From a Business Management Perspective

148

Dowling's (1993) study suggests that in order to develop a business's brand image, corporate culture is the decisive factor in creating a brand image for that business. Conversely, marketing capacity affects brand image. In line with Lassar et al.'s (1995) view, the authors believe that marketing capacity is an important factor in creating a successful brand.

The third objective is to determine the criteria for measuring business results of tourism enterprises through previous studies and discussions with experts. The author has proposed the concept of business results by financial and non-financial criteria.

Fourth objective, the author has conducted a test of qualitative variables including business sector and business size to see if there is a difference in the impact of competitiveness factors on business results of tourism businesses, while business type, management position, management seniority, and number of branches do not.

Maybe you are interested!

The fifth objective, from the research results through qualitative and quantitative methods, affirms 9 factors of competitiveness affecting the business results of tourism enterprises. The author proposes management implications from the perspective of enterprises to help administrators have appropriate strategies to create competitive advantages to increase business performance for their enterprises. In addition, the author also proposes some recommendations for the State to help key decision makers develop strategies to help enterprises enhance competitive advantages according to the strengths of each enterprise, thereby contributing to the increasingly sustainable development of the industry.

5.2 Management implications

Although this study is still inclined towards theoretical research, through the implementation steps of the research process from the qualitative method (reviewing previous studies combined with discussions with experts) and the preliminary quantitative method (Cronbach's) with a sample of 59 to propose a research model as well as the official scale and the official quantitative method (Cronbach's, EFA, CFA, SEM) with a sample of 429, the results obtained are continued to be discussed, from which the author gives some management implications to help leaders, administrators, and managers of tourism businesses in Vietnam in general and Thua Thien Hue province in particular have appropriate strategies to achieve results.

149

Business on financial indicators: Achieve sales targets for providing products and services, business profit targets, net profit after tax as planned, return on investment (ROI) as planned, return on equity (ROE) as planned and non-financial indicators with the level of customer satisfaction with the products and services provided by the business, receive positive feedback from the business's customers, the business has an increasing number of new customers, achieves market share growth targets as planned and has satisfactory employee performance.

5.2.1 From a business management perspective

Regarding financial capacity: Through research results, it is shown that financial capacity has the strongest impact with coefficient β = 0.276 on the business results of tourism enterprises. Therefore, enterprises need to have a solid financial strategy, always ensure that the business's operating capital is strong enough as well as financial activities are effective in accordance with the growth and development process of the enterprise, to ensure competitiveness as well as the ability to expand and develop diverse products and services, enterprises regularly innovate modern technology to meet the market, need to build a business strategy to create a brand image, thereby mobilizing capital will be easier, as well as having the ability to pay, capital turnover will be better and faster. To improve financial capacity, businesses need to increase revenue from business, businesses need to pay attention to improving the quality of products and services, increasing marketing activities to attract more customers, designing programs, professional service delivery processes to increase customer satisfaction. In addition, businesses need to cut unnecessary costs that do not bring added value to the business, need to build criteria for cost assessment, build awareness of saving and anti-wastefulness among staff in the business. Businesses need to increase mobilized capital with preferential interest rates, most of the current tourism businesses are small and medium enterprises, so capital sources are limited. For that reason, businesses need to carry out strong equitization to mobilize capital from outside to help businesses have more abundant capital sources to be able to compete with foreign-invested enterprises in the future.

150

For information technology: Through the research results, it is shown that the information technology factor has the second strongest impact with coefficient β = 0.268 on the business results of tourism enterprises. For businesses operating in the field of accommodation, travel, restaurants with high communication factors, the intangibility of products and services and the characteristics of business processes will promote information technology to play a key role in creating new business opportunities. Beneficial information technology improvements such as wake-up systems, electronic door locks, in-room payment tracking, video libraries, providing internet to customers, online conferences, etc., as well as businesses need to boldly invest in management application software, combining technology elements into the service delivery process to help improve service performance and quality, design social media channels, seminars, organize online events on information technology platforms, digital technology to interact with customers, discuss and exchange information about providing products and services to manage operations in work, serve business, marketing, increase the level of information technology use to enhance internal capacity, to interact with external customers as well as face the difficulties of the external environment. In addition, businesses are interested in designing their website to ensure both form and content, on the website with Vietnamese and English options, receiving feedback from customers about the website and the products and services that the business provides, businesses need to have a team of staff on duty to regularly update attractive websites, businesses need to consider the use of information technology as a competitive strategy to meet the increasingly demanding needs of their customers. Therefore, the integration of technology into the operations of tourism businesses is very important in the current context, businesses need to apply digital technology, social networks to communicate and use to analyze data in operations as well as increase the application of personalization of customer experiences through phone features and online interactions, the application of information technology to diversify customer ordering interaction channels, strengthen relationships with customers through information exchange leading to signing service contracts and online payments.

