A recent research on globalization and its impact on contemporary business, has pointed out…
A recent research on globalization and its impact on contemporary business, has pointed out to the need for the travel industry, including hospitality companies, to pursue strategic approaches in the management of information across borders.
The study conducted last year by U.S-based professor, Dr. J. Mark Munoz was based on executive interviews among 118 senior level travel executives in 35 countries. Dr. Munoz`s research explored the implications of the global environment on business management, finance, technology, communication and cross-border knowledge flows, and international education.
Participating respondents in the study were from: Austria, Australia, Bahrain, China, Canada, Cook Islands, Fiji, France, French Polynesia, Germany, Hong Kong, India, Indonesia, Japan, Korea, Macau, Malaysia, Mongolia, Nepal, New Guinea, New Zealand, Pakistan, Philippines, Saudi Arabia, Singapore, South Africa, Sri Lanka, Switzerland, Thailand, Tonga, Turkey, Turkmenistan, United States, United Kingdom, and Vietnam.
Twenty five percent (25%) of the respondents were from the hospitality industry, the rest were in travel services, tourism, and the airline sectors. The majority of the respondents possessed twenty (20) years of work experience and handled senior management roles.
Key findings of the study point out to the following:
- business dynamics have changed in a global environment and require travel companies to implement innovative and strategic business approaches,
- there is growing ease and convenience in establishing multi-country brands that have an international appeal,
- there is a need to decentralize management functions when expanding in international locations in order to keep up with the rapid pace of business cycles,
- collaborative engagements across travel industry channels and the government can lead to operational optimization, and
- new competitive advantages may be derived from the efficient utilization of technologies and the effective management of information across borders.
The study also pointed out to the need for managers in the hospitality industry to be aware of the impact of globalization in their organizations. The respondents of the study acknowledged that they were pressured and threatened by more intense market integration. It is therefore, appropriate that industry managers assess the level of globalization – preparedness in their organizations and to train their employees for success in a global environment.
Dr. J. Mark Munoz is an Assistant Professor for International Business at the Millikin University in Illinois, USA. He is also the Chairman of an international market research and consulting company, Munoz and Associates International. Dr. Munoz is a graduate of MBA and PhD in Management. He has worked for fifteen years in various posts in the international arena and has handled the roles of International Sales and Marketing Director for a retail group, Country Manager for Asia for a European Technology company, and Director (US & Asia-Pacific for a NASDAQ-listed market research firm specializing in travel and tourism.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
