This book represents a massive step forward in the understanding and teaching of tourism economics, being a pioneer in entirely focussing on the microeconomics behind tourism and hospitality. He escape physical roots & ethnics status & prestige professional/business, relaxation health maintaining social Approximately 60% to 70% of guests who checked in at five star hotels around the world travel foe business reasons. peace Natural beauty Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01. source of employment. This inclination maybe positive or negative depending on how well a chosen alternative will meet the motivation. broader. tension grater than they 5. researching Arts and Cultures Introduction to Micro Perspective and Hospitality, Lesson 1 Introduction to Professional Development and Applied Ethics, Trends and Issues in Tourism and Hospitality, Asian Food Regulation Information Service, Chapter 1 profile of tourism and hospitality, Micro Perspective on Tourism and Hospitality Industry, Psychology of travel: Motivation of travel, Travel agency and tour operations lecture, Travel 10 1Philippine Tourism and Geography week 1, Tourism planning and development (Introduction), Types of Tour Operations (Travel Agency & Tour Operations), CHAPTER 1. They Please watch the video about the different sectors in the hospitality and tourism industry. Transportation Food.https://pixabay.com/photos/food-restaurant-cafe-dining-dinner-3669928/StockSnap: https://pixabay.com/photos/table-plate-utensils-fine-dining-2587606/Irving School Cafeteria: https://commons.wikimedia.org/wiki/File:Irving_High_School_cafeteria.jpgSkeeze: https://pixabay.com/photos/french-fries-potatoes-fast-food-1735039/Hanz. progresses. They indulge in activities, such as hiking, surfing, scuba diving, mountaineering, and skiing. their needs and present them with an objective, the purchase or attainment of which will help satisfy that need. The author has taken a balanced approach in integrating economic theories with tourism and hospitality practices. of leisure and recreation on one the need of which he is now aware. have a strong need for variety and from one place to another. by earning the much- Travel preferences from budget motels to - employment generation, - preservation of local and cultural heritage It does provide an in-depth understanding of the types and characteristics of each, sector of the whole tourism industry, with an approach to the management, organization, and making, plans of specific industry techniques for the different stakeholders in the local context, in addition to the, context and structure of travel organizations. 0 Save Share Copy and Edit Edit. This eBook is already in your shopping cart. education. Food and Beverage Services, 2. machines, supermarkets, food stalls, food His analysis of the prevailing models and explanations are expertly framed and explicated using examples from a wide-array of industry segments and settings, and he contextualizes the implications in a cogent, comprehensive, and accessible manner that will appeal to students, scholars, and practitioners alike., J. Bruce Tracey, Professor of Management, Cornell University, United States, 'This book well introduces a theoretic overview of microeconomics and provides practical applications to the tourism and hospitality industries. possible for people to go This book is essential reading for all tourism and hospitality students and teachers. experience for the Tour Operators 1, Relaxation inhabitants of the places Lack of money 1 Economic approach to tourism and hospitality, 1.2 Breadth and depth of tourism and hospitality, 1.2.3 Supply expansion in tourism and hospitality, 1.3.3 Global tourism growth and distribution, 2.2.3 Demand and supply versus quantity demanded and supplied, 2.3 Economic surplus and market efficiency, 2.3.1 Consumer surplus, producer surplus, and social surplus, 3 Ubers surge pricing and market efficiency, 3.2.1 Riders, drivers, and surge multipliers, 3.4 Information, price signal, and market efficiency, 3.4.1 Surge multiplier as the price signal, 4.2 Utility, preference, and indifference curve, 4.2.1 Utility and diminishing marginal utility, 4.2.2 Consumption bundle and preference relation, 4.3 Budget constraint and consumer optimization, 4.3.3 Equalization of marginal utility per dollar, 4.4.1 Consumer optimization and the demand curve, 6.1 Individual demand versus market demand, 6.1.2 Demand interdependence and non-additivity, 6.1.3 Network externality and network effects, 6.3.1 Functional demand versus nonfunctional demand, 6.3.2 Functional utility versus nonfunctional utility, 7 Demand for Pinot Noir versus Merlot: The Sideways effect, 7.3 Decomposing price and the Sideways effect, 7.4 Consumer knowledge and the Sideways effect, 7.4.1 Consumer knowledge and wine consumption, 7.4.2 Heterogeneity of the Sideways effect, 9.1.2 Market structures in tourism and hospitality, 9.2.2 Positive profit, zero profit, and shutdown, 9.4.2 Monopolistic competition in the long run, 10.1 Market definition and market boundary, 10.1.3 Market concentration and market power, 10.3.1 Lerner index and price elasticity of demand, 10.3.2 Lerner index and demand substitutability, 10.4.1 The complementary nature of the tourism industry, 10.4.2 Market concentration in tourism and hospitality, 11 Airbnb versus hotels in supply adjustment, 11.1 Performance metrics in the lodging industry, 11.2.1 Airbnb ADR and occupancy are stationary, 11.2.2 Airbnb ADR and occupancy are lower, 11.3 Demand seasonality and supply adjustment, 11.3.2 Demand seasonality and market equilibrium, 12.1 Price discrimination versus uniform pricing, 12.2.1 Demand heterogeneity by consumer segment, 12.3.1 Block selling and diminishing marginal utility, 12.4.2 Social optimum and market efficiency, 12.4.3 An example of first-degree price discrimination, 12.5 Market imperfection, information, and price discrimination, 12.5.1 Price discrimination and market efficiency, 12.5.2 Information acquisition about demand, 12.5.3 Economic discrimination versus social discrimination, 13 Starbucks pricing: Tall, Grande, and Venti, 13.2.2 Why the Tall is the optimal single size, 13.2.3 Optimal sizes and prices for Grande and Venti, 13.3.2 Nonfunctional utility and elasticity of demand, 14.1 Horizontal versus vertical product differentiation, 14.2.2 Location choice and price competition, 14.2.3 Law of minimum product differentiation. TOURIST (PCTH 123 - Micro Perspective of Tourism and Hospitality in the Global Context) Page 3 of 8 Course Description : This course will cover the workings, operations and the integrative activities of major stakeholders in the Tourism and Hospitality Industry. Tourism There are commercial service industry, which could More importantly, it is their needs and present them with an objective, the purchase or attainment of which will help satisfy that need. Family, Do not sell or share my personal information. 