Regarding service organization capacity : Through research results, it shows that service organization capacity factor has a strong impact with coefficient β = 0.247 on business results.

151

of tourism businesses. Also according to the survey results through the statistical table described in the appendix with the scale "Customers evaluate the business to organize good service" answered with an average of 3.97, proving that customers are very interested in the professional service process of the business. In fact, nowadays, customers' needs are increasing, wanting businesses to provide more and more professional products and services, so businesses compete more and more fiercely to meet the needs of customers, so businesses need to pay attention to improving product quality and service quality to ensure customer satisfaction and loyalty, regularly have preferential policies for loyal customers, regularly contact to retain customers. Every member of the business needs to be equipped with knowledge, skills and good service attitude to answer questions and specific requests of customers, always have a polite and friendly attitude towards customers, always be ready to help and meet customer requests, be familiar with service implementation processes, serve customers professionally, thereby creating customer satisfaction and trust as a good service organization assessment. Service staff must have professional service capacity because customers always want to be served by a competent employee, then they feel the least risk. Therefore, employees need to demonstrate their ability through communication skills, persuasion as well as in-depth knowledge of the products and services they provide. In order to build the goal of long-term customer service, this is also one of the business strategies of the business. In the communication process, service staff is also an important factor in the important factors affecting the experience of visitors. Employees working in restaurants, hotels, travel agencies, etc. are those who have direct contact with customers. Their high or low quality of service will positively or negatively affect the customer's perception, ultimately affecting the business results of the enterprise. Therefore, it is necessary to cultivate qualities for the workforce as well as the enterprise needs to have a professional service organization process to create a good impression with tourists.

Regarding marketing capacity: Through research results, it shows that the marketing capacity factor has a strong impact with coefficient β = 0.209 on the business results of tourism enterprises. Also through survey results from leaders and managers

152

Tourism enterprises in Thua Thien Hue province with the highest average response result of 3.67 is the scale "Enterprises regularly receive feedback from customers about the products and services they provide". This shows that businesses need to pay attention to feedback from customers and arrange a team to be on duty to resolve all questions from customers as thoroughly as possible. In addition, businesses need to allocate budgets for marketing such as advertising and communication to strengthen external communication through websites, newspapers, magazines, television, internet... because that is also the information provided to customers is one of the factors that play a decisive role in customers' choices, external communication has a positive impact on the reputation of the brand. Businesses often use market research to collect information about customers, regularly receive feedback from customers about the products and services they provide, strengthen the relationship between the business and customers to create customer trust, businesses need to pay attention to the marketing team because this is the team that always meets the needs of customers, businesses need to design their website attractively to create a brand image that attracts attention from customers and the interface as well as the content of the website always meet customer satisfaction. In addition, businesses need to strengthen the work of building professional training for staff to understand the needs of their customers, always follow the moves of competitors, thereby developing appropriate marketing policies. Regarding social responsibility: Businesses need to build a sense of responsibility to raise awareness of social responsibility as well as the benefits that social responsibility brings to the business. So the first thing is that the business leader must have a positive and correct perception of the issue of corporate social responsibility, followed by business managers because they are the ones who have a great impact on the vision of bringing the right business strategy, thereby creating good business competitiveness as well as business performance. Synonyms: leaders, managers

It is also necessary to understand the nature of social responsibility in four different aspects.

- Social responsibility - For employees: Enterprises need to fully implement the responsibilities of salary and bonus policies, health insurance, social insurance, maternity, illness, holidays, etc. for employees, and have a policy of nominating for training and development.

153

Professional skills to improve the qualifications of employees, create a good and comfortable working environment to maximize the working capacity of employees, businesses need to organize periodic health check-ups for employees, organize annual vacations for entertainment as well as connect members in the business to create sharing, solidarity and support each other in work. Businesses need to create conditions to improve the quality of life for employees, be flexible to balance life and work for employees, always pay attention to the needs and expectations of employees, businesses need to have a salary and bonus policy for employees that is above average. From there, it shows that the benefits of employees when participating in work at the business create long-term attachment and work to the best of the ability of employees, who are also internal customers of the business, besides, businesses create opportunities for members of the business to participate in social responsibility activities, creating responsibility for each individual.

