Financial performance The overall performance based on the perceptions of the managers, has an average of 3.88 (Table VII). Although the measurement used is subjective, the average is high. However, according to Ramanujam and Venkatraman (1988) there is no clear definition of excellent performance. Phillips (1999) recommends that performance in the hospitality industry should also be measured with non-financial indicators. It would be interesting to analyze the relationship between financial performance and strategic planning dimensions, but the limited sample and the low response rate did not allow any correlation analysis. This restriction of the study, together with all the limitations, will be discussed in the following part.
Limitations, recommendations and conclusions Although the aim of this paper is to discuss and analyze certain dimensions of strategic planning, as well as the organizational benefits of planning process and financial performance, several limitations can be identified. First of all, the sample size is relatively small. A main reason for this is that although strategic planning is not a new concept, in Greece it is met primarily in large companies, so only five-star hotels were
Strategic planning practices
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