Hospitality and Tourism Strategic Planning
The role of ethics in developing strategy for business success
Ethics plays a crucial role in smoothing the business process. Although several companies consider the same to be a boundary, yet the same is considered to be of crucial importance in order to satisfy their internal and external stakeholders. Vitell and Hunt (2010) noted that business ethics distinguishes between acceptable and unacceptable behaviour. It goes unsaid that the organizational sustainability is dependent on how effectively and dedicatedly is the firm able to serve the ethical demands of the stakeholders including the environment. Globalization has bought along few merits and demerits. Earlier several of the firms could still continue to operate without following few rigid ethical guidelines. As then the rules were not much stringent, the business strategy mainly revolved around meeting selfish ends. Profit earning was the ventral focus of the companies and strategies were built based on meeting the objectives. However, presently company stakeholders are focussed on including ethical values as a part of their business strategy (Stodder, 2011). The motive behind the same is to meet the satisfaction level of both the staffs as well as the customers. The potential consumes, government and other authorities will eventually build a positive brand image. Sooner the brand could carve a positive identify for itself in the market. Ethical values are thus become a part of strategy development for earning success. However, often the ethical principles deter firms from operating smoothly rather sets a rigid direction within which it is supposed to work. The issue will be detailed later.
No businesses can succeed without complying with ethical guidelines. The perception level of the stakeholders is built on how effectively the firm abides by the ethical priorities. Inspite of it being too rigid at times, firms are required to take note of the requisite ethical guidelines. Being responsible to the environment, staff and customers are among the prominent ethical guidelines that are supposed to be abided by the firms (Preble and Reichel, 2009). While the staff should be offered an adequate condition to work, the customers should be offered variety of quality products. In lieu of gaining profitability, the companies cannot force its labours to operate in poor conditions. It would also be unethical to practise child labour or pay the staff at a lower rate. Eventually, the brand might earn a poor market reputation, thus hampering its sustainability. Also, if the customers are not gaining access to quality or valued products, they might build a poor perception thus raising wider customer accessibility issues (Liu, 2009). Accessibility issues thus can prevent the scope for gaining wider sales, thereby, limiting the chances of gaining higher market share or steadying aged of the competitors.
Kets de Vries (2006) determined that firms are supposed to be socially responsible as a return of the several natural resources that are being currently used up. Brands are required to donate a specific percentage of their income as CSR (Corporate Social Responsibility). As the resources are limited, its depletion needs to be filled up by being socially responsible. Doing so will not only help the brand to build a positive market reputation but also enhances the chances of building competitive edge. Ketola (2006) determined that as customers base their choice of brand or other decision making on the developmental and other positive approaches being undertaken, a firm might soon experience a favourable attitude from the customers’ end. In addition to the latter, Hart and Brady (2005) mentioned that government and local authorities support organizations that functions on ethical business lines as the customers’ generally back such organizations. While the customers will generally purchase products as the same can be considered valued, the potential investors will be inclined to offer financial support in lieu of recovering its investment from faster product sale. However, among the several positive merits of practising ethical guidelines, firms might experience prevention from smoother operations. CSR policies or the minimum wage act is often a burden especially for smaller firms (Gabriel and Carr, 2002). The portion of profit or a certain share that could have been deployed for some other activities is booked for the meeting the ethical responsibilities.
The importance and benefits of good ethics, with regards to: boosting the morale of the employees, good and sustainable customer loyalty, profitability and sustainable and steady growth. The latter merits are considered to be helpful for the process of ensuring business success. (Figler, R. and Hanlon, 2008) denoted that business success is dependent on the merits such as: public image, investment and partnerships. Each corporation has a certain public image based on which the decision making of the customers’ depend. The public image of the firm is dependent on the current ethical issues practised by the same. Poor market image dampens the potentiality of attaining business success as the perception of the stakeholders is dependent on how effectively the required environmental policies and other ethical specifications are met Wal-Mart for example has a terrible public image while Toyota on the other hand has a positive brand image. Although, Wal-Mart is currently offering quality and decent products to its target mass, the earlier drop in image was a result of non-abidance to ethical issues (Newton, 2014). Thus, firm’s market success is dependent on the job performance and attitude of the employees. The extent to which the environmental responsibility are met and promoted, also progresses business success.
