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No hotel company operating today can be unaware of the swift pace of global change and its impact on every facet of the hospitality industry. With just five years left in this century, we can expect change to be the only constant. New business practices are evolving virtually as fast as our technologies, while resistance to change has become one of the primary causes of business failure. The specter of constant change raises fundamental questions as to the creation of shareholder wealth in a capital-constrained, highly competitive environment. How will hotel organizations build shareholder wealth, and what key drivers will result in success? What future products and services will be essential in a technology-driven, global environment marked by rising customer expectations? Moreover, what alternative approaches and skills must organizations develop to ensure market success? The future success of hotel organizations will be driven in large part by the ability to foresee and capitalize on change. Beyond this truism, however, there is an urgent need to identify what will be required in the competitive environment of the future with its intense focus on serving customer needs. The hospitality industry as is the case with business generally is subject to deep currents of change set in motion as economic and social systems shaped in the industrial era evolve to a knowledge-based era driven by technology advances... To read the complete article, click here to download the printable pdf file (72 kb).
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