PESTLE Analysis In The Hospitality Industry

Register to read the introduction… The demographic environment is defined by different consumer groups according to variables such as age, gender, income, occupation, education, sexual orientation, household size and family lifecycles by Boone et al. (2012:282). Marketers are always interested in the breakdown of statistics and with demographic constantly changing, it is important to adapt to the trends. The economic environment includes factors that are concerned with spending and consuming power and income distribution. There are many measurements of determining the economy, such as credit available, disposable income and the general economic condition of a nation. Factors such as interest rates, exchange rate, taxation changes, inflation and economic growth will impact any marketers.

The definition of culture by Bates et al. (1990:12) is a system of beliefs, values and customs and behaviours that members of society have. The hospitality industry is based on providing a good service, with this in mind when cultural trends are changing we must adapt to them. As mentioned earlier, the importance of having access to the internet is …show more content…
It is important to be able to follow trends that are current and be able to forecast future trends. Being in the hospitality industry, businesses should be ready to adapt to their market and be able to provide a service fit for their customers within the law. This can give businesses the competitive edge and help them become market leaders rather than followers. All these factors are just like piecing a jigsaw together, they all play an important part in running a business. Some factors are out of your control such as legal and political factors but the remaining factors are ones which you can get around and adapt to the