Optimizing the Competitive Advantage of Four and Five Star Hotels in Bali with Strategic Thinking and Local Wisdom

https://doi.org/10.35912/sakman.v4i2.3966
Published: Jan 10, 2025

Abstract:

Purpose: This study examines the influence of the local wisdom of Panca Budhi Indriya on competitive advantage in 4&5-star hotels in Bali. It also investigated the mediating role of strategic thinking in enhancing the relationship between local wisdom and competitive advantage.

Methodology: This study adopted a quantitative approach and used survey data collected from 158 general managers of 4&5-star hotels in Bali. Data were analyzed using Structural Equation Modeling-Partial Least Squares (Rahayu & Yanis) with SmartPLS 3 software. The study employs a structured questionnaire based on indicators developed for local wisdom, strategic thinking, and competitive advantage.

Results: The findings revealed that Panca Budhi Indriya has a significant and positive influence on competitive advantage. Additionally, strategic thinking significantly mediated the relationship between Panca Budhi Indriya and competitive advantage, acting as a complementary mediator. This demonstrates that integrating local wisdom with strategic management practices enhances hotels’ competitive edge.

Conclusions: This study examines the influence of local wisdom Panca Budhi Indriya on competitive advantage, both directly and indirectly through strategic thinking. The findings confirm that Panca Budhi Indriya, as a form of intangible local wisdom, significantly enhances competitive advantage. Additionally, strategic thinking acts as a complementary mediator, further strengthening this relationship.

Limitations: This study was limited to 4&5-star hotels in Bali, which may not fully represent the broader hospitality sector. This quantitative approach also limits the exploration of deeper qualitative insights into the role of local wisdom in strategic management.

Contribution: This study contributes to the field of tourism and hospitality management by providing empirical evidence of how local wisdom can serve as a strategic resource for achieving competitive advantage. These findings offer practical insights for hotel managers, policymakers, and academics interested in integrating cultural values into strategic planning to support sustainable tourism development.

Keywords:
1. Local Wisdom of Panca Budhi Indriya
2. strategic thinking
3. competitive advantage
Authors:
1 . Ni Nyoman Sudiyani
2 . I Gusti Putu Agung Widya Goca
3 . Cokorda Istri Agung Vera Nindia Putri
4 . Anak Agung Istri Agung Ovy Dwijayanthi
5 . I Kadek Eko Darma Putra
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How to Cite
Sudiyani, N. N. ., Goca, I. G. P. A. W. ., Putri , C. I. A. V. N. ., Dwijayanthi, A. A. I. A. O. ., & Putra, I. K. E. D. . (2025). Optimizing the Competitive Advantage of Four and Five Star Hotels in Bali with Strategic Thinking and Local Wisdom. Studi Akuntansi, Keuangan, Dan Manajemen, 4(2), 479–491. https://doi.org/10.35912/sakman.v4i2.3966
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Vol. 4 No. 2 (2025): Januari
Articles
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References

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    Ali, N. E., Mohamed, G. A., & Alakhras, H. A. (2020). Enhancing the Competitive Advantage for Tourist Souvenirs in Egypt: A Marketing Approach. Journal of Sustainable Tourism and Entrepreneurship, 2(1), 15-29. doi:https://doi.org/10.35912/joste.v2i1.516

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    Andari, R., Supartha, I. W. G., Riana, I. G., & Sukawati, T. G. R. (2022). The Strength of Local Wisdom Values as a Differentiation Strategy in Creating Sustainable Tourism Competitiveness. Webology, 19(1), 4088-4104. doi:https://doi.org/10.14704/WEB/V19I1/WEB19269

    Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of management, 17(1), 99-120. doi:https://doi.org/10.1177/014920639101700108

    Bilancini, E., Boncinelli, L., & Mattiassi, A. (2019). Assessing Actual Strategic Behavior to Construct a Measure of Strategic Ability. Frontiers in Psychology, 9, 1-15. doi:https://doi.org/10.3389/fpsyg.2018.02750

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    David, F. (2018). Strategic Management: A Competitive Advantage Approach, Concepts and Cases, 17th Edition. New York: Pearson Education.

