The paper "Tourism Industry Driving Forces" is a great example of business coursework. The tourism industry is a drastically growing industry in the market. In this case, the industry has over the years registered an increased industrial growth rate. As such, the industry represents an increasing growth rate that attracts increased investments. Investors in the market are attracted to industries with both current and forecasted growth rates in the market. The tourism industry represents such a venture. Cochrane (2008) argued that historically the industry has registered an increasing growth rate in the travel, accommodation and restaurant sectors.
This increase has led to increasing investment rates in the market. This has been necessitated by increased cultural integration in the market. Globalization has increased tourist movement in the industry. Globalization is a continuous process that is ongoing and is expected to project into the future. The tourism industry with its heavy reliance on the globalization concept is bound to increase in the future. With increased growth in the tourism industry, profit margins in the industry have increased and are expected to retain this status in the future.
Therefore, this has increased the overall market success in the industry. Therefore, the increased profitability levels in the industry make the industry an attractive venture opportunity for investment across the supporting sectors in the economy (Hong, 2008). 1.2 Tourism Industry Driving Forces The tourism industry as established under the industry analysis is an emerging and developing industry. In its development, the industry has experienced its increased development and growth capability from a range of driving factors. Such factors include globalization, technology development, and international security. On one hand, Macleod (2004) stated that globalization has played a key role in facilitating increased tourism industry growth.
Globalization resulted in increased cultural exchange and integration. As such, the global community has experienced an increased cultural exchange that allows for increased harmony and peaceful co-existence.
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