Applied strategic management by managers in the hotel and tourism industry in Cyprus and Greece during the COVID-19 pandemic

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Addresses: Department of Communications, School of Humanities and Social Sciences, University of Nicosia, 46 Makedonitissis Str., 1700 Egkomi, Cyprus ‘ IMD Business School Switzerland, Chem. de Bellerive 23, 1003, Lausanne, Switzerland ‘ School of Business, Princess Sumaya University, P.O. Box 1438, Aljubaiha, Amman, Jordan ‘ École des Ponts Business School Paris, 6, place de Colonel Bourgoin, 75012 Paris, France

Abstract: This qualitative study was conducted to help combat the adverse effects of the COVID-19 pandemic. The purpose of the study was to offer practical and tactical strategies for navigating the uncertainty and risk prevalent in today’s post-pandemic business environment in the hotel and tourism industry in Cyprus and Greece. Preliminary forecasts indicated that the tourism and hotel sector’s revenues would drop by 20% to 25% compared to 2019, amounting to four or five billion euros in losses. Data were collected from 32 hotel managers in Cyprus and Greece using a four-item web-based interview tool. It was identified that most SMEs encountered a reduction in sales and customer flow and an increase in the unemployment rate due to the COVID-19 pandemic. The managers proposed adopting business strategies and diversifications to generate sales from different sectors of the hotel business to aid in keeping the business afloat in case of a future crisis.

Journal for International Business and Entrepreneurship Development, 2022 Vol.14 No.3, pp.378 – 399

Received: 11 May 2022
Accepted: 11 May 2022
Published online: 14 Nov 2022 *