Combining quality research and experience, it discusses key topics such as: environmental scanning, competitive strategies, structure and implementation, and performance. Placing a responsibility on the reader, the book offers a combination of cumulative learning exercises, simulated decision making settings, and a book specific website. This edition clearly discusses the role of strategy in creating firm value and growth and stresses the relationship between leadership theory, strategic thinking and financial management. Discusses strategic management for the hospitality industry based on25 years of research within the industry. Offers material that has been validated in a scientific manner and combines the best research and experience to date, both within the hospitality industry and the field of strategy. Looks at strategy as a means of creating firm value and growth. Discusses how strategic management is a function of the cognitive, experiential and informational skills of the manager. Based on scientific research within the industry, this book outlines a strategic model that can be used to improve decision making and policy within the hospitality field.