Crisis of Competition: A Conceptual Review of Hospitality and Tourism Industries

Abstract

The hospitality and airline industries tend to be in a never-ending competition. This competition in many situations leads to a crisis with many forms such as price wars, emergence of a new competitor with lowered price products and competitors following fast-second strategy. So, this paper is a conceptual research that outlines these different forms of crisis of competition. Furthermore, it indicates how organizations face competition and how they set strategies for survival and coexist in the highly competitive market. This paper also overviews case studies from the hospitality and airline industry and their response to competition. Keywords: crisis of competition, concept of competition, competitive position, price wars, fast-second strategy