Revisiting the link between business strategy and performance: Evidence from hotels

This paper aims to investigate the competitive success factors for hotel companies and examine the link between business strategy and performance. Using a structured questionnaire, the researchers collected data from hotel managers in Spain. Study results suggest that a firm's assets and strategies have a greater influence on performance than industry forces do. This lack of direct influence by industry forces is due to the sector's specific characteristics, which cannot be overlooked during analysis. Based on these research findings, theoretical and managerial implications and future research are presented.