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Emerging Trends in Tourism

The global tourism and hospitality industry has foreseen numerous changes in the past few years. Change provides organizations with emerging trends that directly affect their success; thus, the need for strategic management. Strategic management involves planning and implementation of actionable strategies aimed at fostering the long-term sustainability of a firm (Hitt & Duane, 2017, 46). In the light of emerging global trends in the tourism industry, organizations require to utilize strategic management to safeguard their future and competitiveness. Enterprises that plan for their future can overcome emerging challenges swiftly and capitalize on opportunities in the dynamic environment. On the other hand, that firms that fail to plan strategically face many challenges, which may lead to failure. The Walt Disney Company is an example of a multinational that has dominated the tourism and entertainment industry for an extended period. The emergent of senior tourists and increased cases of terrorism and violence are the two major trends that will affect the tourism industry in the future (Petermann, Revermann, & Scherz, 2005, 3). Senior citizens provide growth opportunities while the terrorism threat poses a significant challenge to tourism; therefore, organizations require to strategic plan on how to utilize the opportunities and mitigate the problems.

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Disneyland Current State

Founded in 1923 in California, United States, the Walt Disney Company continues to dominate the global entertainment, mass media, and tourism industry up to date. The firm has diversified its operations and created subsidiaries around the world to increase its dominance in the market. The organization has an extensive network of infrastructures such as film studios, theme parks, and television networks across the world, which enhances its brand name. In the last century, the firm's management has ventured into the European and Asian markets. The endeavors have proved successful, while others have adversely influenced the organization due to its poor planning. Nevertheless, due to its improved management, the firm registered a 37% increases in its earning per share in the fourth quarter of the 2018 financial year (Walt Disney Company, 2018, 1). Today, the firm's revenue collection has increased in such a way that it announced its plan to purchase the 21 Century Fox studios.

On the other hand, Walt Disney Company customers demographics transverse age groups. In this case, its amusement parks accommodate children and older adults, which have enabled it to reap substantial revenues. Additionally, it has states of the art security measures to combat terrorism and violence. Visitors undergo security checks before entering the theme parks.

The emergence of senior tourists

Human beings will be capable of living more than a hundred years in the next twenty years. The development of longevity medicine and improved healthcare will significantly contribute to the phenomena (Petermann et al., 2005, 3). The advancements will control aging, improve physical agility, and enhance the ability to travel. Senior citizens, who will be out of the working class, will provide a boom in the tourism industry.

Senior citizens will increase the number of tourist visitors in entertainment parks such as the Disney theme parks. Therefore, the tourism industry will have to change its infrastructure, management, and entertainment packages to cater to the new class. Notably, many tourist attraction sites provide for children and middle-aged adults between the ages of 30-60 years. The Walt Disney Company will have to change the infrastructure in most theme parks in preparation of the trend. The firm should perceive the change as an opportunity and utilize it to increase its revenue collection and competitiveness in the industry.

References

Walt Disney Company. (8 Nov. 2018). The Walt Disney Company reports fourth quarter and full year earnings for fiscal 2018. Available at <https://www.thewaltdisneycompany.com/investor-relations/#reports> [Accessed on 22 Nov. 2018].

Petermann, T., Revermann, C., and Scherz, C. (2005). Office of Technology Assessment at the German Bundestag. No. 101. Pp 1-13.

Hitt, M. and Duane Ireland, R. (2017). The intersection of entrepreneurship and strategic management research. The Blackwell handbook of entrepreneurship, pp.45-63.