What are the key success factors for strategy formulation and implementation? Perspectives of managers in the hotel industry
INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT, vol.89, pp.1-9, 2020 (SSCI, Scopus)
- Publication Type: Article / Article
- Volume: 89
- Publication Date: 2020
- Doi Number: 10.1016/j.ijhm.2020.102574
- Journal Name: INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT
- Journal Indexes: Scopus, Social Sciences Citation Index (SSCI), Hospitality & Tourism Complete, Hospitality & Tourism Index, CAB Abstracts, Psycinfo, Veterinary Science Database
- Page Numbers: pp.1-9
- Open Archive Collection: Article
- Azerbaijan State University of Economics (UNEC) Affiliated: No
Abstract
This study investigates how hotel managers describe strategy and identify key success factors for its formulation and implementation. The study analyzes qualitative data collected through semi-structured interviews with property level top managers of hotels in Hong Kong. The findings show that hotel managers prioritize competition analysis and macro-environmental conditions over internal characteristics such as teamwork in strategy formulation. In the implementation phase, however, internal considerations such as employee involvement and strategic consensus are given prominence. This study provides a significant contribution by examining how top level practitioners in the industry interpret success factors in their strategic management efforts, and it highlights a largely neglected area in the hospitality and tourism management literature.