Research Paper: Challenge and Response in the U.S. Tourism Industry



Abstract

Tourism is an important sector in the United State's economy, one that is marked by various trends in the sector as the world market trends and situations change. The significance of tourism as a global economic power, social and environmental never was as powerful as today. The modern transport systems facilitate the increasing number of travelers to any part of the world. Tourism will undoubtedly become the world's largest industry. This program lists the best known aspects of management, marketing, finance and tourism industry. It handles different tourist segments, transportation and accommodation, food and drink, destinations and leisure activities. It also addresses the economic, political, social and environmental tourism has on the whole region. It proportions updated information on techniques and procedures for tour operators and travel agencies.

Table of Contents

Abstract2

Introduction4

Research Objective5

Objectives of Study5

Findings, Discussions, and Analysis5

Introduction to Industry5

Justification of Choosing this Industry7

Structure of Industry8

Market and its boundaries9

History of the industry10

Challenges facing the Industry and the Industry's Response11

Conduct of Industry13

How the Firm Competes and Cooperates13

Elements of Strategic Behavior14

Sources of Market Power15

Current Trends17

Conclusion18

Social Welfare Implications of Analysis18

Paths for Future Inquiry18

End Notes20

Research Paper: Challenge and Response in the U.S. Tourism Industry

Introduction

The Travel and Tourism Industry in the United States is one of the country's major employers, and the third largest retail sales industry. The tourism industry of the United States determines the economy of the U.S. which signifies its crucial nature in boosting the economy or leading it to downturns. There are many other industries that work in close association with the U.S. tourism industry, including the entertainment industry, real estate industry, hospitality industry, transport industry etc. hence, we can imagine that the consequences of its progress cause significant impact upon its associated industries, as well. Travel and tourism-related exports have increased, on average, nearly $1.4 billion a month in 2011. The government relies, to a greater extent, on the contributions of the U.S tourism industry on the National Export Initiative, not only strengthening the economic growth but also being a source of millions of American jobs. This endeavor will provide a realistic picture of the industry; highlighting the existing resources of the organizations and the future resources that need to be acquired. In this way, the industry will learn about the potential gaps in resources that have to be overcome before the formal implementation of an integrated strategy for maximum business performance and sustenance.

Research Objective

“I will analyze the effects of emerging trends on the U.S. Tourism industry through an understanding of the structure, conduct, and performance of the industry; as well as, its contribution to the U.S. economy.”

Objectives of Study

The objective of the assignment is to integrate and apply the information of the academic course to practical implementation, by applying the core learning to one of the main industries of the United States. It is also an objective of the assignment to demonstrate an in-depth analysis of the tourism industry in order to see the challenges faced along with the responsive strategies ...