Comparative Analysis of Small, Medium and Large Scale Units of the Hospitality Industry

Abstract

The travel and tourism sector is one of the world's most advanced markets. Both the pace of growth and the construction of supporting infrastructure are exceptional. As a result, competition is high since seasonality has such a significant impact on this ever-changing industry. With the diversity of visitor interests and service options, the hospitality industry ranges from small, independently run businesses to multinational conglomerates employing tens of thousands of people. It is well acknowledged that the tourist sector in many nations is mostly supported by small and medium-sized businesses. These businesses have a number of challenges, and every market upheaval threatens to drive them out of business. Traditionally, small and medium-sized travel businesses (SMEs) have been hit the hardest by economic downturns because they lack the resources to remain competitive.