MODERN MANAGEMENT TECHNOLOGIES IN THE HOSPITALITY INDUSTRY

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  Olena Sukach

  Svitlana Kozlovska

  Natalia Sushko

Abstract

The hospitality industry is currently one of the dynamic areas of the developing economy which stimulates the development of various sectors of the modern economy. The current challenges posed by the next economic crisis and the effects of pandemic constraints require the formation of new mechanisms for managing the hospitality sector. The main purpose of the research is to create modern management tools for the development of the investment potential of the hospitality industry. The subject of the research includes Ukrainian hospitality enterprises, their financial condition and management in a pandemic. The process of systematization of literary sources has identified the main modern problems of the hospitality industry, which include hotels, restaurants, entertainment, sporting events, and other services related to tourism. However, this specific area has a unique set of problematic aspects that need to be solved immediately. Understanding the importance of the management system in the hospitality industry and its adaptation to modern changes will help increase the competitiveness of such enterprises in the market. Research methodology: the article uses the funds of empirical studies of the essence of the hospitality industry, as well as statistical analysis of the modern market of hotel services. Also, the investment market in the sector of tourism was studied with the help of mathematical tools. Modern management in the hospitality industry is aimed at deviating from the typical and traditional tools to meet customer needs, which is caused not only by social change but also by the development of various financial instruments. The study proves that the successful development of the hospitality industry is impossible without the use of modern management tools based on the principles of marketing. Analyzing the market of hospitality services, in the process of development and implementation of innovative services, it is advisable to focus on the study of a competitive environment and the needs of potential customers. Conclusions. The results of the study prove the importance of this area and the feasibility of developing and implementing effective management tools. The research substantiates and offers promising areas for attracting investment resources in the hospitality industry. Also, according to the results of the study, the authors propose the stages of implementation of target marketing as an effective tool for the development of hospitality in Ukraine. The concept of development of innovative services in the field of hospitality on the basis of the formed strategy of target marketing is developed.

How to Cite

Sukach, O., Kozlovska, S., & Sushko, N. (2021). MODERN MANAGEMENT TECHNOLOGIES IN THE HOSPITALITY INDUSTRY. Baltic Journal of Economic Studies, 7(3), 168-176. https://doi.org/10.30525/2256-0742/2021-7-3-168-176
Article views: 368 | PDF Downloads: 164

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Keywords

hospitality industry, hotel business, financial instruments, investments, hospitality enterprises, the concept of development of innovative services

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