Contents

v ● ● ● ●

Contents

List of contributors viii

Acknowledgements xvii

Preface xix

Part One Strategy in general

1 Travel 2015: scanning the environment—the

next big thing in travel and tourism 3 Marvin J. Cetron, Frederick J. DeMicco and Owen Davies 2 Scanning the business environment 15 Jorge Costa

Part Two Strategy as investments in competitiveness 3 The development of international hotel

chains in Europe 41 Paul Slattery, Ian Gamse and Angela Roper

4 Industry critical success factors and

their importance in strategy 69 Nicolas S. Graf

5 Hotel investment risk: what are the chances? 103 Elie Younes and Russell Kett

6 State-of-the-art cost of capital in hospitality

strategic management 115 Melih Madanoglu

7 Competitive methods of multinational hotel

companies in the new millennium (2000–2007) 149 Jinlin Zhao and Wei He

8 The importance of intangible assets: trends

and patterns 181 Francis A. Kwansa, Cynthia Mayo and

Tevfik Demirciftci

vi

● ● ●

9 Recent findings regarding hotel brand

and strategy 203 John O’Neill and Anna Mattila

10 Strategic alliances in the hospitality

industry 215

Prakash K. Chathoth

Part Three Core competencies 11 Resource allocation decisions and

organizational structure 235 Robert J. Harrington and Michael Ottenbacher

Part Four Functional competencies 12 Strategic human resource management:

high performance people system as core

competencies 267

Kevin S. Murphy and Michael D. Olsen 13 Investing in information technology to

grow firm value 301 Daniel J. Connolly

14 Strategy execution and implementation—

achieving strategic goals through operations 333 Peter Jones and Alan Parker

Part Five Decision-making

15 Leadership in the hospitality industry 357 Joseph J. West and Sabina Tonarelli-Frey

16 The organizational culture and its role

in executing strategy 375 Chris Roberts

17 Measuring co-alignment 391 Marcia H. Taylor and Michael D. Olsen

Part Six Implementation

18 Innovation and strategy implementation:

the key challenge in today’s competitive

atmosphere 407 Sander Allegro and Rob de Graaf

19 Strategy models and their application to

small- and medium-sized enterprises 425 Amit Sharma

Contents

Handbook of Hospitality Strategic Management

vii ● ● ● ●

Part Seven Strategy and multiunit issues 20 Factors influencing entrepreneurial orientation

of ethnic minority small- and medium-sized

hospitality enterprises 453 Levent Altinay and Fevzi Okumus

Conclusion 479 Index 481