Abstract
Innovation implementation is a very important and necessary element in improving company competitiveness. Globalization processes, the emergence of new market demands and opportunities to meet these needs force hotel companies to move on to the path of creative growth. Our study aims at a comprehensive review of the economic potential of Azerbaijan's creative hotel business growth. This is necessary to identify promising areas and select the best creative approaches for the growth of these enterprises. Those approaches will suit those hotel companies ' capabilities. In line with this aim, the article discusses the structural components of hotels ' innovative potential, including a framework for evaluating hotels in Baku's innovative potential. We are talking about the element intellectual, science, academic, manufacturing and technological, economic, marketing, organizational and managerial. Moreover, the researchers suggested a framework for a systematic analysis of hotel businesses ' creative capacity. It is focused on the use of a system of qualitative and quantitative measures that describe both the state of its individual structural components and the overall level of integration of hotel enterprises ' creative potential. Empirical research approaches-comparison, evaluation, grouping, as well as logical generalization, statistical analysis, and a systematic approach – were used when writing the article. The application of economic-mathematical and economic-statistical methods allowed an unbiased quantitative analysis of hotels' creative potential, identified patterns in the growth of their structural components, identified imbalances and contradictions, and predicted their further development. The study succeeds in finding existing problems in some of the constituent elements of hotel businesses' creative capacity in Baku. The outcome is also a series of steps to aggressively harness the economic potential of hotels' creative growth.
Highlights
Creativity is the process of creating and introducing new methods of operation that differ from the standard ones, as well as developing innovative hotel goods, new ways of extending a hotel company's services, and creating conditions for guests to feel more relaxed
The approach suggested for a systematic evaluation of a hotel enterprise's innovative potential helps its management to evaluate the nature of changes in the degree of innovative potential or its individual structural components compared to previous periods and to respond quickly to changes
Practical use of the proposed innovative potential evaluation approach has shown that the hotels we are evaluating have an unsatisfactory state of innovative potential, i.e. poor innovative potential
Summary
Today's hotel industry is an increasingly competitive industry in the hospitality market. The enterprise's ability to achieve a particular innovative target, i.e. the degree of the enterprise's readiness to execute the innovative change plan and the implementation of innovative technologies, goods, etc., is calculated as the enterprise's innovative potential [9]. At the intersection of all its structural components, the optimum use of a hotel enterprise's creative capacity is achieved. They complement each other, creative capacity should be viewed from the viewpoint of a variable approach as a combination of resources, and based on the principles of systematic method implementation. It is best to use Harrington's verbal-numerical scale for a qualitative assessment of the enterprise's level of creative capacity and the characteristics of its strengths in executing innovative activities. The values of the revolutionary potential integral indicator and its individual structural components are set within the range from 0 to 100 [7]
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