Investment is considered to be flesh and blood for businesses. Lack of adequate investment will surely prevent the forward scope for firms. However, Raj (2009) noted that investment from external parties is often dependent on: the present profit margin and public image. Public image is built on the ethical standard followed by the brand. Non-compliance to ethical regulations will drop down the market image; eventually it will not be able to attract customers. Investors will not prefer to invest in a firm that is not operating on profitable lines. Thus, in order to encourage extra business investment, firms are required to have a strong sense of business ethics. Carroll (2008) mentioned that as the part of business ethics is the responsibility of the investor, firms have a strong reputation in the field of ethical business behaviour will attract investment, thereby, gaining business success.
Joint venture is a common happening in the business world. Carroll (2008) noted while businesses can perish as a result of single joint venture, the strategy can also yield success by effectively combining the forces of two powerful companies. Often sick businesses or firms intending to enter into profitable foreign markets enter into joint venture to experience the desired success. However, the prerequisite of a successful joint venture is to have a good partner. Newton (2014) noted that the only way to get good partners is to have a good market reputation both in terms of a track record and also in terms of overall business as well. Good reputation can be earned based on the merits such as: protection of human rights, follow health/safety and environmental policies and meet all the necessary obligations. Partnership with the brand having a good market reputation will help both brands to gain faster acceptance in the intended markets.
Not in all cases, business ethics prove to be quite effective for the firm. At times the same can act as a burden thus preventing the firms from experiencing smoother operations or desired market success. Figler and Hanlon (2008) noted that business ethics might reduce company’s freedom to maximize its profit. For example, an MNC might desire to shift its manufacturing facility to some developing country to reduce cost. However, the ethical practise of the other land such as child labour, poverty-level wages and coerced employment will not be tolerated by the ethical company. Development in working conditions or abidance with the ethical health and safety standards will automatically reduce the cost-saving that the company generates. Although, the restrictions thus imposed are for the benefit for the entire society, a specific company might not experience desired success by following ethical corporate lines. Carroll (2008) also added that true abidance to ethical principles might at times be tiring or waste of time, energy and money. For example, a company have to always abide by a detailed organizational ethics even if any issue can be resolved verbally or simple procedures. Business ethics also have several other demerits that eventually could hamper business success; Raj (2009) added that higher costs, overheads and danger of building up false expectations are some of the drawbacks of following ethical business practise. Companies have to bear additional funds as a result of: sourcing from Fair-trade suppliers rather than the lowest price or training and communication of ethical polices. However, by not abiding to ethical practise, customers’ dependence upon brands is reduced, thereby, resulting in experiencing market failure and non-acceptance.
From the analysis conducted so far, it can be inferred that significance or benefits of business ethics on corporate branding and business strategy formulation cannot be overemphasised. However, in order to experience desired success, firms should follow a sound business ethics incorporated within the fabrics of all business process and investment appraisals. Doing so will help firms to carve a distinct identify for itself in the homogenous market, thereby, satisfying its current and potential market base. Thus, ethical practise should be incorporated within the strategy development in aspects such as: advertising, personal selling, business contract, pricing and supplier dealings. Eventually, the firm will savour market success.
Developing strategy involves time and resources besides requiring commitment from some of the highly paid and experienced individuals of the organization. The intense competition and pressure to meets the consumers’ demands have ensured that the companies abide by strategic planning. Newton (2014) noted that strategic planning is a part of organizational management activity that is employed to frame priorities, focus on energy and resources, strengthen operations and evaluate the company’s direction in response to changing directions. Not only do strategic planning helps in ensuring and driving towards success, but also lets firms to know if it is successful. Several available strategic frameworks will help business to ensure success, although several marketers prefer flexible strategic management structure.
