You are kindly requested to provide a comprehensive, well written, up-to-date literature review on the topic of performance measurement in the travel and tourism sector. Background about the issue is hereby below:
A firm’s ability to last in time is closely linked to the results it achieves. Performance is the time test of any strategy (Hofer and Schendel, 1978) and performance improvement is at the heart of strategic management (Chakravarthy, 1986). It is, therefore, not surprising that many research studies have sought to clarify what we mean by performance, underlining the need to jointly consider several dimensions (Venkatraman and Ramanujam, 1986; Walker and Ruekert, 1987), to integrate financial and non-financial measures (Chakravarthy, 1986; Eccles, 1991), to consider the generated value (Rappaport, 1986), to broaden the survey perspectives to involve the main business stakeholders (Kaplan and Norton, 1992, 1996) and to find the determinants of performance (Capon et al., 1990; Lenz, 1981).
Numerous authors (Chen C.F., 2007; Evans, 2005; Pan, 2005) underline that the main empirical contributions to the performance issue have focused first, above all, on the industrial sector and, subsequently, on some segments in the service sector (banks, retail, insurance), but have neglected the travel and tourism sector, with a few exceptions. However, above all, from the 1990s onwards, many studies have applied the performance issue to the hotel sector (Okumus, 2002). Some features of hotel businesses (Harris and Brander Brown, 1998; Mia and Patiar, 2001; Winata and Mia, 2005) and, in particular, the presence of three different business units marked by a high
intangibility (rooms), the presence of a physical asset (food and beverage) and the typical features of a retail business (stores), above all, make this industry a fascinating research field, together with the strong growth recorded by the sector in the past, growing competition (Collier and Gregory, 1995; Harris and Brander Brown, 1998) and the
existence of a high spatial concentration (destinations) (Baum and Mezias, 1992; Dredge, 1999; Enright and Newton, 2004; Ingram and Inman, 1996).
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