The Implementation of Strategic Management in Greek Hospitality Businesses in Times of Crisis

Sotirios Varelas and Nikolaos Apostolopoulos
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Sotirios Varelas: Department of Economics and Business, Neapolis University Pafos, 2 Danais Avenue, 8042 Pafos, Cyprus
Nikolaos Apostolopoulos: Department of Economics and Business, Neapolis University Pafos, 2 Danais Avenue, 8042 Pafos, Cyprus

Sustainability, 2020, vol. 12, issue 17, 1-14

Abstract: The aim of this research was to explore the implementation of strategic management approaches in Greek tourism and hospitality businesses during economic crises, in order to further expand our current knowledge of operating in a turbulent environment and embracing novel aspects by linking economic crises with the current literature on the COVID-19 pandemic. This research emphasizes the connection between the strategic management approaches of 131 tourism organizations and hospitality business performance by analyzing entrepreneurs’ opinions and hospitality business markets. The results reveal that a significant percentage of the participants understand and use some strategic management procedures, and some strategy in general, but there is a lack of a concrete strategy for managing the turbulent environment caused by an economic crisis. However, a large percentage of small tourism businesses are completely unaware of strategic management approaches, and their knowledge of implementing a strategy during an economic crisis is limited. The practical implications of this research can act as a navigator of the economic consequences caused by the COVID-19 pandemic.

Keywords: strategic management; hospitality business; performance; economic crisis; COVID-19 (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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