Cost management in hospitality industry in the Republic of Macedonia
Cost management in hospitality industry in the Republic of Macedonia

Summary/Abstract: The aim of this paper is to notify which cost management tools are used by hospitality enterprises in the Republic of Macedonia and to clear that managers need cost management tools in order to make right decisions.Having on mind that tourism industry is becoming one of the rapid growing industry in the world, Macedonia has to be in trend with those changes as small and open economy. Hospitality enterprises should stress their attention on many questions, but very important one is the question related to managing of financial resources on optimal level to survive and to reach their main goals. Luck of cost control or luck in implementation of different possible tools for cost management in hospitality enterprises leads to unfavorable performance results especially in those industries where costs are on a very high level, or they are important part of the final price of products and services. For that purpose, theoretical and empirical questions will be treated in this paper. For the empirical research, for gathering data, structured questionnaire has been used. Conclusions will shed light on hospitality enterprises and contribute to their performance improvement.

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