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Are you looking to escape the monotonous everyday life? We may be doing a lot of things that we like to beat the stress of work and family life. But there is no other alternative than taking a flight to your favourite destination and spending a quiet and laidback holiday away from the hustle and bustle of your usual place. There are various reasons or purposes for which people travel to different locations around the world, such as education, business, leisure, family etc., of which recreation accounts for the primary reason to move around the globe, followed by business, education and family. To manage the movement of people from one place to another, various service providers, such as hotel, airlines have come together to build a robust travel industry.

Stake Holders:

There are many stakeholders in the travel industry which encourage people to take up a tour and facilitate their trip to become a successful one. These stakeholders, even though individual entity, tie up with each other to offer package to the travellers, thus increasing the sales of products in the bundle and reducing the cost overall, which would have been expensive otherwise for the consumer to buy the products separately. Below are some overviews of the stakeholders in the industry:

Airlines: One of the most valuable stakeholders in the travel industry, airlines facilitate travellers’ air journey from one place to another within a short time. All around the world, there are many traditional and low-cost air carriers, which have been operating their flights quite frequently connecting the significant and minor tourism destinations with the rest of the globe. Some famous and big names like Delta Airlines, or Emirates offer outstanding facilities to the travellers on board, or at the airport, though the products and services could be pricy when it comes to comfortable journey, these traditional carriers are comparatively unmatched in their offerings. On the other hand, some popular low-cost carriers like Southwest Airlines or Air Asia cater to the need of only budget-conscious travellers.

Car Rental Companies: At the destinations, many car rental companies provide their services to transfer travellers from airport to hotel and vice-versa. Apart from transfer service, they also organise sight-seeing tour for the travellers making it easy and comfortable for them to explore and experience the attractions. These car rental companies also provide a private car to the travellers to get around the destination city. Though the cost of the service varies from season to season, to minimise the service price and to increase their sales, these companies most of the time tie-up with destination hotels.

Destination Accommodation: There are various forms of accommodations, such as hotel, bed and breakfast, dormitory, inn, motel etc. at tourism destinations. These are also a part of the travel industry as they provide homely comfort to the travellers while they are away from home. As per the spending capacity of the travellers, various types of stay have come up, such as luxurious, mid-range and budget hotels. Staying in the hotels also shows off the status symbol of the travellers, for example, ultra-luxury hotels like Burj al Arab in Dubai is dedicated to those who come from the elite class of the society.

Travel Agency: Last but not least, travel agencies are also one of the stakeholders in the travel industry. Though they provide indirect service to the travellers as the third party, yet availing travel products like air-ticket or hotel room from them help get the products at an affordable price, as the agencies buy the products from the leading service providers in bulk and on discounts. There are many renowned travel agencies in the world which have been providing relentless travel services at affordable price.

The travel industry, despite our attempt to make it a strong industry, is very much volatile in nature due to many factors that contribute towards management of the industry. Not only the internal factors influence the travel business but also the external factors like weather, policies or economy of a country etc. affect stimulating or discouraging the purpose of travel. Due to the ever-changing nature of the travel industry, costs of travel products greatly varies from time to time and based on availability, offering people an opportunity to avail various price deals from the service providers.