    Dixit, S., Singh, S., Dhir, S., & Dhir, S. (2021). Antecedents of Strategic Thinking and its Impact on Competitive Advantage. Journal of Indian Business Research, 13(4), 437-458. doi:https://doi.org/10.1108/JIBR-08-2020-0262

    Dolega, L., & Lord, A. (2020). Exploring the Geography of Retail Success and Decline: A Case Study of the Liverpool City Region. Cities, 96. doi:https://doi.org/10.1016/j.cities.2019.102456

    Faridha, N. (2022). Local Wisdom: Sustainable Tourism Development. International Social Sciences and Humanities, 1(2), 272-277. doi:https://doi.org/10.32528/issh.v1i2.185

    Geier, M. T. (2024). Strategic Thinking: Theoretical Development and Assessment. Journal of Strategy and Management, 17(1), 1-21. doi:https://doi.org/10.1108/JSMA-10-2021-0212

    Gerald, E., Obianuju, A., & Chukwunonso, N. (2020). Strategic Agility and Performance of Small and Medium Enterprises in the Phase of Covid-19 Pandemic. International Journal of Financial, Accounting, and Management, 2(1), 41-50. doi:https://doi.org/10.35912/ijfam.v2i1.163

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    Grant, R. M. (1991). The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation. California Management Review, 33(3), 114-135. doi:https://doi.org/10.2307/41166664

    Hadiwijaya, H., & Yustini, T. (2023). Analysis of Consumer Preferences Towards Digital Marketing and its Implications on the Competitive Advantage of SMEs in Banyuasin Regency. Annals of Human Resource Management Research, 3(2), 83-96. doi:https://doi.org/10.35912/ahrmr.v3i2.1838

    Hair Jr, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. Switzerland: Springer Nature.

    Kusumawati, F. R. (2020). Profitability Determinants of Five-star Hotels in Yogyakarta. Annals of Management and Organization Research, 2(1), 41-52. doi:https://doi.org/10.35912/amor.v2i1.670

    Liedtka, J. M. (1998). Strategic Thinking: Can it be Taught? Long range planning, 31(1), 120-129. doi:https://doi.org/10.1016/S0024-6301(97)00098-8

    Lisdiyono, E. (2017). Exploring the Strength of Local Wisdom in Efforts to Ensure the Environmental Sustainability. International Journal of Civil Engineering and Technology, 8(11), 340-347.

    Mawardi, I. (2018). Wisdom Local Empowerment in Sustainable Development Perspective. Jurnal Rekayasa Lingkungan, 8(1). doi:https://doi.org/10.29122/jrl.v8i1.1975

    Maya, C. (2024). Diyakini Pertumbuhan Pariwisata Masih Kuat, Ini Proyeksi Ekonomi Bali di 2024. Retrieved from https://www.balipost.com/news/2024/10/07/420923/Diyakini-Pertumbuhan-Pariwisata-Masih-Kuat,...html

    Oematan, H. M., Tunti, M. E. D., & Tefa, S. G. (2022). Tourism Development Strategy Based on Local Wisdom in Improving the Welfare of Local Communities. Eduvest - Journal of Universal Studies, 2(1), 1-13. doi:https://doi.org/10.59188/eduvest.v2i1.295

    Porter, M. E. (2008). Competitive Advantage: Creating and Sustaining Superior Performance. New York: Simon & Schuster.

    Presutti, M., Savioli, M., & Odorici, V. (2020). Strategic Orientation of Hotels: Evidence from a Contingent Approach. Tourism Economics, 26(7), 1212-1230. doi:https://doi.org/10.1177/1354816619868886

    Rahayu, D., & Yanis, F. (2023). Tourism Communication Model Based on Local Wisdom on Lombok Island, West Nusa Tenggara. Eduvest: Journal Of Universal Studies, 3(9), 1608-1616. doi:https://doi.org/10.59188/eduvest.v3i9.883

    Ramanauskas, J., & Banevicius, S. (2021). Principles of Organizational Wisdom in the Health Tourism Industry. Baltic Journal of Economic Studies, 7(4), 1-7. doi:https://doi.org/10.30525/2256-0742/2021-7-4-1-7

    Rodrigues, R. I., Ferreira, A., & Neves, J. (2021). Strategic Thinking: The Construction and Validation of an Instrument. Polish Psychological Bulletin, 52(3), 241-250. doi:https://doi.org/10.24425/ppb.2021.137888

    Rozanna, M., & Ahadiat, A. (2023). What is Strategic Management Research? Annals of Management and Organization Research, 4(4), 271-280. doi:https://doi.org/10.35912/amor.v4i4.1622

    Sereda, N., Albeschenko, O., Krupitsa, I., Biletska, N., & Krasnik, A. (2024). Strategic Approaches to Tourism Development: Crafting Competitive Strategies for Business Growth in the Tourism Sector. Multidisciplinary Reviews, 7. doi:https://doi.org/10.31893/multirev.2024spe004

