Tourism and Business Studies

This ICM Advanced Diploma in tourism and Business studies provides students with an understanding of the managerial, decision-making and leadership aspects of the hospitality industry. In addition it is also designed to develop independent research and study skills required when working at senior managerial level in the industry

What you will study

The Foundations of Economics

• The economic problem: scarcity choice and opportunity cost
• Production possibility and utility
• Microeconomics and macroeconomics
• Alternative economic systems
• Growth and sustainable development

Microeconomics: The Theory of Price Determination

• Demand
• Supply
• Market equilibrium, the price mechanism and market efficiency
• Concept of elasticity
• Indirect taxes, subsidies and price controls

Microeconomics: Costs and Revenues

• Short and long run costs
• The scale of production and economies of scale
• Average, marginal and total revenues
• Profit theory
• Perfect competition: the short and long run
• Productive and allocative efficiency

Microeconomics: Imperfect Markets

• Monopoly, sources and profit maximisation
• Comparison of perfect competition and monopoly
• Advantages and disadvantages of monopoly
• Monopolistic competition
• Oligopoly, sources, collusive activity and non-price competition
• Price discrimination

Microeconomics: Market Failure

• Public goods and merit goods
• Externalities
• Sustainability and government response
• Imperfect information and imperfect competition

Macroeconomics: The Level of Economic Activity

• The circular flow of income, leakages and injections
• The measurement of national income
• Limitations of national income data
• The business cycle
• Aggregate demand and its components
• Government policies affecting aggregate demand (fiscal and monetary)
• Aggregate supply in the short and long run
• Supply side policies

Macroeconomics: Equilibrium, Employment and Inflation

• Short and long run equilibrium
• The multiplier effect
• The measurement and costs of unemployment
• Causes of unemployment
• Solutions to unemployment
• Measurement and costs of inflation and deflation
• Demand pull and cost push inflation
• Reducing inflation
• The inflation-unemployment trade off

Macroeconomics: Growth and Equity

• Definition of economic growth
• Consequences of growth
• The distribution of national income
• Taxation and income distribution

International Economics: Trade

• Why countries trade
• The principle of free trade. Absolute and comparative advantage
• The world trade organisation
• The arguments for and against protection
• Types of protection
• Economic integration and trade blocs
• The terms of trade

International Economics International Monetary Issues

• Exchange rate determination
• Fixed, floating and managed exchange rate systems
• The balance of payments, current, capital and financial account
• Balance of payments and the exchange rate
• Correcting a current account deficit

Development Economics

• Sources of growth and economic development
• Characteristics and diversity of developing countries
• Measuring development
• Domestic factors affecting development
• International trade and development
• The role of foreign direct investment
• Aid, debt and development
• Market aid and interventionist strategies

Maintaining and Developing Your Economic Skills

• An analytical framework
• Planning reading
• Reading the industry literature

The Hospitality Industry – Travel and Tourism

• The travel industry
• The tourism industry

Profile of the Accommodation and Leisure Industry

• Accommodation – hotels in the UK, Europe and USA
• Industrial supply in UK and Europe
• Historical perspective – UK
• Economic issues
• Organisations
• Accommodation – timeshare
• Accommodation – caravan and camping
• Other activities within the hospitality and leisure industry

Hotel Management – Dimensions and Structure

• Strategic management
• Feasibility studies

Aspects of Management

• Commissioning the property
• Procurement
• Sources of revenue and operating costs
• Market segments

Accommodation Operations

• Marketing
• Room division
• Rooms
• Housekeeping
• Planning and organising the housekeeping department
• Human resource management
• Financial control
• Leisure facilities

Legislation

• Food safety legislation
• Liquor licensing legislation
• Health and safety at work
• Planning legislation

Restaurant and Fast–Food Industry

• Catering market
• The catering markets by sector
• Market sectors
• Major operations
• Food and beverage management

Contract Catering Industry

• Background and history
• The primary markets
• Industry supply
• The three major companies

Brewing Industry

• Background to the industry
• Major operations

Trends

• The environment
• Environment initiatives
• Environment issues – the hospitality industry
• Computer reservations systems
• Quality assurance
• Total quality management

Emergence of Sustainable Tourism

• Status of global tourism 2004
• Jafari’s “Platform” model
• Institutionalisation of sustainable tourism

Issues in Sustainable Tourism

• Issues in Sustainable Tourism
• Flexibility
• Status quo or enhancement?
• Complexity of tourism systems
• Minimalist and comprehensive composite models
• Sustainable tourism indicators
• Bellagio Principles
• Pursuing sustainable tourism

Alternative Tourism

• History of alternative tourism
• Typology of alternative tourism products
• Mass conventional tourism and alternative tourism ideal types
• Deliberate and circumstantial alternative tourism
• Farm-based tourism
• Volunteer tourism
• Guesthouse tourism
• Backpacking
• Urban alternative tourism
• Education tourism
• Potential problems

Conventional Mass Tourism

• Structure of the formal tourism industry
• Ethics
• In situ nature of tourism consumption
• Emergence of the “green consumer”
• Advantages of large economies of scale

The Facilitating Sectors

• Travel agencies
• Specialised merchandise: guidebooks
• Outbound tour operators
• Transportation providers
• Hospitality providers

Attractions

• Role of attractions
• Theme parks
• Casinos
• Ski resorts
• Golf courses

Quality Control

• Quality control
• Codes of conduct
• Ecolabels
• Awards

Tourist Destinations

• Destination and place
• Destination and community
• Broad context model of destination development scenarios
• Destination types
• Special events
• Quality control and destinations

Spatial Strategies for Destinations

• Frontstage and backstage
• Development standards
• Zoning and districting
• Purchase of Development Rights (PDR) agreements
• Trade-offs
• Government incentives

Visitor Management Strategies for Destinations

• Visitation caps
• Redistribution
• Education
• Target marketing

Ecotourism: The Conscience of Sustainable Tourism

• Definitions and criteria
• Hard and soft manifestations
• Ecotourism industry
• Spatial distribution
• Potential costs and benefits
• Quality control
• Hard and soft ecotourism within a comprehensive framework

• Economics For Business
• Hospitality Management
• Management Theory & Practice
• Tourism & The Environment
• Travel & Tourism Development