Economics Of The Restaurant Or Hospitality Industry

Economics of the restaurant or hospitality industry

Topic: Economics of the restaurant or hospitality industry Please write a concise summary for article 1 and article 2 with each 250 word limit Format of the summary should be like as below 1. Cite the article using APA style including in site text citations 2. write a concise summary for article 1 and article 2 with each 250 word limit by covering the below points summarize the information provided 3. Possible shortcomings or biases of the work 4. What you found more interesting in this work Article 1: Key Threats to Economic Security of Hotel and Restaurant Enterprises Published in: Bà¬znes Inform,2021,Directory of Open Access Journals By: Voroniuk Ievgeniia V. Article 2: COVID-19 Crisis Management on the Example of Hospitality Industry Enterprise in Latvia Published in: Problemi Ekonomiki,2022,Directory of Open Access Journals By: Koryuhina Catherine;Shamshina Tatyana;Riashchenko Viktoriia;Gryshova Inna Yu.

Paper For Above instruction

The articles in question offer valuable insights into the challenges faced by the hospitality industry, specifically focusing on economic security threats and crisis management during COVID-19. The first article by Voroniuk (2021) explores the key threats that jeopardize the economic security of hotel and restaurant enterprises. It emphasizes factors such as increased competition, regulatory pressures, and crisis situations like pandemics, which threaten operational stability and financial sustainability. The author highlights the importance of strategic management, diversification, and innovative practices to mitigate these threats. However, the article may exhibit some bias towards promoting proactive management strategies without deeply analyzing external variables or the financial constraints faced by small-scale enterprises. What stands out in this work is the detailed identification of economic threats and the emphasis on resilience-building strategies, which provides practical insights for industry stakeholders (Voroniuk, 2021).

The second article by Koryuhina et al. (2022) specifically examines crisis management within the Latvian hospitality industry during the COVID-19 pandemic. It assesses how enterprises adapted to sudden market disruptions through varied strategies such as digital transformation, cost control, and government support. The article emphasizes the importance of flexibility and innovation in crisis scenarios and underscores lessons learned from Latvia’s experience. Nonetheless, the study's focus on a specific country limits its generalizability, and potential biases include a predominant focus on enterprise-level strategies rather than broader systemic or policy-level solutions. What I found most compelling in this work was the practical adaptation strategies and the detailed case studies illustrating real-time responses to the crisis, which could serve as models for other regions (Koryuhina et al., 2022).

References

• Voroniuk, I. V. (2021). Key threats to economic security of hotel and restaurant enterprises. Business Inform, 2021. Directory of Open Access Journals.
• Koryuhina, C., Shamshina, T., Riashchenko, V., & Gryshova, I. Y. (2022). COVID-19 crisis management on the example of hospitality industry enterprise in Latvia. Problemi Ekonomiki, 2022. Directory of Open Access Journals.