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Marketing Strategies in the Changing Envrionment of the Hospiltality and Tourism Industry - Term Paper Example

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"Marketing Strategies in the Changing Environment of the Hospitality and Tourism Industry" paper states that there is a lot more that needs to be done to reorient the marketing of the hospitality industry. There has to be a positive relationship between market orientation and strategic orientation…
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Marketing Strategies in the Changing Envrionment of the Hospiltality and Tourism Industry
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Download file to see previous pages There is oversupply and new products are being introduced in the hospitality market like corporate housing and timeshare in the United States market. Keeping in view the new business environment, the hotel companies are experimenting by finding new sources that offer competitive advantage (CA) to enhance companies' performance. According to Barney (1991), recognizing the sources of CA is getting increasing attention in the line of strategic management. Likewise, the demand of able managers, who could encash the opportunities arising out of the assessment of market forces, create new resources, apply reliable strategies and give good results, has increased in the hospitality industry.

Theoretically, sources of CA can be discussed with the help of Porter’s five forces perspective and the resource-based perspective (RBP). Porter views CA emerging out of market forces like the bargaining power of buyers and suppliers. The RBP views such resources that are particular to a firm – adopting an internal approach while Porter follows an outside-in approach. The purpose of both perspectives is the same – to create customer value and give a performance. While evaluating the hospitality industry on the parameters of both perspectives, it is important to reach a stage where basic assumptions of both theories are measured in unidentical contexts. Although both perspectives stress on a firm’s strategic orientation including Porter’s three generic strategies of low cost, differentiation and focus and RBP approach consisting of a company’s understanding of its strategic management process yet following one approach may limit the scope of CA. As industry managers seek competitive advantage both within firms and beyond industries, requiring a focus on the power of the relationship between the antecedents and results of competitive advantage, both perspectives are equally important. RBP perspective emphasizes recognizing a firm’s functional resources – financial and human – critical for the success of a marketing strategy. ...Download file to see next pagesRead More
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