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A Data Envelopment Analysis for establishing the financial benchmark of Korean hotels

Author

Listed:
  • Hokey Min
  • Hyesung Min
  • Seong Jong Joo
  • Joungman Kim

Abstract

In the wake of catastrophic natural disasters and rising threats of terrorism, the hotel industry has seen a decline in revenue and an increase in competition. To avoid a downward spiral, the hotel industry needs to develop more competitive business strategies in order to make its operations lean and robust. These strategies may include: customer relationship management, yield management, niche marketing and continuous improvement of financial health. The success of these strategies hinges on the ability of hotel managers to assess the financial efficiency of their hotel in comparison to competition. In an effort to help hotel management enhance its financial efficiency in an increasingly competitive hotel industry, this paper proposes a Data Envelopment Analysis (DEA), which develops a meaningful set of benchmarks that will dictate best practices and form a successful hotel business model. Using the examples of 39 international and regional hotels in Korea, this paper illustrates the usefulness of DEA for the continuous improvement of hotel business practices.

Suggested Citation

  • Hokey Min & Hyesung Min & Seong Jong Joo & Joungman Kim, 2008. "A Data Envelopment Analysis for establishing the financial benchmark of Korean hotels," International Journal of Services and Operations Management, Inderscience Enterprises Ltd, vol. 4(2), pages 201-217.
  • Handle: RePEc:ids:ijsoma:v:4:y:2008:i:2:p:201-217
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    Citations

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    Cited by:

    1. Thomas E. Lambert & Arun Kumar Srinivasan & Uric B. Dufrene & Hokey Min, 2010. "Urban Location And The Success Of Casinos In Five States," International Journal of Management and Marketing Research, The Institute for Business and Finance Research, vol. 3(3), pages 1-16.
    2. Jarmila Horváthová & Martina Mokrišová, 2018. "Risk of Bankruptcy, Its Determinants and Models," Risks, MDPI, Open Access Journal, vol. 6(4), pages 1-22, October.
    3. Lambert, Thomas & Srinivasan, Arun & Dufrene, Uric & Min, Hokey, 2010. "Urban Location and the Success of Casinos in Five States: A Data Envelopment Analysis Approach," MPRA Paper 69740, University Library of Munich, Germany.
    4. Min, Hokey & Lambert, Thomas, 2013. "An Exploratory Evaluation of State Road Provision to Commuters and Shippers using Data Envelopment Analysis and Tobit Regression," MPRA Paper 47196, University Library of Munich, Germany.
    5. Hokey Min & Hyesung Min & Seong Jong Joo, 2007. "A data envelopment analysis on assessing the competitiveness of Korean hotels," The Service Industries Journal, Taylor & Francis Journals, vol. 29(3), pages 367-385, November.

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