stability in the process.
Monopoly, Duopoly Structures:There are numerous of options available in the oligopoly marker for the hospitality sector and helps in developing their personalities. In duopoly there are only two players in the market who set their own rules in the market.
England Market Structure:In England the market structure is comprise of monopolistic market. The hospitality industry have covered a vast area of market of England therefore the market is being dominated by Hospitality industry, and have an effective approach to maximise the profit. Some of the organization that is dominating the market are Inter Continental Hotels, Costa Coffee and Starbucks. (Jenning, 2001)
Impact of England Market Structure:
National level:Market structures that are available in England have a great impact on various aspects of the British Economy at national level. All the facilities are being provided by the big houses like wine bars, restaurants, hotels, etc. These clubs of big houses are available across UK which are domination the market and are making their own benefits. For example, Radisson Blu is the hotel which has its chain across UK which is dominating the market so as to earn profitLocal Levels:These big hotel chains are dominating the small businesses available in the local market and they are being affected with the process of the big firms. These big firms are directly affecting the costs of the small units. (Horner & Swarbrooke, 2001