What is HOSPITALITY INDUSTRY?

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What does HOSPITALITY INDUSTRY mean? HOSPITALITY INDUSTRY meaning - HOSPITALITY INDUSTRY definition - HOSPITALITY INDUSTRY explanation. What is the meaning of HOSPITALITY INDUSTRY? What is the definition of HOSPITALITY INDUSTRY? What does HOSPITALITY INDUSTRY stand for? What is HOSPITALITY INDUSTRY meaning? What is HOSPITALITY INDUSTRY definition?

The hospitality industry is a broad category of fields within service industry that includes lodging, event planning, theme parks, transportation, cruise line, and additional fields within the tourism industry. The hospitality industry is a multibillion-dollar industry that depends on the availability of leisure time and disposable income. A hospitality unit such as a restaurant, hotel, or an amusement park consists of multiple groups such as facility maintenance and direct operations (servers, housekeepers, porters, kitchen workers, bartenders, management, marketing, and human resources etc.).

Usage rate, or its inverse "vacancy rate", is an important variable for the hospitality industry. Just as a factory owner would wish a productive asset to be in use as much as possible (as opposed to having to pay fixed costs while the factory is not producing), so do restaurants, hotels, and theme parks seek to maximize the number of customers they "process" in all sectors. This led to formation of services with the aim to increase usage rate provided by hotel consolidators. Information about required or offered products are brokered on business networks used by vendors as well as purchasers.

In looking at various industries, "barriers to entry" by newcomers and competitive advantages between current players are very important. Among other things, hospitality industry players find advantage in old classics (location), initial and ongoing investment support (reflected in the material upkeep of facilities and the luxuries located therein), and particular themes adopted by the marketing arm of the organization in question (for example at theme restaurants). Also very important are the characteristics of the personnel working in direct contact with the customers. The authenticity, professionalism, and actual concern for the happiness and well-being of the customers that is communicated by successful organizations is a clear competitive advantage.