Service Innovation and Mimetic Pressure in Maldivian Resorts
Keywords:
Innovation, Dynamic business environment, mimetic pressure, competitive advantage, Institutional theory, RBV theoryAbstract
Innovation is essential to preserving a competitive edge in today's fast-paced business world. To drive service innovation and gain a competitive edge in the Maldives' resort industry, this study examines how opportunity-enhancing practices are impacted by mimetic pressure, which is the propensity for businesses to copy successful competitors, and how these practices improve human and relational capital. The resource-based view (RBV) and institutional theory are combined in this study to identify the key traits that foster innovation, which is essential for resort businesses to succeed in fiercely competitive travel markets. The findings gathered from 114 industry professionals and analyzed with SEM-PLS show a strong link between mimetic pressure, human capital development, and service innovation, all of which contribute to a significant competitive advantage. These findings have major implications for resort managers and policymakers in emerging economies, particularly in tourism-dependent countries like the Maldives. The study's findings are significant to expanding tourism economies with practical recommendations for improving service innovation, promoting sustainable growth, and increasing global competitiveness in culturally varied settings.
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