A Study on the globalization strategy of hotel companies

Abstract

The Korean hotel industry needs to enhance its global competitiveness beyond its dependency on the world’s leading hotel chains and brands. Based on descriptive research and case studies of the international and domestic hotel industry, this thesis suggests appropriate globalization strategies for Korean hotel companies for future growth in the face of global mega-competition. Korean hotel companies should strengthen their position in both the domestic and global markets on the basis of clear and appropriate visions and strategies. Korean hotel companies need to build global brands, improve their image, and establish strong worldwide networks while investing in technologies and human resources, and establishing strategic alliances and M&A to acquire the relevant competence from external parties. They should also differentiate their products and services from contemporary global leaders. The global hotel industry is facing continuous changes in the business environment. Based on a series of self-reinforcing efforts to adapt themselves to such changes and to build and enhance global competitiveness, the Korean hotel industry will be able to position itself as a national strategic industry generating national wealth and ultimately exporting Korean culture and knowledge to the world.