Hooley et al. (2008) referred that in terms of financial, employment and reputational terms, the hospitality sector is a significant contributor to UK’s economy. Currently, there are approximately 10,000 hotels in UK that is contributing around £19 billion to the UK economy. In the coming years, UK hotel performance expects a growth of 6.6% gain in RevPAR in 2016, driven by 5% growth rates and 1.7% increase in occupancy. Hilton hotel is a primary player within the current sector that has already deepened its operations in UK market. However, Reid and Bojanic (2006) noted that certain geopolitical and market uncertainty can be potential challenges for hotel in UK. The chapter will deal with how strategic planning can be deployed by Hilton hotel, UK to tide over the uncertainties.
Business strategy can neither be created nor can be accustomed according to the changing circumstances without a structured evaluation process. Quinones (2005) mentioned that the sole motive a strategy is to resolve the problem of most unstructured sort. The scenario is quite familiar with the hotel industry of UK as well. Considering the words of Sarros et al. (2002), the most success factor concerning the leading hospitality brand depends on the brand trust factor depending on the effective business strategies followed by the particular hotel. Therefore, the contemporary hotel and tourism brands, such Hilton, UK, do not only prefer the quality of service range but also on improvising the effectual strategies for the enterprise, so the overall business process can be enhanced as well.
Ansoff’s matrix is the impactful model required to classify the range of the strategic planning process followed by a particular firm. Rousseau and Wade-Benzoni (2009) explained that Ansoff’s matrix model accounts on the strategies of market penetration, market development, product development and diversification.
The particular strategy works best in Hilton, when the firm’s average cost of production decreases with the product distribution, where as the operation size increases (Schuler, 2010). Thus, to execute the penetration strategy the firm needs a defendable competitive pose to avoid the retribution from the competitors.
In order to medium the risk of growth strategy the brand needs to focus on the development of the new geographical market, adoption of new pricing strategy to attract the potential mass and creation of new market segments (Tayles et al. 2007).
Hilton hotel of UK needs to focus on the modified services in order to appeal the existing as well as the new customers, thus, can develop the new organizational competencies. Uddin and Akhter (2011) argued that immature product in the portfolio can create a risk of counterbalance by the innovation process.
In order enhance the brand value, William et al. (2010) suggested, the firm to strategies on customer business policy, introduction of new customer service, skill management and virtual marketing by the employees.
However, to formulate a competitive advantage, the business needs to opt for the most suitable strategy of cost and price leadership. To attain the cost leadership, the firm needs to enlarge the scale production in order to benefit the economies of scale. Hence, McCracken (2008) argued that effective cost and price leadership can create a competitive advantage by reducing the production cost and increasing the amount of profit earned by the business.
1.2 Strategic business development theory for evaluating the strategic options in the hospitality industry
In order to determine the direction and scope over the long term period, the firm needs to develop a structured business theory, to match its resources with the changing environment (Farndale and Paauwe, 2007). Thus, Mintzberg’s 5 Ps business theories can serve Hilton with sufficient strategic details; in order consider the culture and capabilities of the organization (Hamel and Prahalad, 2009). Each of the 5 Ps includes different approach to strategy, like: plan, ploy, pattern, position and perspective that seem to stout the business strategies that bring complete advantage on Hilton’s strength and capabilities.
Strategy as a plan
Planning has been termed as the best unit to devise and implement the strategies that might enhance the competitiveness of Hilton’s business unit. However, it is the best way to engage separate thinking from innovating a new function performed by the producer or the strategic planners of the brand. Harrigan (2010) mentioned that through the strategic programming the brand Hilton required to articulate on the existing strategies and vision. The strategic planners should focus on the hard data or formal analysis required for strategic thinking, and act as a catalyst by encouraging the managers to think strategically.
Strategy as a ploy
Afuah (2009) suggested that extracting the better of competitors by the process of dissuasion and discouragement can be a part of strategy. Therefore, Hilton should use a patent which can potentially be used by the rival brands.
Strategy as a pattern
The manager of Hilton needs to innovate the strategic patterns that can emerge an highly responsive customer support process. McCracken (2008) argued that rather than focusing on the international choice, a subsequent and consistent way of leading business can develop into a strategy.
