APPLICATION OF THE BCG MODEL TO THE HOTEL SERVICE BUSINESS TO SUSTAINABLY ENCOURAGE TOURISM IN THE NEW NORMAL ERA

Abstract

The objective of this academic paper is to propose guidelines for applying the BCG Economy Model to hotel service businesses to foster sustainable development within this industry sector. This business is an important sector that can generate income for important tourist destinations in the country, especially in the eastern region, which has a large number of seaside tourist attractions. It is considered a prominent hub for Thailand’s tourism industry after the COVID-19 pandemic. The author has focused on studying the concepts of the BCG Economy Model, including its application to hotel service businesses, in order to ensure that business operations align with the current economic, social, and environmental conditions to the greatest extent possible. The key objective is to foster sustainable business development. At the same time, the author highlights the benefits and importance of applying the BCG Economy Model to hotel service businesses to enhance competitiveness in the current and future markets. Operating hotel service businesses in the 21st century suffers from a severe economic slump, which is influenced by the threat of new and difficult-to-control disease outbreaks. It has become a challenging task for business owners to continue and maintain the stability of their businesses and their readiness to accommodate a large number of tourists traveling annually. Therefore, applying the BCG Economy Model to hotel businesses will help the economy in three aspects: 1) A bioeconomy aims at adding value to biological resources. 2) a circular economy, which is considered the most efficient use of resources for maximum value and longevity; and 3) a green economy, which is concerned with economic development while considering the sustainability of resources and the environment. In addition, hotel businesses will need to adapt to prepare in three aspects: 1) finding opportunities to increase income, catching up with new trends, and having the ability to adjust quickly. 2) Cost management capacity and 3) rapid recovery under challenging situations (resilience).