Industry Organization and Competition
The size, structure, and growth of the hospitality industry are generally functions of the prevailing economy. The more developed an economy, the larger and more diverse the hospitality industry.1 A more advanced economy has more frequency and reasons for its need for hotels and restaurants. While the hospitality industry tends to follow the general economy, expansion and contraction of the hospitality industry is not that simple. Many other factors such as access to transport, attitudes toward and ease of travel, and availability of capital all significantly affect the hospitality industry.
Because the hospitality industry is comprised of many companies, both large and small, the organization of ...
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