Strategy as position
Position is the effective form of defining strategy. The manager of the brand has to decide on positioning the firm in the market place (Ahlstrom and Bruton, 2011). This will help the brand to develop a sustainable competitive advantage.
Strategy as perspective
Hilton needs to emphasize on the risk taking and innovation of various products and services, and need to encourage its employees to rebuild the pattern of thinking according to the organizations perspective.
The different strategic options seek to integrate the activities of several functional areas of the hospitality sector in order to accomplish a long term organizational objectives (Harrigan, 2010). Therefore, Hilton of UK has illustrated high levels of strategic alliance and consistency in terms of both the internal and external environment. Thus, the management of the particular brand has under taken some of the strategic options in order to improve the business culture. The options are being evaluated underneath:
In the current market scenario, the hospitality sector is consistently turning to networks and alliances to infer complementary knowledge and market resources. However, with the help strategic alliance a brand will gain the tool to overcome the inherent obstacles that occurs while expanding the brand into the new market or during development of the new services. McCracken (2008) stated that the particular program can help the proprietor of a brand to evaluate the key qualities of an alliance partner. Moreover, the strategic alliance of Hilton is comprised of four major initiatives. Hilton has merged up with Patriot brand to formulate 3750 hotels and timeshare properties, worldwide. The paired operating brands of Patriot have co-managed and franchised the properties through the alliance of the Hilton group. Afuah (2009) stated that both the firms has called for the development of new Hilton suites in the preferred location, where the paired operating brands of Patriot are expected to manage three properties. The third initiative was the acquisition of the upscale service of the suite hotels and their conversion into the Hilton brands. Finally, the issue of commitments raised by the Patriot group, to acquire the hotels via its paired operating brand upon the completion.
On the other hand, the market program developed by the Hilton hotel eventually targets the business travellers and the leisure travellers. McCracken (2008) claimed that two third of the business traveller remains loyal to hospitality sector that provides frequent programs. On the other hand McCracken (2008) argued that Hilton requires to recognize the potential customers by segmenting the products and services that mitigate the needs of the client. Therefore, worldwide Hilton approximately has $2.34 shares within the expected range, and has been termed as the world’s largest hotel operator in the equity value of $19.7 billion (Harrigan, 2010)
1.4 Factors that enhances risk in the hospitality industry
The hospitality sector withstands constant threats from the emerging market place that creates an impact on the major issues like risk management and threatens profit margin. As the advancement of technology enhances the business efficiency, on the contrary it increases the risk of data privacy and security breaches. According to McCracken (2008), hospitality sector is highly vulnerable to the costly exposure, associated with breach system. Therefore, it possesses a high level exposure of the private data of their customer base. Thus, the manager of Hilton needs to upgrade the brand with the risk management plan in order to prevent the exposure associated with the sophisticated data management. However, the breach can affect the financial stability of the firm; thus, the producer needs to identify the risk associated with the data breaches and needs to improvise plans in order to mitigate them. Afuah (2009) argued that the major misconception of the sector is, only the large brands needs to be protective about its data. Whereas, two third of 855 incidents has been investigated that has occurred in the business with 11 to 100 staffs of similar size of enterprise. Moreover, the franchise operation often tends to share a regional, national and international data system which can be a victim of the breached practice. Hence, the brand experiencing the breach practice can implement a range of cost that can quickly mitigate the substantial loss.
Hilton one of leading giants in the hospitality sector of UK needs to implement on the best suitable strategies in order to enhance the culture and efficiency of the specified brand. Therefore, Ansoff’s matrix model suits the structure of the particular business the most in order to classify the range of statistics planning process followed by the firm. The firm has to follow the sequence of the four strategies of market penetration, market development, product development and diversification of the strategy. On the other hand, to formulate a competitive advantage, Hilton has to follow the appropriate strategy of cost and price leadership. Therefore, to achieve the cost leadership, the manager of the particular brand needs to expand the production and service scale, to0 facilitate the economies of the scale. Thus, the effective cost leadership can enhance the competitive advantage by lowering the cost of production and hence, increasing the profit margin of the firm. However, along with effective cost leadership, the brand needs to improvise on the strategic options in order to develop a structured business policy.
