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Hospitality strategic management

The term strategy is derived from the military, as
part of war relations between nations and communities.
Management theory adapted the term
to competitive business situations between firms
in terms of economic, technological or managerial
dimensions. The meaning of strategy in the
organizational context involves an amalgam
of decisions, characterized by unique features,
aimed at reaching the goals of the organization.
Clearly, the desire to succeed in business and
avoid failure requires formulation of strategies
that determine exactly what the organization
wants to achieve and what means are required to
achieve these goals. It should be noted that in
corporate strategy, not unlike military strategy,
the actors may choose to cooperate rather than
to be involved in head-on conflict. The literature
offers numerous definitions of organizational
strategy. It appears that common to all definitions
is the realization that strategy involves significant
decisions that can be detrimental to the
future of the organizations. Additionally, these
decisions always involve resource allocations and
cannot be changed immediately or in the short
term. As it emerges from the research, a more
detailed definition of strategy includes the design
and formulation of the goals and objectives
of the entire organization, allocation of the
resources needed to achieve these goals and the
organizational processes dealing with the implementation
of the decisions. A successful strategy
is one that enhances the value of the organization
in the long run through the development
of sustainable competitive advantage. This
advantage can be achieved if the organization
manages to position itself in a preferred position
in the competitive arena, often through the
accumulation of unique resources.
According to Olsen and Roper (1998), the
bulk of research on strategy in the hospitality
industry has been of two types: Early work was,
for the most part, conceptual, strategy-related
models, developed in other sectors and applied to
the hospitality industry, without empirical investigation
actually being conducted. The second
line of research was more empirical in nature,
relying on hypotheses and frequently employed
survey research methods. Several exploratory
case studies were employed as well, resulting in
the formulation of propositions that encouraged
further research and theory building.



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