    Sergiy, K. (2024). Development of the Positioning Concept of Tourism Organizations. Development Service Industry Management, 2(3), 268-272. doi:https://doi.org/10.32782/bses.83-22

    Sigalas, C., & Pekka Economou, V. (2013). Revisiting the Concept of Competitive Advantage: Problems and Fallacies Arising from its Conceptualization. Journal of Strategy and Management, 6(1), 61-80. doi:https://doi.org/10.1108/17554251311296567

    Silva, G. A. S. K., Warnakulasuriya, B. N. F., & Arachchige, B. J. H. (2019). HR Practices: A Source of Sustainable Competitive Advantage or Competitive Parity–A Systematic Literature Review. Vidyodaya Journal of Management, 5(2), 1-29. doi:https://doi.org/10.31357/vjm.v5i2.4183

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    Swebawa, I. G. A. M. (2021). Pendidikan Agama Hindu dan Budi Pekerti untuk SMP Kelas VII. Jakarta: Kementerian Pendidikan, Kebudayaan, Riset, dan Teknologi.

    Syafi'i, M., Syaflita, D., & Putra, M. J. A. (2024). Opportunities and Challenges in Transforming into an Industry-Oriented Local Wisdom Tourism Village. KnE Social Sciences, 9(19), 356-364. doi:https://doi.org/10.18502/kss.v9i19.16521

    Teller, C., & Schnedlitz, P. (2012). Drivers of Agglomeration Effects in Retailing: The Shopping Mall Tenant's Perspective. Journal of Marketing Management, 28(9-10), 1043-1061. doi:https://doi.org/10.1080/0267257X.2011.617708

    Violinda, Q., Setyorini, N., Ulumuddin, A., & Herlambang, B. A. (2023). Local Wisdom, Resilience, and Technology Acceptance Model (TAM) Based Augmented Reality (AR) on Tourism Performance in Ngerangan Village, Klaten. Journal of Innovative Agriculture and Social Development, 2(1), 34-43. doi:https://doi.org/10.57095/jiasd20232130

    Yuwono, V. K., Leoparjo, F., Irtanto, D., Nugraha, K. A., & Wibowo, O. H. (2024). Diversifikasi Ekonomi di Pulau Bali dalam Perspektif Pariwisata. Indo-Fintech Intellectuals: Journal of Economics and Business, 4(3), 1128-1144. doi:https://doi.org/10.54373/ifijeb.v4i3.1524

    Zadoia, V. O., & Charkina, T. Y. (2022). Strategic Management In Tourism: Key Aspects. Review of transport Economics and Management, 8(24), 72-80. doi:https://doi.org/10.15802/rtem2022/277124

    Zhihang, X., & Qian, C. (2019). Enterprise Strategic Thinking: A Literature Review and Prospects. Foreign Economics & Management, 41(5), 58-73. doi:https://doi.org/10.16538/j.cnki.fem.2019.05.005

