STRATEGIC MANAGEMENT TOOLS AS A PREREQUISITE FOR MAINTAINING COMPETITIVENESS IN THE SLOVAK HOTEL INDUSTRY
STRATEGIC MANAGEMENT TOOLS AS A PREREQUISITE FOR MAINTAINING COMPETITIVENESS IN THE SLOVAK HOTEL INDUSTRY

Author(s): Alžbeta Kiráľová, Andrej Malachovsky
Subject(s): Business Economy / Management, Tourism
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Hotel Industry; Management; Strategic Management Tools; Competitiveness; Slovakia.
Summary/Abstract: The paper focuses on the application of modern strategic management tools in the Slovak hotel industry. It aims to identify the level of utilization of the management tools in hotels in Slovakia. The study evaluates the application of modern management tools using mathematical and statistical methods, including mean values and standard deviation. The result of the research indicates that hotels in Slovakia do not utilize the possibilities the strategic management tools offer mostly because the hotel managers significantly lacked relevant knowledge of these tools. The results demonstrate that the most used strategic management tools in monitored hotels include Customer Relationship Management and Strategic Planning, followed by Internal Relationship Management, Controlling, Outsourcing, Benchmarking, Social Media, and Supplier Relationship Management, respectively. The findings of this study can help to maximize the full potential of hotels and improve their competitiveness by creating awareness of the importance and usage of strategic management tools.

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