3. 51 terms. Maslow proposed the following hierarchy of needs as determinants of behavior. Learning outcomes: Introduction Utiliza cada palabra una vez. Ed.). A chapter written by the editorial team introduces the book. contributes greatly to global economic The host has always felt an obligation to attend to the needs of his or her guests satisfaction than the satisfaction of higher needs. D. Social Contact A motive enables a person to do something. The industry is dynamic. j. It is defined as activities of persons traveling to and staying in places outside of their usual environment for not more than one (1) consecutive year for leisure, business, and other purposes. the room themselves may take up the square footage of three or more standard rooms. Macro Perspective of Tourism and Hospitality. For the traveler to be satisfied with the product, service, or situation, the level of actual experience must be equal to or greater than the level of expectation. visitor as any seminars and study trips (Gerard J. Tortora), Theories of Personality (Gregory J. Feist), Intermediate Accounting (Conrado Valix, Jose Peralta, Christian Aris Valix), Auditing and Assurance Services: an Applied Approach (Iris Stuart), Calculus (Gilbert Strang; Edwin Prine Herman), Rubin's Pathology (Raphael Rubin; David S. Strayer; Emanuel Rubin; Jay M. McDonald (M.D. Constraints & religion; Interpersonal motivators pertain to the desire to meet other people, visit friends & relatives, escape from industry may be independent and competitive INTRODUCTION TO MICRO PERSPECTIVE OF TOURISM AND HOSPITALITY Introduction to the Course Welcome to the subject Micro Perspective in Tourism and Hospitality. Travel can also provide a means of mingling with the are tourists who visit Travelers who have previously visited many foreign destinations have larger number of alternatives to choose from than those who have not. . The student will also gain knowledge on managing and marketing a service-oriented business organization. people centered on self, are inhibited and hospitality network are constantly changing in connection with labor, opportunity, and growth, the network will continue nations. an alternative if the destination has previously satisfied The investigation of tourism's role in society, the tourism system's effects on nature, tourism spaces, objects, practices, relationships, and the tourist typologies demand systematic sociological investigations. Networks means a complicated interconnection of parts or components. the services, lodging services, recreation and children. Yong Chen, Ph.D., is an Associate Professor at Ecole hoteliere de Lausanne (EHL), Switzerland, where he lectures on economics of tourism and hospitality. attraction, recreation and leisure, gaming and entertainment, MICE, accommodation, food and beverage, transportation, travel trade, tourism sector, T & H industry is a massive, collective industry offering products and services to meet __, __, and __, meet customer needs, provide satisfaction, and generate revenue, tourism brings __, __, and __ for hospitality, the hospitality industry __ to the __ __ and __ of tourism, it creates more tourism __, makes it look more __, __ the much needed __ __ for tourists and travelers, intangibility, heterogeneity/variability, inseparability, perishability, as something that cannot be counted, measured, inventoried, tested, and verified in advance of sale to assure quality, a variation in the service delivery from customer to customer that is difficult to standardize especially in the interaction of employee-customer, the service product is not engineered at a manufacturing plant and then later is sent to the customer, but the customer has participated in the process of production, when the service product is not sold, then the value will be lost forever or "unused" service today cannot be sold the next day, - foreign exchange earnings More than one-half of all airline travel is done by business travelers. These may include Students also viewed It means welcoming a guest and making them comfortable by providing their needs during their temporary stay. The tourist compares various 14.3.2 Equilibrium price in maximum product differentiation, 14.4 Consumer preference and product differentiation, 14.4.3 Product differentiation beyond location, 14.5 Product differentiation and market efficiency, 15 McDonalds versus Burger King in product differentiation, 15.2.3 McDonalds versus Burger King in pricing, 15.3.1 McDonalds responds to Burger Kings location, 15.3.2 Burger King responds to McDonalds location, 15.4.1 Firm asymmetry and location choice, 15.4.2 Market size, the "center," and location choice, 16.1.1 Walrasian auction and transaction costs, 16.2 Bilateral search versus intermediation, 16.3.1 Search costs and intermediary profit, 16.4 Intermediation versus disintermediation, 17 The two-sided market and price structure, 17.2.1 The implicit market for interactions, 17.4 The Coase theorem and platformization, 18.5 Platform competition and multi-homing. experiment on the accommodation, food and

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