MANAGEMENT OF STRATEGIC CHANGES AND RISKS IN THE DEVELOPMENT OF THE TOURISM INDUSTRY

##plugins.themes.bootstrap3.article.main##

##plugins.themes.bootstrap3.article.sidebar##

Published: May 20, 2025

  Iryna Segeda

  Nataliia Vlashchenko

  Svitlana Aleksandrova

Abstract

The article explores the theoretical and practical aspects of managing strategic changes and risks in the development of the tourism industry. The tourism sector is currently facing a number of significant challenges, which can be attributed to the evolving nature of market demands, geopolitical instability, and economic disruptions. In order to ensure long-term sustainability, the tourism sector requires the implementation of effective strategies. The objective of the present study is to identify strategies and tools for managing strategic changes and mitigating risks in the development of the tourism industry. The objectives of the research include analysing the key drivers of strategic change within the tourism sector, examining the risks associated with these changes, and proposing a framework to ensure resilience and sustainable growth in the face of external and internal challenges. The research further investigates the impact of strategic risks on consumer behaviour, competitive positioning, and the ability of tourism enterprises to attract investments and international partnerships. These are all crucial for the recovery and growth of the industry. The methodological basis of the study incorporates a systematic approach that integrates both qualitative and quantitative methods, including case studies, expert interviews, and statistical analysis. These methodologies facilitate a comprehensive evaluation of the nature of strategic changes and risks in the tourism industry, thereby aiding in the development of actionable strategies for risk management. The findings emphasise the significance of adaptive risk management practices, including scenario planning, market diversification, and digital transformation, in ensuring the industry's competitiveness. The methodological basis of the study incorporates a systematic approach that integrates both qualitative and quantitative methods, including case studies, expert interviews, and statistical analysis. These methodologies facilitate a comprehensive evaluation of the nature of strategic changes and risks in the tourism industry, thereby aiding in the development of actionable strategies for risk management. The findings emphasise the significance of adaptive risk management practices, including scenario planning, market diversification, and digital transformation, in ensuring the industry's competitiveness.

How to Cite

Segeda, I., Vlashchenko, N., & Aleksandrova, S. (2025). MANAGEMENT OF STRATEGIC CHANGES AND RISKS IN THE DEVELOPMENT OF THE TOURISM INDUSTRY. Baltic Journal of Economic Studies, 11(2), 136-141. https://doi.org/10.30525/2256-0742/2025-11-2-136-141
Article views: 184 | PDF Downloads: 83

##plugins.themes.bootstrap3.article.details##

Keywords

management, tourism, hotel industry, tourism industry, risk management

References

Gössling, S., Scott, D., & Hall, C. M. (2021). Pandemics, tourism and global change: a rapid assessment of COVID-19. Journal of Sustainable Tourism, 29(1), 1–20. DOI: https://doi.org/10.1080/09669582.2020.1758708

Higgins-Desbiolles, F. (2021). The "war over tourism": challenges to sustainable tourism in the tourism academy after COVID-19. Journal of Sustainable Tourism, 29(4), 551–569. DOI: https://doi.org/10.1080/09669582.2020.1803334

Li, Z., Wang, D., Abbas, J., Hassan, S., & Mubeen, R. (2022). Tourists' health risk threats amid COVID-19 era: role of technology innovation, transformation, and recovery implications for sustainable tourism. Frontiers in Psychology, 13, Article 855246. DOI: https://doi.org/10.3389/fpsyg.2022.855246

Fennell, D. A. (2021). Technology and the sustainable tourist in the new age of disruption. Journal of Sustainable Tourism, 29(5), 767–773. DOI: https://doi.org/10.1080/09669582.2020.1769639

Ateljevic, I. (2020). Transforming the (tourism) world for good and (re)generating the potential 'new normal'. Tourism Geographies, 22(3), 467–475. DOI: https://doi.org/10.1080/14616688.2020.1759134

Sharma, A., & Hassan, A. (2020). Overtourism as destination risk: impacts and solutions. Emerald Publishing Limited, 1–17. DOI: https://doi.org/10.1108/978-1-83982-688-920201002

Seabra, C., Reis, P., & Abrantes, J. L. (2021). Pandemics and travel: COVID-19 impacts in the tourism industry. Emerald Publishing Limited, 1–19. DOI: https://doi.org/10.1108/978-1-83982-688-920201001

Sigala, M. (2020). Tourism and COVID-19: impacts and implications for advancing and resetting industry and research. Journal of Business Research, 117, 312–321. DOI: https://doi.org/10.1016/j.jbusres.2020.06.015

Baum, T., & Hai, N. T. T. (2020). Hospitality, tourism, human rights and the impact of COVID-19. International Journal of Contemporary Hospitality Management, 32(7), 2397–2407. DOI: https://doi.org/10.1108/IJCHM-03-2020-0242

Zenker, S., & Kock, F. (2020). The coronavirus pandemic – a critical discussion of a tourism research agenda. Tourism Management, 81, Article 104164. DOI: https://doi.org/10.1016/j.tourman.2020.104164

Brouder, P. (2020). Reset redux: possible evolutionary pathways towards the transformation of tourism in a COVID-19 world. Tourism Geographies, 22(3), 484–490. DOI: https://doi.org/10.1080/14616688.2020.1760928

Hall, C. M., Scott, D., & Gössling, S. (2020). Pandemics, transformations and tourism: be careful what you wish for. Tourism Geographies, 22(3), 577–598. DOI: https://doi.org/10.1080/14616688.2020.1759131

Prideaux, B., Thompson, M., & Pabel, A. (2020). Lessons from COVID-19 can prepare global tourism for the economic transformation needed to combat climate change. Tourism Geographies, 22(3), 667–678. DOI: https://doi.org/10.1080/14616688.2020.1762117

Batini, C., Cappiello, C., Francalanci, C., & Maurino, A. (2012). Methodologies for Data Quality Assessment and Improvement. ACM Computing Surveys, 44(3), 1–51. DOI: https://doi.org/10.1145/2187671.2187674

Hossain, M. U., & Khusro, S. (2018). Big Data in Business: Impact and Future Trends. International Journal of Computer Applications, 179(10), 34–39. DOI: https://doi.org/10.5120/ijca2018917137

Desai, S., & Chakravarty, A. (2017). Big Data in Information Systems: Applications and Future Directions. Journal of Information Systems Technology and Planning, 13(2), 88–95. DOI: https://doi.org/10.1080/21570360.2017.1336641

Zikopoulos, P., & Eaton, C. (2011). Understanding Big Data: Analytics for Enterprise Class Hadoop and Streaming Data. McGraw-Hill Education. Pp. 148–203.