Managing Hospitality Enterprises Literature review

Managing Hospitality Enterprises - Literature review Example In order to help revive the monastery, this paper examines strategies that could be used, approaches to change management and restructuring of the MdTF by the new owners. The management could use Porters generic strategies of cost leadership, cost leadership and segmentation to improve its competitiveness. The change could be initiated through learning and communication (Diamantis 2004, p. 307). As noted by Eldring (2009), modern scholars have focussed on the application of business strategies in the hospitality industry given the dynamism of the industry. The hospitality industry has grown rapidly and is attaining maturity at a fast pace than expected. The industry is characterized by intense competition in terms of high-quality services and products, price and market share. In addition, it is also characterized by high concentration. Due to these changes, some scholars have perceived change transient (Wratshko, 2009). Strategic management in the hospitality industry could be defined differently based on different schools of thought. Drake et al. (2007, p. 86) note that strategic management could be taken to imply the decision-making process that is future oriented. The goal of this definition is for firms to formulate good decisions today in order to improve future performance. Strategic management could also be perceived as establishment a management that is result oriented. Miller & Dess (1993, p. 577) note that in such cases, managers are expected to present the results of their efforts after a given period. According to Beamish & Williams (2008, p. 91), strategic management believes in the superiority of the proactive approach to management. Many strategic plans involve firms that analyze their current business environment and future environments, evaluate the situation and attain success instead of waiting for events.