On the other hand, it could be inferred that brand popularity enhances along with the brand trust which can positively influence the customers’ attraction. Thus, customers nowadays develop brand trust based on the brand reliability factor which is often judged through the after scale service. Hence, the role of employee is pivotal as the service delivery process depends significantly on the performance of the employees.
Among the several recommended policy, Hilton Hotel UK can follow CFAR’s view of strategy. The strategy is based on the assumptions of external and internal environment. Afuah (2009) determined that with the changes in business environment, the leaders’ view of strategy should also in the same sync. However, there might be several alternatives available to the marketers for the purpose of developing strategy. Post identifying the strategic options, it is the duty of the managers to choose the best as the one that will be in tangent with the business objectives. Considering the current strategic aim of Hilton hotel is to: maximise performance and match their services with the needs of the hotel, CFAR model can be followed in order to determine the available options to meet the same. Ahlstrom and Bruton (2011) pointed out that the choice of single strategic options is crucial and should be done ensuring stakeholders participation.
Herein, the stakeholders could be asked to give opinion on how to maximise performance of the hotel. Several strategic ways by which the offerings can be developed in order to maintain its market image can be brainstormed. However, as a part of the brainstorming session the current operational systems and policies needs to be evaluated. If required, the chosen strategy can be implemented to reshape the service delivery process of Hilton hotel.
Back (2012) specified that as a part of strategy development, the stakeholders of the firms are supposed to be fully engaged within the decision making process. However, in order to the avoid any issues such as timely decision making, the stakeholders are supposed to be involved depending on their needs. Nevertheless, the stakeholder participation should be practised while framing the strategy of being: Globally motivated and individually focussed. The stakeholders can brainstorm upon ways by which Hilton hotel can advance its current market position. Its sales team can be reshaped to become the most global, integrated and relevant sales force in the industry. Its potential strategy can built around to make its sales team efficient enough to offer differential selling platform for the several portfolio of brands of Hilton Hotel.
2.2 Evaluation of the role of ethics in business development:
Businesses are supposed to remain dedicated towards following certain ethical principles. Bepko and Charlene (2002) referred that ethical guidelines sets a specific direction for the company to operate in a transparent process. Some of the common business ethics to be followed by organizations include: offer quality products at accessible prices, proper working conditions for the staffs and maintenance of minimum wage act. Being socially responsible is yet another business strategy that is supposed to be strictly followed in order to experience smoother operations and achieve stakeholder satisfaction, Bernstein and Weinstein (2009) added that ethical regulations should not be restricted or imposed on the stakeholders but also whole promoting business. In other words, besides aiding to ethical contract rules with the suppliers and distributors, Hilton hotel should be ethically sound at the time of the promoting business or conducting any advert policies.
The noted ethical principles followed by Hilton hotel include: to follow honest and candid conduct, conflicts of interest, disclosure of crucial information, compliance, reporting and accountability, confidentiality and fair dealings. Its aim is to develop the public image of the brand in the market. However, taking care of stakeholders’ interest or catering to minimum wage act is yet not a part of ethical business practise of Hilton hotel that might hamper its market image. Berman et al. (2009) determined that public image, investment and partnerships are the prime pillars of business development. However, ethical practices are required to be dedicatedly maintained in order to experience desired success. The image developed the customers are made based on how effectively is the brand abiding to ethical practices. Although, at times, business ethics might be an additional financial and operational burden for the company, customers and investors are normally attracted to ethical businesses. Das and Teng (2010) mentioned that a firm following transparent business lines is sure to gain support and satisfaction of all its stakeholders. While, the investors will financially back them, the customers will be inclined to experience its valued offerings and services. In either ways, the firm will earn enough revenue to expand and develop it. Thus, ethical business practise should be incorporated in future business strategies of Hilton hotel.