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  2. Ali, N. E., Mohamed, G. A., & Alakhras, H. A. (2020). Enhancing the Competitive Advantage for Tourist Souvenirs in Egypt: A Marketing Approach. Journal of Sustainable Tourism and Entrepreneurship, 2(1), 15-29. doi:https://doi.org/10.35912/joste.v2i1.516
  3. Amason, A., & Ward, A. (2020). Strategic Management: From Theory to Practice 2nd Edition. New York: Routledge.
  4. Andari, R., Supartha, I. W. G., Riana, I. G., & Sukawati, T. G. R. (2022). The Strength of Local Wisdom Values as a Differentiation Strategy in Creating Sustainable Tourism Competitiveness. Webology, 19(1), 4088-4104. doi:https://doi.org/10.14704/WEB/V19I1/WEB19269
  5. Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of management, 17(1), 99-120. doi:https://doi.org/10.1177/014920639101700108
  6. Bilancini, E., Boncinelli, L., & Mattiassi, A. (2019). Assessing Actual Strategic Behavior to Construct a Measure of Strategic Ability. Frontiers in Psychology, 9, 1-15. doi:https://doi.org/10.3389/fpsyg.2018.02750
  7. BPS. (2024a). Banyaknya Hotel Bintang Menurut Kelas dan Kabupaten/Kota di Provinsi Bali, 2022-2023. Retrieved from https://bali.bps.go.id/id/statistics-table/2/MjIyIzI=/banyaknya-hotel-bintang-menurut-kelas-dan-kabupaten-kota-di-provinsi-bali.html
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  9. Bushairi, S. A. A., Sularso, R. A., Tobing, D. S. K., & Irawan, B. (2024). The Role of Collaborative Competitiveness Marketing Tourism Towards Sustainable Competitive Advantage in Creative Industries in The VUCA Era. Uncertain Supply Chain Management, 12(3), 1721-1738. doi:https://doi.org/10.5267/j.uscm.2024.3.009
  10. Cetinkaya, A. S., Niavand, A., & Rashid, M. (2019). Organizational Change and Competitive Advantage: Business Size Matters. Business & Management Studies: An International Journal, 7(3), 40-67. doi:https://doi.org/10.15295/bmij.v7i3.1230
  11. David, F. (2018). Strategic Management: A Competitive Advantage Approach, Concepts and Cases, 17th Edition. New York: Pearson Education.
  12. Dixit, S., Singh, S., Dhir, S., & Dhir, S. (2021). Antecedents of Strategic Thinking and its Impact on Competitive Advantage. Journal of Indian Business Research, 13(4), 437-458. doi:https://doi.org/10.1108/JIBR-08-2020-0262
  13. Dolega, L., & Lord, A. (2020). Exploring the Geography of Retail Success and Decline: A Case Study of the Liverpool City Region. Cities, 96. doi:https://doi.org/10.1016/j.cities.2019.102456
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  15. Geier, M. T. (2024). Strategic Thinking: Theoretical Development and Assessment. Journal of Strategy and Management, 17(1), 1-21. doi:https://doi.org/10.1108/JSMA-10-2021-0212
  16. Gerald, E., Obianuju, A., & Chukwunonso, N. (2020). Strategic Agility and Performance of Small and Medium Enterprises in the Phase of Covid-19 Pandemic. International Journal of Financial, Accounting, and Management, 2(1), 41-50. doi:https://doi.org/10.35912/ijfam.v2i1.163
  17. Ghozali, I. (2021). Partial Least Squares Konsep, Teknik dan Aplikasi Menggunakan Program SmartPLS 3.2.9 Untuk Penelitian Empiris Edisi 3. Semarang: Badan Penerbit Universitas Diponegoro.
  18. Grant, R. M. (1991). The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation. California Management Review, 33(3), 114-135. doi:https://doi.org/10.2307/41166664
  19. Hadiwijaya, H., & Yustini, T. (2023). Analysis of Consumer Preferences Towards Digital Marketing and its Implications on the Competitive Advantage of SMEs in Banyuasin Regency. Annals of Human Resource Management Research, 3(2), 83-96. doi:https://doi.org/10.35912/ahrmr.v3i2.1838
  20. Hair Jr, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. Switzerland: Springer Nature.
  21. Kusumawati, F. R. (2020). Profitability Determinants of Five-star Hotels in Yogyakarta. Annals of Management and Organization Research, 2(1), 41-52. doi:https://doi.org/10.35912/amor.v2i1.670
  22. Liedtka, J. M. (1998). Strategic Thinking: Can it be Taught? Long range planning, 31(1), 120-129. doi:https://doi.org/10.1016/S0024-6301(97)00098-8
  23. Lisdiyono, E. (2017). Exploring the Strength of Local Wisdom in Efforts to Ensure the Environmental Sustainability. International Journal of Civil Engineering and Technology, 8(11), 340-347.
  24. Mawardi, I. (2018). Wisdom Local Empowerment in Sustainable Development Perspective. Jurnal Rekayasa Lingkungan, 8(1). doi:https://doi.org/10.29122/jrl.v8i1.1975
