Sample Essay
Hospitality is a dynamic industry that is changing because of several external factors. The industry has become more competitive than ever before. Some companies often fail while others are very successful. Tanke (2001) argues that successful firms acquire, manage, and develop resources that provide competitive advantage. They also control and build up relationships with a large number of organizations, various stakeholders, and groups. Globalization has intensified the competitiveness and for firms to remain competitive they have to expand their relationship networks and collaborate with each other to remain competitive. Many firms are starting to monitor and manage key indicators to cut on cost and save money.
According to Ottenbacher and Gnoth (2005) There are several contemporary issues in the hospitality industry which include, human resource management, strategic management, use of ICT and gastronomy and tourism. For example in the case of human resource, globalization has brought diversity in the human resources. Information communication technology has advanced much in development. The high number of people travelling to foreign lands has brought changes in the gastronomy and tourism. Hospitality businesses must therefore manage all these issues to succeed in their operations.
Tanke (2001) argues that hospitality businesses will need to focus more on brand, human resource, emerging markets and information communication technology. These are the primary determinants of the winners and losers in years to come. Strategic management is thus important in determining the success of these firms. Strategic management provides higher levels of satisfaction than other management tools.
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