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  • Subject Name : Hospitality and Tourism Market

Hospitality and Tourism Market

Executive Summary of Hospitality and Tourism Market

The entire assignment will be focusing on the business value proposition along with the different aspects based on which LA 2028 Olympics have contributed positively towards the business. It has been supported through various scholarly articles and this way the development of the tourism business also gets highlighted through the development of mission and vision of the tourism business. The different knowledge sharing along with the primary focus towards business development and the growth has also been reflected and highlighted.

Table of Contents

Introduction.

Mission and Vision.

Business value proposition and the current employment of the staffs.

Related business opportunities to develop business.

Impact of LA2028 on business.

Value proposition.

Staffing.

Operations.

The guest experience.

Financial management

Creation of two possible scenarios regarding how the business respond to LA2028 Olympics opportunity

Reason behind the choice.

Conclusion.

References.

Introduction to Hospitality and Tourism Market

This particular study highlights that the International Olympics Games that have been hosted in Los Angeles have framed a vision with the help of which the citizens of Los Angeles can be benefited both before and after the games. Their primary aim is to gradually develop the multi-day festival through the creation of youth sports programs to frame the healthiest city in America by making the youth sports more accessible as well as affordable by nature than ever before. In the entire assessment, the current situation of the concerned business needs to be well highlighted along with its value proposition (Andrew, 2015,p.15). Along with this, the related business opportunities should also be developed which will ultimately lead to the betterment of LA2028. Here the possible business scenarios in the real context will also be evaluated at the time of finalizing the report.

Mission and Vision of Hospitality and Tourism Market

The mission of the business is in making advancement towards the prosperity of tourism in Los Angeles with the help of which the livelihood can get easily enhanced after focusing on the concerned areas hospitality community and should also be responsible for sales as well as marketing efforts (Antonio, 2019). The other important aspect with which the management of the company is ultimately concerned is regarding providing excellence in both the services and also on its quality through the development of comprehensive travel products to the travel market inside and outside the country. In this way, they successfully harnessed a better understanding and co-operation with both the clients and the partners (Dalton, 2020,p.13).

On the other hand, the vision of the company to be one of the leading travel companies in the entire Los Angeles based on which both the partners as well as the customers can get relied easily.

Business Value Proposition and The Current Employment of The Staffs

In addition to this, the values of the business in to focus primarily on their customers and partners who are the extended families through which the comfort, safety, happiness, and leisure can be effectively ensured (David, 2017). The working environment within the organization is safe and pleasant where the employees have grown up professionally and have also strived towards sustainable business and this way serving the needy ones.

Related Business Opportunities to Develop Business

In this context, the business opportunities that need to be realized by the management of the tourism companies are in the development of the infrastructure as well as the construction of large values to develop a competitive edge. It has been observed that Greece who was the host of 2004 Games have spent around USD 100 billion both on the infrastructure as well as on the facilities so that the requirements can be met easily. In this scenario, it will be the responsibility of the employer in the medium-sized tourism company to make two smart moves that are insisting an advance payment of USD 180 million, part of which have been contributed towards the development of youth sports program. This will ultimately lead to economic gain (Fred, 2020). The other part of the business is the development of a strong foundation based on which the job creation needs to be ensured which will lead to the economic benefit through the LA2028 Olympics. As an employer of the medium-sized tourism business, any form of challenges can be avoided through the investment after entering into a negotiation with LA committee through which the workforce development can gradually occur along with the enhancement of educational opportunities and other programs based on which the long term benefits can be generated to the individuals, communities as well as families (Hany, 2018,p.75).

This way the sponsorship of around USD 2.5 billion can be generated after the completion of the sales target. The development of imagination and as well as creativity will help the people in reconnecting with others across the country. With around zero planned construction projects and unforgettable games, experiences for the athletes will hence be developed. To contribute towards the development of Los Angeles Olympics 2028, the concerned tourism business needs to have a certain strong financial base based on which the business exaggerations can be readily developed based on which the entire economic benefit can be well generated (Linda, 2018,p.200). The positive contribution towards Los Angeles Olympics 2028 will help in the development of the upgraded communication and transportation systems through which the enhancement in the trade can also occur along with the infrastructural development. The use of the funds in the Olympics ultimately helps in the development of the massive tourist inflows (Market Commentary, 2016). The involvement in contributing positively towards Los Angeles Olympics will help the concerned tourism business in coming closer towards social media platforms through which community development can also be possible and there also occurs public community development. Furthermore, the revenues can also be generated from sponsorships, licensing as well as broadcasting. This also ultimately helps in the urban growth involving social well-being facilities, environmental improvement along with environmental improvement (Marina, 2018,p.410).

