Заказ 26173 (200 грн.) Synergy as a Value Generator in Tourism

Synergy as a Value Generator in Tourism

In recent decades, tourism has been playing an increasingly important role for both businesses and citizens. According to the European Commission, over 5% of gross domestic product (GDP) of the European Union is derived from tourism. 2.4 million people are employed in the tourism accommodation sector in the EU countries while the total employment in the tourism sector within the European Union is estimated at 12–14 million. That is how tourism and its basic benefits are most often characterized. The added value of tourism is measured mainly by financial and economic aspect in terms of finances and economy, although it should be considered more broadly. Added value means achieving the desired goals and objectives with the least financial, social and organizational expenditure. In such a sense of added value, an important part is played by the criterion of innovation. Innovative elements are those that add new solutions or methods to the existing practice: innovation in this sense means an increase in effectiveness through better use of resources/capital/opportunities, and hence the concept of added value and the theory of synergy are the way to use them more efficiently. Optimization of efficiency of actions may aim to achieve greater results with the same expenditure or to achieve planned results with less expenditure.

The concept of added value is quite well prepared for businesses. Thus, in the strictly economic meaning, added value is a profit including total cost of the capital used in the business organization. EVA, the abbreviation standing for the economic value added is essentially a measure of operating results, which, contrary to most other ones, deducts the total costs of capital invested by the company from its profits. In the concept of EVA the cost of capital is what the economists call the cost of lost benefits (opportunity cost). It is a rate of return expected by investors investing their money in the shares of other companies and bonds of comparable risk, which is something they give up as the owners of securities of a particular company. Similarly to borrowers who demand to be given receivable interest, stockholders demand to be given a minimum accepted rate of return from the money they put on risk. Economic value added is in a sense a profit calculated from the shareholders’ point of view. According to Peter Drucker, economic value added is based on the principle saying that a profit, i.e. the money that is left for home equity servicing, is not a profit at all. A business incurs losses unless it earns a sum of money that surpasses its capital costs. And the fact that it pays taxes as if it achieves real profits does not really matter. The definition alone shows that even the economic value added should not be considered in a much broader context than it is in practice.

The concept of value added can be also referred to: customers, employees, shareholders, members of organizations excluding their owners or managers, attorneys and the whole society. Such a broad understanding of added value is important particularly from the point of view of tourism, not only for tourism enterprises, but also for the regional tourism economy.