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A Literature Review of Strategic Management in the Hotel Industry

The hotel industry is a complex and dynamic sector that requires strategic management to ensure its success. Strategic management is the process of making decisions and implementing actions that will result in the long-term success of an organization. This process invol..

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A Literature Review of Strategic Management in the Hotel Industry

The hotel industry is a complex and dynamic sector that requires strategic management to ensure its success. Strategic management is the process of making decisions and implementing actions that will result in the long-term success of an organization. This process involves analyzing the environment, setting objectives, developing strategies, and implementing and monitoring plans. A literature review of strategic management in the hotel industry provides insight into the current state of the sector and the strategies that have been successful in the past. The hotel industry is highly competitive and is constantly changing due to advances in technology and changes in customer preferences. To maintain a competitive edge, hotel managers must be able to identify and respond to changes in the environment.

This requires a thorough understanding of the industry and the ability to analyze the external environment and develop strategies to address the changes. One of the key components of strategic management in the hotel industry is the development of a mission statement. This statement should outline the organization’s purpose and provide a roadmap for the future. It should also provide a framework for developing strategies and objectives. Additionally, it should be used as a guide for decision-making and to ensure that the organization is working towards the same goals. The hotel industry is also highly dependent on customer service. To ensure customer satisfaction, hotel managers must be able to develop effective strategies to attract and retain customers.

This includes creating a customer-centric culture, providing excellent customer service, and creating an environment where customers feel welcome and respected. Additionally, hotel managers must be able to identify and respond to customer feedback in order to continuously improve the customer experience. In addition to customer service, hotel managers must be able to identify and respond to changes in the competitive landscape. This involves analyzing the competitive environment and developing strategies to gain a competitive advantage. This may include developing unique services and amenities, engaging in marketing and advertising, and leveraging technology to improve efficiency and customer service. Finally, hotel managers must be able to effectively manage the financial resources of the organization.

This includes developing a budget, monitoring expenses, and ensuring that resources are allocated efficiently. Additionally, hotel managers must be able to identify and respond to changes in the financial environment and develop strategies to ensure the long-term financial health of the organization. A literature review of strategic management in the hotel industry provides insight into the current state of the sector and the strategies that have been successful in the past. The review also highlights the importance of customer service, competitive analysis, and financial management in the strategic management of a hotel.

By understanding the current state of the sector and the strategies that have been successful in the past, hotel managers can develop effective strategies to ensure the long-term success of their organization.

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