UK Budget Hotel Sector Essay Example | Topics and Well Written Essays - 2000 words

UK Budget Hotel Sector - Essay Example The importance of conducting this research is seen in the relevance of discussing financial crisis in today's time, which affects almost all businesses, sectors, and industries. In the light of this financial crisis, the study shall look at the direction and future of the UK budget hotel sector. The economic theories will help direct the research in its determination of the future of the sector in order to produce a socially scientific prediction on the direction of its future. The research is also relevant in today's era of globalization, which allows businesses to compete at a wider scope of markets. The financial crisis in which the UK budget hotel is situated is also a relevant point of discussion since it enables for a development of insights on the current global crisis situation. Hence, since globalisation, competitive advantage, and economic productivity are relevant concepts in today's businesses, the pursuit for this research makes it an important endeavour. Likewise, the current global crisis that puts nations, trade, and businesses in a rather bad condition is an important aspect that will be necessarily touched in the research due to the topic itself. All of these considerations will be tackled in the research, making it fit to the body of knowledge which other researchers may utilise for their own. IV. Literature Review The literature review will comprise of three parts: The development of the UK budget hotel sector The globalised industry in which the budget hotel sector is situated How financial crisis affect budget hotels The Development of the UK Budget Hotel Sector Brotherton (2004) explores the critical success factors in the operations of UK budget hotel and utilises the questionnaire survey design in ascertaining the relevance of these factors in academic and trade literature. A report from Hall (2004) suggests that in over a five-year period from 1997, there was an annual growth rate of almost 20 percent in room capacity among the UK budget hotel sector. The report likewise examines key emerging trends in the sector, including the branded budget hotels' city-centre focus. In the development of UK budget hotel, it is important to mention that the management of "commitment cultures," the recruitment and selection procedures, and the training and development practices, which are all in the heart of human resource management (HRM) are important points to ponder (McGunnigle and Jameson, 2000, p. 404). It is suggested that firms that adopt an HRM approach put high regard on employee commitment, sophisticated and objective