Now, let’s talk about the significance of tourism in event management. As of this date, Scribd will manage your SlideShare account and any content you may have on SlideShare, and Scribd's General Terms of Use and Privacy Policy will apply. Threat of Substitute Goods In the Tourism, Leisure and Hospitality industry there is usually higher chances to start a new business and progress successfully. These 5 traits and importance of tourism industry are what distinguish tourism from other industries and creates an important and special place for tourism in the world. Discussion of the positive and negative aspects of tourism will be really complex (Ragsdale, n. d. ). These are the reasons why countries are giving so importance to tourism and working hard to bring growth to inbound tourism. Issues that are important in this region of the world, even if they are purely environmental, can be brought to light because of tourism. Porter (1980) indicated that the most important determinant of a marketplace’s profit potential is the intrinsic power of the buyers and the sellers. If you want to know how important an industry is, for the economy and for the country; if you want to actually measure its importance then you need to look at its contributions towards the country and economy. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Tourism is an important economic activity in the European Union because it contributes to employment and economic growth, development and socioeconomic integration in rural, peripheral or underdeveloped areas. Tourism is a wonderful method for cultural exchange. If you continue browsing the site, you agree to the use of cookies on this website. Now customize the name of a clipboard to store your clips. It also encourages societal progress as tourists learn to show respect, tolerance, and love for each other when they visit new places. Hotels, shopping malls, cruise ships, resort centers, etc are built in their numbers as a result of tourism and people get employed in these places. See our Privacy Policy and User Agreement for details. Infrastructure. The 5 Importance of Tourism 2. Tourism allows a community to diversify their sources of income, and rely less on a single industry. If you continue browsing the site, you agree to the use of cookies on this website. Cultural Heritage. 5 importance and advantages of Tourism - Economic importance and socio-economic benefits of Tourism There are 5 importance of tourism industry . Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. If you continue browsing the site, you agree to the use of cookies on this website. It’s also important for rural communities, where there is significant risk based on the farming conditions and global commodity prices. The improvement of tourism has given new methods of transportation and expanded people 's chances to travel. Let’s introduce one clear example. Tourism statistics can be used to monitor tourism-specific policies, regional policy and sustainable development. Clipping is a handy way to collect important slides you want to go back to later. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. This essay will demonstrate that tourism is much more than a simple trip and can positively or negatively affect different aspects and it will argue the importance of planning before tourism is developed will be explored. Tourism is an indispensable part of the service sector in an economy due to the following reasons- 1. Scribd will begin operating the SlideShare business on December 1, 2020 The service sector of the economy is where majority of the jobs are created as a result of tourism. Know more about these 5 importance of tourism industry. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. These 5 tourism importance and traits create the social and economic value of tourism industry and make its role significant for a country and its economy. See our User Agreement and Privacy Policy. It adds to the national income (the GDP) of the country. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. These are the reasons why countries are giving so importance to tourism and working hard to bring growth to inbound tourism. Understanding tourism and its industry is important to understand the importance of tourism. Attractions WHY EVENT MANAGEMENT IS IMPORTANT IN TOURISM. 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