Targets of the hotel and restaurant business enterprises in the context of cost management

Drozhzhyn Oleksii
master`s student, Odessa National Economic University. E-mail:Adrozhzhin03@gmail.com

Smentyna Nataliia
Doctor of Economic Sciences, Professor, Odessa National Economic University. E-mail:smentn@ukr.net

Cite this article:

Drozhzhyn O., Smentyna N., (2019) Targets of the hotel and restaurant business enterprises in the context of cost management. Ed.: М.D. Baldzhy (ed.-in-ch.) and others [Systema pensiinoho zabezpechennia Ukrainy ta yevrointehratsiini protsesy; za red.: М. D. Baldzhy (gol. red.)], Scientific Bulletin of the Odessa National Economic University (ISSN 2313-4569), Odessa National Economics University, Odessa, No. 1(264), pp. 36-48.

Abstract

The article deals with the features of enterprise management on the value-based basis. The attention is focused on the value-based manager's thinking and management orientation not on maximizing of current and clearly calculated incomes for the next period, but on shaping the prerequisites for much larger revenues in the more distant future, as well as the need for managerial decisions that contribute not only to strengthening of the enterprise current business model, but aimed at its sustainable development. It is specified how the market value of the enterprise is determined in the theory of cost management. It has been defined that cost management is an integrative process aimed at qualitative improvement of strategic and operational decisions at all levels of management by concentrating common efforts on key cost factors, the main task of which is to outline the goals and ways for corporate culture change. The peculiarities of hotel business as one of the most promising and successfully developed business area in Ukraine are determined. There is a tendency to increase interest of tourists in Ukraine. The key indicators of the hotel & restaurant business value and the factors that affect enterprise goodwill from the standpoint of different users of services are introduced. The prospects of Ukraine in the world market of hotel & restaurant business are outlined. The goals of the hotel & restaurant business at the present stage of market relations development are featured. Among the most common trends which determine the objectives of any enterprise in restaurant & hotel business in the context of value-based management, the following ones are determined: profitability, market position, productivity, financial resources, capacity of the enterprise, production and service delivery, technology upgrades, changes in the organization and management, human resources, quality of services, and the social sphere development facilitation.

Keywords

cost, cost management, hotel and restaurant business, cost factors, directions, goals.

JEL classification: G 310; L 830; DOI: 10.32680/2409-9260-2019-1-264-36-48

UD classification: 657.631

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