TOURISM

Tourism

Tourism and Hospitality Products on the Southbank of London

Introduction

South Bank is in London and is located adjacent to the southern side of Thames. It is a long but narrow section besides the riverside that has been developed is visited very frequently by various tourists from all parts of the world. Therefore, tourism in the South Bank of London is high because of which tourism and hospitality products have been developed to welcome the tourists. The two most famous tourist attractions at the Southbank of London are the London Eye and the National Theater (Taylor 2005, pp. 484).

Structure and Operation of Tourism and Hospitality Industries

Tourism and hospitality industry has been given sufficient importance nowadays. Since many years, the hospitality industry has been suffering from the situation of instability because of the changes taken place in the technology, and the introduction of new, innovative technology in the industry. In the hospitality industry, it is important to have a formal structure for the project as well as for the project staff, this structure will help an individual to understand the clear view of the project, as well as it will help staff to understand their responsibility and their assignments, so it will become easy for the staff to achieve their project objectives and goals. The business of hospitality is related to the discrete but almost related industries, which includes restaurant industry and hotel industry.

The term hospitality includes larger system of companies; it includes food, transportation, cruise, theme park, travel and real estate industries. The traditional value proposition of hospitality has been expanded to a variety of services and entertainment offering. Hospitality refers to the relationship between consumers and companies. The current structure of the hospitality industry is quite complex, with five discrete components. The first component includes the ownership of business itself the single unit companies have been owned by the independent entrepreneurs. Whether the multinational companies have a mixed ownership structure or they are partnership based companies. The second component includes a brand it is owned by a business associated with each location, usually the brands are owned by a central corporate entity, or it is licensed for a period under an agreement or a franchise. The third component includes daily operations of the hotel all the operations are being managed by the management of the company, while the local franchises are managed by the third party management company under the agreement. The fourth component includes the real state of each location, which includes both building and land. Leasing is most common in the restaurant industry, because in mostly in the hotel industry they emphasize on branding and other operating activities (Taylor 2005, pp. 484).

Most of the hotels were owned by the real estate developers they are the ones who initiate the hotel projects. The fifth component includes the distribution system which is used to connect the demand and supply within the market place. The hospitality economy has a wide turnover which has been estimated £90 billion of worth which ...