This way, the tourism motivations, as well as the desires, get encouraged through which there will be socio-economic positivity can be generated within the Los Angeles economy. Through this, the legacy will get minimized and thus create positive economic benefits (Market Commentary, 2016).

Impact of LA2028 on Business

Value Proposition

LA2028 United States Olympic Committee is a joint venture who is having the market target of around USD 2.5 billion. Through LA2028, the tourism business can be able to catch up the media fragmentation which is usually both a huge concern and at the same time also the bigger opportunities for the sponsors where the distribution strategy is found to be fair enough (Olympic, 2018). With the new Me Too Movement, the universe is now shifting from linear to digital and through this, there is occurring rise of e-sports and now with the help of social media, the power of athlete activists have also been increased. LA2028 is considered as one of the important brands where more involvement with the event leads to the development of authenticity among the minds of the consumers with the help of which the success can get easily measured (Susan, 2014,p.130).

This is also one of the important ways with the help of which the multitude of business metrics have something to do with the Olympic activation. Los Angeles is one of the most attractive tourist spots and the hosting of Olympics 2028 in LA will also aim in bringing the innovation in the games attracting many young stars and the sports personnel’s based on which the individuals staying in other parts of the world will have adequate knowledge regarding the sports enthusiasm (Xinhua, 2019,p.1342). This way the further areas of collaboration can be well established which will be mutually beneficial.

Staffing

Los Angeles 2028 Olympics through its campaign can be able to establish relations with different sponsored persons and this will ultimately help the tourism business of Los Angeles who will have the contribution towards LA 2028. They will also be benefited in terms of the development of the public figure and at the same time development of adequate financial base so that good sponsorship revenues can get easily generated (Zaid, 2018,p.80). This, in turn, will gradually transform the urban vision through which the cohesive urban vision will get developed along with the generation of more inbuilt structures. This way, the employment generation can also be enhanced as the interested candidates across the world will show interest in joining the tourism business based on which the higher amount of revenues can be adequately generated (Fred, 2020).

Operations

The management of LA2028 Olympics has successfully catalysed transformative infrastructural investments with the help of which the organizational development opportunities as well as operations like the effective development of tourist information services, accommodations, transportation, the arrangement of conferences, meetings as well as organising events through which quality customer service can be easily developed. The primary aim of LA2028 is the arrangement of multicultural, well managed which will be composed of new mass transit options so that different tourists across the world get attracted and can also be able to participate in the future decision-making system (Ruhet, 2019,p.7).

The guest experience

The technology is changing the gaming setups and along with this, the younger generations are also getting to know how technology is affecting the base of the Olympics. The evolvement of the nascent digital technologies from augmented reality to artificial intelligence ultimately helps in the generation of the entertainment start-ups and this way the guest experiences also gets well developed. Billions of people will gradually understand the importance of Olympics at their best (Susan, 2014,p.140). This way the people turn up from their home countries to host countries which are benefiting the global sports community along with the development of the local communities. It can be stated that through sponsorships, the brands get connected with the audiences through shared passions as well as shared interest based on which personalised experiences can be developed along with the development of a competitive world. This way the experiences of the guests will get enriched as well as also business forwards (Xinhua, 2019,p.1340).

Financial management

The authority of LA2028 has organized certain committees through which multi-millionaire up-gradation in the dollar can occur. This way the committee gets impressed by promising all kinds of facilities to develop organizational financial management positively and more strongly. This way the organizational weaknesses can be easily tackled and the financial risk can also be tacked easily. Based on this, the host city, Los Angeles could be able to record a profit of at least USD 1 billion to help Los Angeles in avoiding the financial pitfalls through which multi-million dollar can get generated easily (Sportspromedia, 2020).

Creation of Two Possible Scenarios Regarding how The Business Responds to LA2028 Olympics Opportunity

One of the important scenarios that have been observed in the tourism business in the context of LA2028 Olympics opportunities is the development of secured sponsorships and also the development of the financial base of around USD 2.5 billion. This way the sponsorship opportunities get secured and also worked effectively according to United Sales Olympic Committee (Patrick, 2018). The other business scenario involves the creation of partnerships with the iconic property through which there will be positive engagement with the partners to develop a strategic investment in both the platform of LA2028 and Team USA. The other response which the tourism business has shown positively is the creativity, imagination along with optimism through which young people can get connected across the country based on which the commercial successes gets highly amplified.

This way the Unforgettable gaming experiences gets developed through which sponsorships, as well as seat licenses, gets easily acquired based on which certain amount of partnerships, as well as a priority, gets well developed. This had ultimately helped in bringing the world together through the creation of legacy and long term planning integration along with effective alignment. This way, the higher number of visitors also gets attracted based on which the partnerships with the business will be getting some added priorities and advantages (Paulo, 2018,p.720).