  25. Maya, C. (2024). Diyakini Pertumbuhan Pariwisata Masih Kuat, Ini Proyeksi Ekonomi Bali di 2024. Retrieved from https://www.balipost.com/news/2024/10/07/420923/Diyakini-Pertumbuhan-Pariwisata-Masih-Kuat,...html
  26. Oematan, H. M., Tunti, M. E. D., & Tefa, S. G. (2022). Tourism Development Strategy Based on Local Wisdom in Improving the Welfare of Local Communities. Eduvest - Journal of Universal Studies, 2(1), 1-13. doi:https://doi.org/10.59188/eduvest.v2i1.295
  27. Porter, M. E. (2008). Competitive Advantage: Creating and Sustaining Superior Performance. New York: Simon & Schuster.
  28. Presutti, M., Savioli, M., & Odorici, V. (2020). Strategic Orientation of Hotels: Evidence from a Contingent Approach. Tourism Economics, 26(7), 1212-1230. doi:https://doi.org/10.1177/1354816619868886
  29. Rahayu, D., & Yanis, F. (2023). Tourism Communication Model Based on Local Wisdom on Lombok Island, West Nusa Tenggara. Eduvest: Journal Of Universal Studies, 3(9), 1608-1616. doi:https://doi.org/10.59188/eduvest.v3i9.883
  30. Ramanauskas, J., & Banevicius, S. (2021). Principles of Organizational Wisdom in the Health Tourism Industry. Baltic Journal of Economic Studies, 7(4), 1-7. doi:https://doi.org/10.30525/2256-0742/2021-7-4-1-7
  31. Rodrigues, R. I., Ferreira, A., & Neves, J. (2021). Strategic Thinking: The Construction and Validation of an Instrument. Polish Psychological Bulletin, 52(3), 241-250. doi:https://doi.org/10.24425/ppb.2021.137888
  32. Rozanna, M., & Ahadiat, A. (2023). What is Strategic Management Research? Annals of Management and Organization Research, 4(4), 271-280. doi:https://doi.org/10.35912/amor.v4i4.1622
  33. Sereda, N., Albeschenko, O., Krupitsa, I., Biletska, N., & Krasnik, A. (2024). Strategic Approaches to Tourism Development: Crafting Competitive Strategies for Business Growth in the Tourism Sector. Multidisciplinary Reviews, 7. doi:https://doi.org/10.31893/multirev.2024spe004
  34. Sergiy, K. (2024). Development of the Positioning Concept of Tourism Organizations. Development Service Industry Management, 2(3), 268-272. doi:https://doi.org/10.32782/bses.83-22
  35. Sigalas, C., & Pekka Economou, V. (2013). Revisiting the Concept of Competitive Advantage: Problems and Fallacies Arising from its Conceptualization. Journal of Strategy and Management, 6(1), 61-80. doi:https://doi.org/10.1108/17554251311296567
  36. Silva, G. A. S. K., Warnakulasuriya, B. N. F., & Arachchige, B. J. H. (2019). HR Practices: A Source of Sustainable Competitive Advantage or Competitive Parity–A Systematic Literature Review. Vidyodaya Journal of Management, 5(2), 1-29. doi:https://doi.org/10.31357/vjm.v5i2.4183
  37. Skrinjaric, B. (2022). Competence-Based Approaches in Organizational and Individual Context. Humanities and social Sciences Communications, 9(1), 1-12. doi:https://doi.org/10.1057/s41599-022-01047-1
  38. Swebawa, I. G. A. M. (2021). Pendidikan Agama Hindu dan Budi Pekerti untuk SMP Kelas VII. Jakarta: Kementerian Pendidikan, Kebudayaan, Riset, dan Teknologi.
  39. Syafi'i, M., Syaflita, D., & Putra, M. J. A. (2024). Opportunities and Challenges in Transforming into an Industry-Oriented Local Wisdom Tourism Village. KnE Social Sciences, 9(19), 356-364. doi:https://doi.org/10.18502/kss.v9i19.16521
  40. Teller, C., & Schnedlitz, P. (2012). Drivers of Agglomeration Effects in Retailing: The Shopping Mall Tenant's Perspective. Journal of Marketing Management, 28(9-10), 1043-1061. doi:https://doi.org/10.1080/0267257X.2011.617708
  41. Violinda, Q., Setyorini, N., Ulumuddin, A., & Herlambang, B. A. (2023). Local Wisdom, Resilience, and Technology Acceptance Model (TAM) Based Augmented Reality (AR) on Tourism Performance in Ngerangan Village, Klaten. Journal of Innovative Agriculture and Social Development, 2(1), 34-43. doi:https://doi.org/10.57095/jiasd20232130
  42. Yuwono, V. K., Leoparjo, F., Irtanto, D., Nugraha, K. A., & Wibowo, O. H. (2024). Diversifikasi Ekonomi di Pulau Bali dalam Perspektif Pariwisata. Indo-Fintech Intellectuals: Journal of Economics and Business, 4(3), 1128-1144. doi:https://doi.org/10.54373/ifijeb.v4i3.1524
  43. Zadoia, V. O., & Charkina, T. Y. (2022). Strategic Management In Tourism: Key Aspects. Review of transport Economics and Management, 8(24), 72-80. doi:https://doi.org/10.15802/rtem2022/277124
  44. Zhihang, X., & Qian, C. (2019). Enterprise Strategic Thinking: A Literature Review and Prospects. Foreign Economics & Management, 41(5), 58-73. doi:https://doi.org/10.16538/j.cnki.fem.2019.05.005