The Hospitality and Tourism Context

1.______________ is the advantage that firms are able to create in the marketplace by being ahead of competition during the time horizon over which existing resources and capabilities are used to the fullest extent.

______________ pertains to the unfavorable conditions in the firm’s task environment.

The procedure that provides the firm with an overview of how it is positioned in a given market to tap opportunities and counter threats is called ______________.

The alignment between the firm’s internal resources and capabilities and external

opportunities is called the _____________.

The _________________ lies outside the firm and includes individuals, firms, systems, and institutions that have an impact on it.

The ________________ contains three components: human resource, organizational function, and organizational level.

_______________ relates to the difficulty of the firm’s managers to accurately predict the occurrences of an event.

The _____________ refers to the degree of change over time related to the factors or

variables pertaining to the internal and external environments.

The _____________ refers to the number of factors or variables that influence the environment.

The unfavorable conditions in the general or macro environment is called ____________.