Reason Behind the Choice

These possible scenarios have been decided by the employer of the tourism business to make the partnership a priority and to develop good customer base so that the sponsorship opportunities for Los Angeles can be easily brought to life with unforgettable gaming experiences. This decision by the employer turns out to be important to develop is business strategies as well as the business base so that the commercial successes can be easily amplified.

Conclusion on Hospitality and Tourism Market

To conclude, the different aspects have been highlighted along with the development of the business scenarios and also the explanation regarding the contribution of Olympics opportunities towards the business have also got well explained. The customers' connection with the brands also turned out to be one of the important and unique value proposition based on which the brand’s cultural aspects gets automatically influenced.

References for Hospitality and Tourism Market

Andrew, T., 2015. ‘Walkabout’ tourism: The Indigenous tourism market for Outback Australia. Journal of Hospitality and Tourism Management, 24, pp. 9-17.

Antonio, P., 2019. Before the 2028 Olympics, L.A. embarks on its most transformative urban vision in a generation. [Online]
Available at: https://archpaper.com/2019/06/2028-olympics-los-angeles/
[Accessed May 11, 2020].

Dalton, A., 2020. Urban Scatopsidae (Diptera) of Los Angeles, California, United States. Insect Systematics and Diversity, 4(1), pp. 10-15.

David, W., 2017. Details emerge in deal to bring 2028 Summer Olympics to Los Angeles. [Online]
Available at: https://www.latimes.com/sports/sportsnow/la-sp-2028-olympics-deal-20170731-story.html
[Accessed May 11, 2020].

Fred, C., 2020. The Benefits of Bidding and Hosting the Olympic Games are Difficult to Justify Due to the Overall Costs. [Online]
Available at: https://thesportjournal.org/article/the-benefits-of-bidding-and-hosting-the-olympic-games-are-difficult-to-justify-due-to-the-overall-costs/
[Accessed May 11, 2020].

Hany, A., 2018. Burnout in Tourism and Hospitality SMEs: the Moderating Role of Organizational Commitment. International Journal of Heritage, Tourism and Hospitality, 12(2), pp. 66-82.

Linda, E., 2018. New Legal Standards for Unpaid Internships: Implications for the Hospitality and Tourism Field. Journal of Hospitality & Tourism Education, 30(3), pp. 194-201.

Marina, S., 2018. The Russian tourism and hospitality market: new challenges and destinations. Worldwide Hospitality and Tourism Themes, 10(4), pp. 400-411.

Market Commentary, 2016. The Economic Impact of the Olympics. [Online]
Available at: https://www.manning-napier.com/insights/blogs/markets-and-economy/the-economic-impact-of-the-olympics
[Accessed May 11, 2020].

Olympic, 2018. LA 2028 moves forward with focus on partnership, legacy, inspiration and innovation. [Online]
Available at: https://www.olympic.org/news/la-2028-moves-forward-with-focus-on-partnership-legacy-inspiration-and-innovation
[Accessed May 11, 2020].

Patrick, S., 2018. Will LA’s ‘no-build’ Olympics spur Southern California’s next building boom?. [Online]
Available at: https://www.curbed.com/2018/7/10/17554124/olympics-la-2028-impact-housing-crisis
[Accessed May 11, 2020].

Paulo, R., 2018. Data science for hospitality and tourism. Worldwide Hospitality and Tourism Themes, 10(6), pp. 717-725.

Ruhet, G., 2019. Luxury Shopping as a New Opportunity for Tourism Market Development. Journal of Tourism and Hospitality Education,  9, pp. 1-8.

Sportspromedia, 2020. North America’s decade of sport: 2026 World Cup, LA 2028 and the path to commercial success. [Online]
Available at: https://www.sportspromedia.com/from-the-magazine/2026-fifa-world-cup-2028-la-olympics-salt-lake-commercial-strategy
[Accessed May 11, 2020].

Susan, B., 2014. Why 1984 Medalist Li Ning Lit the Flame at the Beijing 2008 Olympics: The Contribution of the Los Angeles Olympics to China's Market Reforms. The International Journal of the History of Sport, 32(1), pp. 128-143.

Xinhua, G., 2019. Inbound Tourism, Hospitality Business, and Market Structure. Journal of Hospitality & Tourism Research, 43(8), pp. 1326-1335.

Zaid, A., 2018. Publishing in predatory tourism and hospitality journals: Mapping the academic market and identifying response strategies. Tourism and Hospitality Research, 20(1), pp. 72-81.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Hospitality Management Assignment Help

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