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Tourism which has a great impact on a country's economy and development and also received serious attention from businesses, government, stakeholders and policymakers of global economics (CHAN, 2011). Tourism that is based on development has been playing a vital role in contributing the GDP to developing economies. The tourism industry is considered one of the fastest and largest diversifying sectors of the global economy (DANIEL, 2013). The main benefit of tourism is income of country and generation of jobs. For most of the countries, tourism is the most important source for a nation's welfare because it brings money to a country (DE MELLO, 2010).
Tourism is a good source of income and also increases the GDP of the country (CHAN, 2011). Most of the countries increasing tourism businesses because it provides jobs and revenue to the country. This business research examines that Australia is a most favourite tourists place also provide the data analysis for the tourism impact in the economy on Australia (DE MELLO, 2010).
The unique geographical and economical features of Australia makes it an attractive tourist location. The favourite destinations of Australia which are attractive tourists are- Uluru, beaches and tropical rainforests (GIL-ALANA, 2014). This report examines the stability of tourism through changes in the number of business within the industry.
Tourism in Australia is made up to 267,000 businesses. Most of the tourists enjoy Australia’s wildlife in nature and wildlife parks (KATONA, 2013). The international tourism to Australia has increased rapidly over the last few years. It has increased from 2.5 million in 1992 to approximately 6.7 million in 2014 (KEANE, 2009). Markets in Asia, for example, China and India, also growing as international visitors to Australia. Growth in the industrial area means the regional visitors increased. The way businesses in the international tourism industry innovate to changing trends will determine how successful Australia has been in attracting international visitors (GIL-ALANA, 2014). The government also play a vital role to increase the tourism industry business because the policies that it creates impact the industry directly. (CROUCH, 2012).
Australia’s 93 % of business like a restaurant and takeaway food services are self-employed and those hiring most of the employees (KATONA, 2013). The trend estimates for the short-term tourists who arrive in Australia increased by 0.2% during June 2015 compares with May 2015. But the current trends which estimate for arrival 6.6% higher than in June 2014. The original estimate for short term arrivals in Australia were 488,300 in June 2015. By this time 33.9 million are Australian residents return from short absence; 7.1 million visitors arrive for the short term stay (GIL-ALANA, 2014).
This section will give a brief idea of the economic impact on Australia tourism and their stability in the business industry due to tourism (DANIEL, 2013).
As it was evident that many countries those who do not have high resources choose international tourism for the welfare of their country which was termed as an important resource of earning by exchanging their foreign currency (AKIS, 2010). For making the economic environment strong, tourism was one factor which was sustainable and also conducive to the environment. Due to tourism, many countries were able to focus on developing their own agricultural products and export it to other countries in terms of earnings. Due to tourism, it enhances the economy diversification (AGUILO, 2009). The main objective for promoting tourism within the country was to increase their earning by exchanging foreign currency. Due to tourism, there was an increase in earnings of foreign exchange and there was good growth in the industry.
During September 1, 2001, there was an immediate terrorist attack in Washington DC and New York and had little effect on international tourism (ALONSO, 2008). Effect of international terrorism in the tourism industry was termed catastrophic. There were no efforts put for crushing terrorism and also no efforts put for gaining the confidence of visitors. The statement given by members of travel and tourism groups was that travel and tourism were responsible for the amount (US $4495 billion) spent in carrying out the global activity (CHAN, 2011).
There are a lot of benefits offered to the tourist-receiving country by tourism. The direct revenues were received from visitors in terms of accommodation, food that were consumed and sight was seen of a particular country (BATTERSBY, 2011). This direct revenue turned to indirect revenues due to backward and forward linkages. Tourism can be related to both social and financial cost. The financial cost can be quantified but the social cost cannot be measured which lead to leakage cost. The impacts of tourism on an economy had both effects i.e. positive and negative (BATTERSBY, 2011). Few of the positive outcomes due to tourism are that it helps in strengthening the economy, increasing the income of communities and create job opportunities. It also helps to enlarge the economy, increase the business opportunities inside and outside of the country (CROUCH, 2012). The negative economic impact of tourism is that the cost required for marketing and development of the country is high which may also cause risk to the community and the operators. The demands for public services also increases. The cost of living also increases for those who are residing within the country as the prices of products and services also increase (CARR, 2012). Due to the increase in demand for the goods and services in the country, the inflation in the country goes up. Thus, it can be seen that tourism can have both positive and negative impacts.
For the development of tourism, proper management and planning must be done for accommodating environmental and social problems (BONHAM, 2008). It was also stated that the system of tourism was termed as an open system because the system response to the following change that occurs in natural, economic and social factors and also increases the complexity in the state (BONHAM, 2008).