Strategic Management for Creating Competitive Advantages of Environmentally Friendly Event Business: Concepts and Applications
Keywords:
strategic management , competitive advantage , environmentally friendly event businessAbstract
Rapid growth and intense competition within service and event management industries have generated multiple environmental impacts. Therefore, this article aims to present concepts and applications of strategic management principles to create competitive advantages for environmentally friendly event businesses. Through an extensive review of the relevant literature and research, the authors propose the following strategic process applications: 1) event organizers should analyze both internal (strengths and weaknesses) and external (opportunities and threats) environments to assess competitive potential before formulating strategic plans; 2) strategy formulation, wherein executives should establish strategic directions and plans that prioritize environmental considerations conducive to competitive advantages; 3) strategy implementation, which reflects the development of functional action plans to achieve objectives, including appropriate resource allocation for operational activities; and 4) evaluation and control, comprising the assessment of event outcomes in alignment with strategic plans. Event organizers should prioritize environmental considerations throughout these four strategic phases. From an academic perspective, this study emphasizes the importance of strategic management processes that prioritize environmental concerns, thereby expanding the body of knowledge regarding strategic management within the context of event businesses. From a practical standpoint, this study provides environmentally friendly strategic management guidelines for the event industry, which represents a growing business sector, thus facilitating the development of competitive advantages.
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