Chapter 2 - Forces affecting growth and change in the hospitality industry. In this chapter students will be able to: Describe several ways of identifying topics of interest, create a purpose statement for your topic of interest, prepare several research questions for your research project or design, identify the criteria for a good purpose statement, assess your purpose statement in terms of the criteria for a good purpose statement. | Forces Affecting Growth and Change in the Hospitality Industry Chapter 2 Copyright © 2010 by John Wiley & Sons, Inc. All Rights Reserved FORCES AFFECTING GROWTH AND CHANGE The changes that are occurring now in the business environment are tremendous Managers must understand the various forces that are driving these changes and affecting their businesses in order to be effective A few of the changes that have impacted the industry just in recent years include terrorist attacks, problems with the supply chain, recession, and disease On the whole, the hospitality industry has responded effectively but some segments, companies and destinations have suffered Forces Affecting Growth and Change — Demand Many of the changes that are occurring are affecting demand for hospitality services One of the major factors that is affecting demand is the changing population To understand these changes, it is important to understand the concept of demographics Demographics is the study of objectively measurable characteristics of the population Examples include age, income, level of education, and sex, etc. FORCES AFFECTING GROWTH AND CHANGE – AGE We often hear that “The population is aging” but what does this mean? While it certainly means that each of us is getting older, it also suggests that the oldest segments of the population, as a percentage, are increasing in size FORCES AFFECTING GROWTH AND CHANGE – AGE One way that we can better understand demographics is by segmenting the population – in this case by age Baby Boomers were born between 1946 and 1964 Boomers represent 26 % of the population and are in their “high income” years, driving much of the economy Boomers represent a large share of overall spending on foodservice, lodging travel, and recreation FORCES AFFECTING GROWTH AND CHANGE – AGE Generation X (or GenXers) were born between 1965 and 1975 Even though they have received a lot of attention of late, they only represent about 14% of the population They are different | Forces Affecting Growth and Change in the Hospitality Industry Chapter 2 Copyright © 2010 by John Wiley & Sons, Inc. All Rights Reserved FORCES AFFECTING GROWTH AND CHANGE The changes that are occurring now in the business environment are tremendous Managers must understand the various forces that are driving these changes and affecting their businesses in order to be effective A few of the changes that have impacted the industry just in recent years include terrorist attacks, problems with the supply chain, recession, and disease On the whole, the hospitality industry has responded effectively but some segments, companies and destinations have suffered Forces Affecting Growth and Change — Demand Many of the changes that are occurring are affecting demand for hospitality services One of the major factors that is affecting demand is the changing population To understand these changes, it is important to understand the concept of demographics Demographics is the study of objectively .
