Integrating Sustainability Into Strategic Management To Gain Competitive Advantage
Do, Ngoc Diep (2020)
Do, Ngoc Diep
2020
All rights reserved. This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited.
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2020052313169
https://urn.fi/URN:NBN:fi:amk-2020052313169
Tiivistelmä
The objective of this thesis was to examine how sustainability has been integrated into strategic management at Victoria Hotels and Resorts group and subsequently, propose recommendations for the sustainability approach in its corporate strategy. The suggested strategic tools or practices could be regarded as a sustainability addition to Victoria’s corporate strategy, thus guiding and facilitating achieving the possibly full integration of sustainability into the strategic management process to gain competitive advantage.
For the purpose of attaining the goal, numerous pertinent theories, concepts and models regarding strategic management, sustainability, and the linkage of these two aspects were reviewed, forming a strong academic foundation for the research. In addition, qualitative research with two methods, namely semi-structured interview and content analysis was conducted. Accordingly, the key results encompassed the Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis, mission and vision statement, the Tripled Layered Business Model Canvas (TLBMC), and the Sustainability Evaluation Model.
The semi-structured interviews with Victoria’s top-level executives enabled the collection of rich information on Victoria’s current situation and intended future strategic direction. The content analysis of the interviews and Victoria’s official documents, on the other hand, helped obtain a holistic view of verifying the most suitable practices based on the discernment and vision of the management team. Particularly, the research divulged a need to promote Victoria’s sustainable identity to customers. Besides, the study extensively highlighted the importance of and the strong demand to introduce the strategic sustainability guideline in the corporate strategy for every hotel unit to refer to and follow easily.
Drawing on these expectations, the suggested mission and vision statements intend to effectively communicate Victoria’s strong commitment towards sustainability to various stakeholders. Moreover, flexibility, innovation and creativity are emphasised in the TLBMC. Owing to the hyper-competition that exists in the hospitality industry nowadays, it is difficult to sustain competitive advantages. Victoria should hence take these three factors into consideration in the sustainable hotel operation so as to stay vibrant and relevant in the market.
For the purpose of attaining the goal, numerous pertinent theories, concepts and models regarding strategic management, sustainability, and the linkage of these two aspects were reviewed, forming a strong academic foundation for the research. In addition, qualitative research with two methods, namely semi-structured interview and content analysis was conducted. Accordingly, the key results encompassed the Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis, mission and vision statement, the Tripled Layered Business Model Canvas (TLBMC), and the Sustainability Evaluation Model.
The semi-structured interviews with Victoria’s top-level executives enabled the collection of rich information on Victoria’s current situation and intended future strategic direction. The content analysis of the interviews and Victoria’s official documents, on the other hand, helped obtain a holistic view of verifying the most suitable practices based on the discernment and vision of the management team. Particularly, the research divulged a need to promote Victoria’s sustainable identity to customers. Besides, the study extensively highlighted the importance of and the strong demand to introduce the strategic sustainability guideline in the corporate strategy for every hotel unit to refer to and follow easily.
Drawing on these expectations, the suggested mission and vision statements intend to effectively communicate Victoria’s strong commitment towards sustainability to various stakeholders. Moreover, flexibility, innovation and creativity are emphasised in the TLBMC. Owing to the hyper-competition that exists in the hospitality industry nowadays, it is difficult to sustain competitive advantages. Victoria should hence take these three factors into consideration in the sustainable hotel operation so as to stay vibrant and relevant in the market.