Managing tourism and hospitality industry during pandemic: analysis of challenges and strategies for survival

The COVID-19 pandemic severely disrupted the hotel industry, necessitating a reevaluation of competitive strategies. This study examines viable strategies for revitalizing hotel operations in the post-pandemic context, focusing on Medellín, Colombia. Using the Fuzzy Analytic Hierarchy Process (FAHP) technique, we evaluate the relative importance of different strategies and their applicability in different scenarios. The study identifies five key strategies, prioritized as follows: differentiation, service development, market penetration, liquidation, and backward integration. Our findings show that while traditional strategies such as differentiation remain highly valued, their implementation during the pandemic is challenging. The inclusion of liquidation among the top strategies indicates the severe impact of the crisis. The proposed model allows for a comprehensive assessment of strategic approaches and emphasizes the importance of adaptability in responding to unprecedented challenges. This research contributes new insights to the evaluation of competitive strategies in the context of a global crisis and provides a methodological framework that can inform strategic decision-making in the hotel industry as it copes with recovery and future uncertainties.

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Study of the profitability of the hospitality industry: statistical aspect

Ostapenko

2024

UJAET

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The article is devoted to a statistical study of the profitability of the hospitality industry, particularly temporary accommodation, and catering enterprises, as a component of the hospitality industry. The study's relevance in recent years is noted, as the industry has suffered significant losses due to the impact of the COVID-19 pandemic and full-scale invasion. The latest publications on this issue are studied. It is determined that scientists have studied the activities of hospitality enterprises mainly at the micro level. Scientific discussions on the issues of profitability and profitability of the hospitality business at the macro level using statistical analysis are practically absent, which led to this study. Using the graphical method and the calculated statistical indicators of dynamics over the past ten years, the net profit (loss) dynamics of temporary accommodation and catering enterprises are analyzed. It is determined that enterprises are primarily unprofitable. To determine the reasons for the unprofitability of the industry, the factors influencing the profitability of the hospitality business are selected: net income from sales of products (goods, works, services), other operating income, other income, and expenses. Using correlation and regression analysis, the influence of each factor on net profit (loss) is calculated. It is determined that the indicators significantly impact the income item "Other income" and expenses. Based on the results of the calculations, a multivariate regression model was built and analyzed, which confirmed a significant positive impact of other income on net profit (loss) and a negative impact on expenses. Using the trend analysis, the author determines the trend and forecasts the industry's net profit (loss) for 2024 and 2025, which demonstrates a tendency to further reduce the industry's profitability without effective measures for its development. It is determined that to avoid further deepening of the crisis in the hospitality sector, it is necessary to implement effective strategies and measures both at the level of enterprises and the level of the State. Keywords: hospitality industry, profitability of the hospitality industry, statistical analysis of profitability of the hospitality industry.

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Managing tourism and hospitality industry during pandemic: analysis of challenges and strategies for survival

Cited by 5 publications

References 96 publications

Tourism promotion during emergency response to Omicron subvariant outbreak

Tourism promotion during emergency response to Omicron subvariant outbreak

Bounce-back strategies: Revitalizing the hotel industry post-pandemic

Study of the profitability of the hospitality industry: statistical aspect

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