2.3 Potential areas of conflict in strategy implementation:
Several organizational issues might crop up while implementing fresh business strategy. Dean and Abhijit (2005) noted that the common organizational conflict to be faced is: functional conflicts and dysfunctional conflicts. The staffs of Hilton hotel might not accept the current changes rather might feel reluctant to incorporate fresh policies. They might consider change to be an additional burden rather than a step to advance the firm’s market potential. Any training initiatives might be disregards by the members as the current staff might not feel motivated enough to undergo the training process.
Clash of stakeholders interest is yet another challenges that the staffs of Hilton Hotel might face while strategy implementation. Ellerman and Brian (2010) noted that out different stakeholders have several opinions that they desire to incorporate within business. However, as it is required to select the best strategy from the available alternatives, few stakeholders might get annoyed leading to issues. Some other conflicting areas include: inadequate communication, unreasonable deadline and extreme time pressure, unclear job boundaries for strategy implementation and competition for limited resources. Hilton hotel will thus be affected as a result of latter issues.
2.4 To recommend the reduce the potential conflict of the hospitality sector
As result of identified issues in the business implementation policy, Hilton hotel can follow three of the under noted recommended strategies. The business needs to implement the participation of the stake holders. However, it can be assessed that in most of the brands the decision making has been done solely by the authority of the particular brand, which leads to a bureaucracy, as a result the miscommunication arises and the gap between the management and the stake holder increases. Therefore, in order to minimize the gap, the authority needs to encourage the participation of the stake holders, where each member gets the platform of sharing their thoughts, objectives and strategies regarding the policies of the brand. However, in order to mitigate the potential issues raised by the stake holder in terms of their investment, the proprietor of the firms needs to introduce effective cost benefits strategies. The stakeholders can thus have a basic knowledge on the investment done on the each share. Moreover, the strategies recommended by the researcher are eventually hesitant. Therefore, in order to analyze the efficiency of the recommended strategies, the globalization and internet advantage has been recommended, to understand the base of the strategies.
The chapter have evaluated the several strategic approaches undertaken by Hilton Hotel and thereby evaluating its effectiveness based on current market structure. Although, the brand is dedicated towards offering dedicated services to its target mass, yet there are flaws within the system. Hilton Hotel is thus required to implement the mentioned recommendations in order to advance its position in the hospitality industry of UK.
Afuah, A. (2009).”Mapping technological capabilities into product markets and competitive advantage: the case of Cholesterol drugs”, Strategic Management Journal, 23(1), pp. 171-179
Ahlstrom, D., and Bruton, G. D. (2011).”Learning from Successful local private firms in China: Establishing Legitimacy”, Academy of Management Executive, 15(4), pp. 72-83.
Back, B. A. (2012). “Object Lessons: Workplace Artifacts as Representations of Occupational Jurisdiction.” American Journal of Sociology, 109(3), pp. 720-752.
Bepko, B. and Charlene, P. (2002), “Service Intangibility and Its Impact on Consumer Expectations of Service Quality”, Journal of Service Marketing, 14( 2), pp. 9-26
Berman, S.L., Down, J. and Hill, C.W. L. (2009).”Tacit knowledge as a source of competitive advantage in the mobile phone market”, Academy of Management Journal, 45(1), pp. 13-31.
Bernstein, J. and Weinstein, D. (2009).”Do endowments predict the location of production? Evidence from national and international data”, Academy of Management Journal, 56(1), pp. 55-76.
Carroll, A.B. (2008), “Linking business ethics to behavior in organization.” Advance Management Journal, 43,pp. 4-11
Das, T. K. and Teng, B.S. (2010),”A risk perception model of alliance structuring”, Journal of International Management, 7(1), pp. 1-29.
Dean, D. H., and Abhijit, B. (2005) “Third-Party Organization Endorsement of Products: An Advertising Cue Affecting Consumer Prepurchase Evaluation of Goods and Services.” Journal of Advertising, 30(4): pp. 41-57.
Ellerman, J. S. and Brian, H. K., (2010). “How to Write Excellent Human Resource Policies,” Management Research News, 23.7/8: pp. 95-98.
