This report is about Tower of London which is world famous monument and one of the most tourist attraction located on the banks of Thames river. This is one of the important landmarks in England and also played a crucial role in shaping the history of the country. Since its inception, it was used as an armoury, treasury, menagerie, the home of Royal Mint, public record office, the palace of Crown Jewels of England, and prisons. But in present time UNESCO opened it as a tourist place which made an impact on economy. The report underpins the political, economical, social and technological aspects along with key challenges, risks and limitations. These all are the factors that impacts on the organization(Gupta, 2013).
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The Tower of London is not an official name of it,, its actually named as Her Majesty's Royal Palace and Fortress of the Tower of London which is a historic castle in the central London. Although there was a fortress at this location, the present tower was built by the William in 1066 and after that the adjacent premises were expanded several times with indefinite reasons . It has been served as the royal residency of Her Highness and King. Though it has witnessed history and that is why it has become renowned name for tourism and therefore, it has a powerful impact on the country. So, there are few factors which defines the affect on the tourism industry after including the palace in travel and tourism industry.
PEST Analysis – PEST analysis refers to the external factors which impact on the organisation's business, that can have an affect in anyway cause there are such elements that bear the changes on the business(Ho, 2014).
Political Factors– Political factors are those aspects which derived by the parliament of the country, cause there are several organisational industries working in a country. Government defines some laws and the entire population and industries are abide to follow the rules. Political factors are those which are governed through establishing laws, policies regarding the tourist destination Tower of London. The UK government established a some laws in one of that is BREXIT, in which some of the population voted to stay with European countries and some of them is voted to stay with UK government. After the Brexit there is a huge impact on tourism industry of the UK cause most of the people booked there holiday packages to near there home town. That impacted on the travel industry with a huge ratio. This reduced expanses on for the country dwellers and thus, they prefer to spend there their holidays in the country. Thus, it will also impact on the earning of the Tower of London cause anyone who stays even in the rural area and urban area can easily visit to the tower and can take a trail to witness the royal legacy. According to a study on 2000 UK holidaymakers 40 percent of them wanted to spend there holiday in the country that can be say as it increased the business of the Tower of London due to BREXIT policies. Due to some political factors there is also a rise in international visitors has been noticed in the year 2017, and there was a rich figure which tells that there was a huge rise in holidaymakers who have the money. According to the local political factors the government develops such policies and regulations which aid to drive the increase the rate of guests, and they found out the ways what kind of policies should be developed to attract the visitors towards the heritage sites. As UNESCO is has done such a wonderful job by including the monument in one of the well renowned heritage sites, because after inducing it in the list, the political parties will will give the preference to preserve the old monuments. It is one of the most essential pillars to conserve the old monuments because these have a powerful impact to encourage people to put their step in to know their rich culture. The political parties maps some strategies, plans and programs to maintain the heritage culture like GREAT Britain, it showcases the tourism culture of the country and appeals international and domestic visitors to come and explore visitors attractions(Talib, Hamid and Zulfakar, 2014). By introducing such programs the government gather the funds to maintain and control the expenses of the monument. The policies are made for the positive impacts but there are some negative impact too, like the tourists who came to visit London but did in the bus bomb blast a few years ago in 2008, that made a negative impact on UK tourism cause it put a question mark on the safety of people and government policies. Because when people were not feeling safe there was a slight decline in international travellers. The Tower of London has affected by it because that was the most source to raise the funds to maintain the service itself also seen the changes.
Economical Factors– It very often that the travel and tourism industry is derived through the its visitors attractions like the palaces, monuments. But there are some factors which affects on the economy like recently the whole gone through recession at that time there was an intense drop on the travel and tourism. UK was also not remain untouched from the recession, it has also seen the drastic changes in the industry with the comparison of previous years. The local residents of the United Kingdom are not even in the state that they can visit to spend their holidays, yet they have enough economy as compared with other countries. The exchange rate of currency was too low, so international travellers was also not had small sized pocket to invest in travel. Inflation rates was on hike that makes the currency change rates slow and that's why the travellers who was across the boundaries not able to visit the country cause they need to spend more money for that. This was also a reason to raise the low funds to the governing body(Doherty, Steel and Parrish, 2012).
Apart from the recession trends in tourism also has on impact on the tourism industry because the tourism organizations are always try to evolve such programs that can invite the visitors in huge volume to raise the economy in effective manner. There are various trends which attracts visitors like sightseeing is one of that trends which easily captures the attention cause people wanted to spend their holidays in leisure after spending their exhaustive routine. So, Tower of London is one place of sightseeing which is preferred by the travellers and this kind of visiting sight gives a major support to raise the economy of the country. The travel and tourism organization orchestrate events to allure the travellers which positively impacts on economy too. Because these events are organized at such places where people can gather at one place with the charming beauty of places and this aid to increase the economical profit. These kind of events which invites tourists also raise the local business in rural and urban areas, there are some business which are dependent on tourists destinations, like the hotels, motels, and some small vendors who are running a small businesses. For an example, if travellers will come to visit then hotels will also increase their business cause they would looking for the place where they can stay with all the luxury. So, hotels are there to give them service and these are increasing the GDP of the country. The Tower of London is a major focus to raise the funds which will enhance the purchasing power of the customers, the facilities or the services are provided by the local entrepreneurs will get the profit. The cost of the facilities in travel and tourism industry matters a lot specially in hospitality because there is a wide variety of hotels so customer first seeks to the competition level and after that if they find some differences in pricing of accommodation and facilities then they can easily switch with there choice. This will affect the business economy so, it is essential to balance the pricing to sustain in the market. Because sustainability will increase the economical benefit(Rami