Economic

How do fluctuations in exchange rates affect international hospitality businesses?

• They have no impact on international hospitality businesses.

• They can influence the cost of services for foreign tourists and affect profit margins.

• They only affect domestic customers.

• They reduce the need for international marketing.

What impact does inflation have on the pricing strategies of hotels and restaurants?

• It forces businesses to lower their prices to attract more customers.

• It increases operational costs, often leading to higher prices for consumers.

• It decreases employee wages, making services cheaper.

• It has no effect on pricing strategies in the hospitality industry.

How can a recession influence consumer behaviour in the hospitality industry?

• Consumers are likely to spend more on luxury travel during a recession.

• Consumers will travel internationally more frequently.

• Consumers may reduce spending on non-essential travel and dining out.

• Recessions have no effect on consumer behaviour in hospitality.

Why is understanding local and global economic trends important for hospitality managers?

• To help them focus solely on reducing employee numbers.

• To avoid paying taxes.

• To ensure that they only cater to local customers.

• To predict customer demand and adjust business strategies accordingly.

Give one word for how interest rates affect the ability of hospitality businesses to expand or invest in new properties.

What are the economic risks and benefits of offering all-inclusive packages in a hospitality setting?

• They always result in higher profits without any risks.

• They only benefit luxury hotels and have no risks for budget hotels.

• They can attract more budget-conscious travellers but may reduce per-customer spending on extras.

• They are not influenced by economic factors.

How does unemployment in a region influence the hospitality industry’s workforce and customer base?

• It leads to a surplus of skilled workers but reduces local consumer spending.

• It increases consumer spending in the hospitality sector.

• It has no effect on the hospitality industry.

• It reduces the availability of workers while increasing customer spending.

Which factors would Brexit and Tax relate too?

• Environmental

• Economic

• Legal

• Political

What does the first 'E' in STEEPLE refer too?

• Environmental

• Economic

• Ethical

• Epical

How do you think today's session went?