Farndale, E. and Paauwe, J. (2007), “Uncovering Competitive and Institutional Drivers of HRM Practices in Multinational Corporations”, Human Resource Management Journal, 17(4), pp. 355-375.
Figler, R. and Hanlon, S. (2008) “Management Development and the Unconscious From an Analytical Psychology Framework”, Journal of Management Development, 27(6), pp.613-30.
Gabriel, Y. and Carr, A. (2002) “Organizations, Management and Psychoanalysis: An Overview”, Journal of Managerial Psychology, 17(5), pp.348-65.
Hamel, G. and Prahalad, C. K. (2009). “Do you really have a global strategy”, Journal of Marketing 23(2), pp. 212-232.
Harrigan,K. R. (2010). “Horizontal integration and corporate strategy”, Academy of Management Journal, 28 (2): pp. 397-425.
Hart, D.W. and Brady, F.N. (2005) “Spirituality and Archetype in Organizational Life”, Business Ethics Quarterly, 15 (3), pp.409-28.
Hooley, G. J., Saunders, J.A. and Piercy, N.F. (2008) Marketing Strategy and Competitive Jersey: John Wiley & Sons Inc..
Ketola, T. (2006) “Do You Trust Your Boss? – A Jungian Analysis of Leadership Reliability in CSR”, Electronic Journal of Business Ethics and Organization Studies, 11(2), pp.6-14
Kets de Vries, M.F.R. (2006) “The Spirit of Nepotism: Understanding the Tyrant Within”, Human Relations, 59(2), pp.195-220.
Liu, A.M.M. (2009), “Culture in the Hong Kong real estate profession: a trait approach”, Habitat International, 23(3), pp. 417-25.
McCracken, G. (2008) “Who Is the Celebrity Endorser? Cultural Foundations of the Endorsement Process.” Journal of Consumer Research, 4, pp. 310-21.
Newton, L. (2014). Business ethics in the social context. Heidelberg: Springer.
Positioning. 3rd ed. Harlow: Financial Times Prentice Hall.
Preble, J.F., and Reichel, A. (2009), “Attitude toward business ethics of future managers in the USA and Isreal”. Journal of Business Ethics, 9, pp. 941-949
Quinones, M. A. (2005) “Pre -training context effects: Training assignment as feedback” Journal of Applied Psychology, 80(4), pp.226–238
Raj, R. (2009). A study in business ethics. Mumbai [India]: Himalaya Pub. House.
Reid, R. D. and Bojanic, D. C. (2006) Hospitality Marketing Management. 4th ed. New
Rousseau, D. M. and Wade-Benzoni, K. A. (2009). “Linking strategy and human resource practices: how employee and customer contracts are created”, Journal on Human Resource Management, 33 (3), pp. 463–89
Sarros, J. C., Gray, J., and Densten, I. L. (2002). “Leadership and its impact on organizational culture”. International Journal of Business Studies, 10, pp. 1–26
Schuler, R. S. (2010). “Strategic human resource management: linking people with the strategic needs of the business”, Organizational Dynamics, 21 (1), pp 18–32
Stodder, G. S. (2011), “Goodwill hunting”, Entrepreneurs , 12, pp. 118-121
Tayles, M., Pike, R.H. and Sofian, S. (2007), “Intellectual Capital, Management Accounting Practices and Corporate Performance: Perceptions of Managers”, Accounting, Auditing & Accountability Journal, 20(4), pp. 522-548.
Uddin, M. B. and Akhter, B. (2011). “Strategic Alliance And Competitiveness: Theoretical Framework”, Journal of Arts Science & Commerce II(I), pp. 231-241.
Vitell, S.J. and Hunt, S.D. (2010), “The general theory of marketing ethics: A partial test of the model”, Research in the marketing, 10, pp. 237-265
William D, P., Behnnan, D. M. and Gary, M. (2010). “Alternative approach for interpretation of multiple discriminant analysis in marketing research”, Journal of Business Research, 7(1), pp. 151-173.