Instructions: Answer the activity in a precise and straightforward answer. Read below the question before answering the question.

Question: In reality, businesses are facing problems, issues, and challenges in operating their business, especially in Tourism and Hospitality Industry; as a result, it gives burdens on the company's growth and success. Choose at least three forces and site one issues each that Hospitality and Tourism businesses is facing right now in this globally competitive industry and develop a solution for the problem you mentioned.

Read me: The microenvironment consists of actors and forces close to the company that can affect its ability to serve its customers. The microenvironment actors include the company, suppliers, market intermediaries, customers, and the public.

THE COMPANY'S MICROENVIRONMENT

The Company

Suppliers

Marketing Intermediaries

The Customers

The Competitors

Marketing managers must work with all departments of a company. All departments have an impact on the marketing department's plans and actions. "think consumer"

THE SUPPLIERS

• Suppliers and vendors are one of the most important factors of a firm, especially for organizational selling companies. In organizational markets, suppliers of one company are most probably the customers of other companies. Raw materials provided by the suppliers are further modified or assembled and then passed on to the end-users. Changes occurring in the supplier's environment affect the marketing functions of the firms. A firm should ensure the availability of raw materials in advance so as to ensure the timely delivery of products to its customers. Also, the role of suppliers is more important in those firms which operate in highly competitive markets; wherein there is very little differentiation between the products. In such types of markets, the firm can gain a competitive advantage by passing on their goods to the customers at lower prices; however, in this case, the firm should be able to get the raw material at the lowest possible price in order to pass on the benefit over cost savings to its end-user. Usually, in this type of market, the buyers and sellers cooperate with each other in order to make the value chain efficient and pass on the value-added products to the customers. Suppliers are firms and individuals that provide the resources needed by the company to produce its goods and services. Suppliers can seriously affect marketing plans.

THE MARKETING INTERMEDIARIES

• Companies that help the firms in promoting, selling, and distributing their goods to the final buyers are called marketing intermediaries. These include physical distribution firms, middlemen, financial intermediaries, and marketing services agencies. The role of marketing intermediaries is very important, especially in the case of large-scale manufacturing firms, wherein it is a very difficult, tedious, and costly proposition for the firms to take their manufactured products directly to the target market. Marketing intermediaries help the company promote, sell, and distribute its goods to the final buyers. Marketing service agencies help formulate and implement marketing strategies. Financial intermediaries help hospitality companies finance their transactions.

THE CUSTOMERS

• Customers are a very important factor affecting any firm since customers generate profit. For any company, no customer means no business. Customers of the firm can belong to consumers markets, intermediary markets, industrial markets, resellers markets, government markets, and/or international markets. The customers' needs and preferences keep changing, and so does their loyalty toward the brand. Therefore, the firm must be vigilant about the constantly changing needs and wants of its customers and must make efforts to produce or improvise its products so as to satisfy these needs and wants. This is possible through marketing research and marketing information systems, in which firms can gather the information, analyze it, prepare or modify the products or services based on this analysis, and then communicate about these to the audience through different sources.

THE COMPETITORS

• The rivalry between companies selling similar products and services. Direct competitors: Companies who offer the same products and services aimed at the same target market and customer base. Indirect competitors: A company that offers the same products and services, but the end goals are different.