- Social responsibility - For customers: The products and services that tourism businesses provide are tours, accommodation services, food and beverage services... so they must ensure absolute safety and health for customers, professionally trained staff provide full information about the products and services that the business provides to customers clearly, train staff to always respect and seriously receive customers' opinions, always meet the legitimate needs of customers, satisfactorily resolve customer complaints, ensure customer rights, consider customer satisfaction as the key to the business, create the business's reputation for customers to trust and businesses need to actively participate in activities for the social community such as scholarship programs for poor students, building charity houses.

- Social responsibility - For the environment: Enterprises need to consider their business activities to be responsible for the environment as really necessary, from which enterprises build business strategies as well as all members of the enterprise commit to seriously contribute to business with social responsibility for the environment, support the surrounding community to fulfill responsibility for the environment. Environmental factors and the surrounding community are always carefully considered by enterprises in business activities, always focusing on implementing actions that contribute to environmental conservation, ensuring hygiene, food safety, enterprises are aware of protecting the environment and natural resources.

154

Good natural resources and businesses always choose suppliers of environmentally friendly products and services. Besides, businesses encourage customers to use products and services with a sense of responsibility towards the environment.

- Social responsibility - To the State: Enterprises always fulfill their obligations to employees such as salary, bonus, insurance, etc. Enterprises comply with environmental regulations in business activities, meet legal requirements in their field of operation, are responsible for promoting local community development and heritage preservation, and fully comply with tax payment. Enterprises need to raise awareness of social responsibility and the benefits of social responsibility for organizations. In fact, there are still some enterprises pursuing profit goals, so they do not do business honestly, do not comply with legal regulations such as tax policies, do business that is not allowed by law, etc., causing damage to the economy. Therefore, in the coming time, the State needs to have policies to support training for enterprises to create sustainable competitiveness for enterprises.

For management capacity : Business leaders need to have strategic vision, have management ability to support adaptive change in the business, always have control principles and business management methods in the business, always promote the spirit of dialogue and accept diverse opinions, have a good understanding of the global market, have the ability and pioneering attitude to achieve challenging goals, have the ability to manage and allocate labor resources effectively, managers always encourage teamwork and cooperative relationships, pay attention to training and developing human resources in the business to achieve business goals and strongly empower to allow scope for employees to develop and contribute towards the development of employee capacity. Many businesses are formed and grown from family businesses, so the management is not really scientific, the business strategy decision is still subjective of the business owner, the business needs to build an internal control department to minimize business risks as well as reporting accurate data to ensure the rights of employees and investors contributing capital to the business. The research results show that management capacity has a positive impact with a correlation coefficient of β = 0.146 on business results, so businesses need to pay attention to management methods in

155

The business should: Improve the quality of the team, organize widespread recruitment, have policies to attract high-quality resources to work for the business, create favorable working environment, salary and bonus policies above the industry average, need to improve the quality of the management staff, continuously discover and train human resources for management positions, arrange suitable professional capacity for each position, often organize training courses to learn from foreign enterprises. Through the survey results, it shows that most small-scale tourism enterprises were originally built by small business households, so they have limited human resources as well as human resource management, so businesses need to improve internal management system processes, businesses need to apply management systems such as ISO. For recruitment, it must be widely publicized, it is necessary to describe the job position clearly, and develop recruitment criteria suitable for each recruitment position. In human resource management, it is necessary to separate labor groups: one is direct labor, the other is indirect labor, from which there are regular training programs, as well as inviting experts to report on training, organizing seminars... to update and equip knowledge, skills and attitudes to serve each appropriate group. Just as businesses need to build a set of criteria for evaluating work such as KPIs for each labor group in the business in terms of knowledge, skills, attitudes as well as work completion level, businesses need to establish a listening channel from their employees such as organizing direct meetings and dialogues with employees every 6 months or 12 months to listen to feedback and make timely adjustments to help employees feel secure in their work. In addition, businesses need to have a salary and bonus policy appropriate to the job so that the level is higher than the industry average. Salary is one of the maintenance factors, besides that, the reward factor creates motivation for employees to work and contribute, limits employee absenteeism, increases recruitment and training costs, and builds regulations for employees such as illness, accident, and maternity leave.

Regarding corporate culture: Research results show that corporate culture has a positive impact on the business results of tourism enterprises. Therefore, business leaders and managers need to seriously review the construction of corporate culture in the current context from the following four perspectives:

Comment