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Strategic Management Pros and Cons

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Strategic Management Pros and Cons

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What does strategic management mean to widen in hospitality management? Hotels and restaurants are among the most competitive businesses in the world. The hospitality Industry primarily consists of businesses that provide accommodation, food and beverage, Or some combination of these activities. Hospitality businesses provide services, which differ From tangible products because they are immediately consumed and require a people - intensive Creation process. They differ from other service establishments by providing for those who are In the process of traveling away from home in contrast to local residence, although restaurants Often serve both travelers and local guests. The offering of an experience is also becoming an Important component of hospitality. In addition, a wide range of business structures exist in Hospitality, such as direct ownership by chains, franchising, asset management, and consortia. Today, the hospitality industry has become more complex and sophisticated, with a movement Away from the “ mine host ” (i.e., a view of hospitality in which the host personally and socially Entertains visiting guests) and the cost - control frameworks of the past to a more strategic view Of the business, in both investment and operations domains.

“ Travel and tourism ” is a broad term used to capture a variety of interrelated businesses That provide services to travelers. Tourism is the largest industry worldwide, the second largest Services export industry, and the third largest retail sales industry in the United States. 64 It is the first, second, or third largest employer in 30 of the 50 states. Besides the traditional hospitality businesses of hotels and restaurants, the tourism industry includes a broad range of businesses, Such as airlines, cruise lines, car rental firms, entertainment firms, travel agents, tour operators, And recreational enterprises. The focus of this textbook will be on those hospitality businesses Primarily engaged in providing food...