Content uploaded by Antonio Magliulo
Author content
All content in this area was uploaded by Antonio Magliulo on Oct 24, 2014
Content may be subject to copyright.
!
"""#$%&'(#)*+
Research
EJTHR Tourism
Research
EJTHRTourism
European Journal of
Tourism, Hospitality and Recreation
Research
EJTHR Tourism
Research
EJTHRTourism
European Journal of
Tourism, Hospitality and Recreation
European Journal of Tourism, Hospitality and Recreation
,*-#./0.1223$.40.55#.!6470.489:
;.489:.<*-=&$)'>?).1>2&?&3&$.*@.A$?(?B#.C--.(?D'&2.($2$( E$F
<(?>&$F.?>.<*(&3DB-
A MODEL FOR THE SUSTAINABLE
COMPETITIVENESS OF TOURISM
DESTINATIONS
1Antonio Magliulo
“Luspio” University of Rome
GH'$($.B($.+*($.&'?>D2.?>.'$BE$>.B>F.$B(&'0.I*(B&?*0.&'B>.B($.F($B+&.*@ .?>.=*3(.5'?-*2*5'=#J
KL'BM$25$B($0.HamletN
ABSTRACT:.H'$.232&B?>BO-$.)*+5$&?&?E$>$22.*@ . &*3(?2+.F$2&?>B&?*>2.?2.B. 23O%$)&.&'B&.'B2.
2&?+3-B&$F.D(*"?>D.?>&$($2&.B+*>D2&.2)'*-B(2.B>F.53O-?).*5$(B&*(2#.H'$.53(5*2$.*@ .&'?2."*(M.
?2.&*.)*>&(?O3&$.&*.&'$.5($5B(B&?*>.*@ .B.2?+5-$. &$((?&*(?B-.5-B>>?>D.+*F$-.&'B&.)B>.O$.B55-?$F.
&*3(?2+.F$2&?>B&?*>2.($B--=.?2#.1>.&'$.2$)*>F.5B(&0.1.5($2$>&.B.5*22?O-$.+$B23($+$>&.2=2&$+#.
+*F$-#.KeywordsP.)*+5$&?&?E$>$220.232&B?>BO?-?&=0.&*3(?2+.F$2&?>B&?*>2#
RESUMENP.AB.)*+5$&?&?E?FBF.2*2&$>?O-$.F$.-*2. F$2&?>*2.&3(Q2&?)*2.$2.3>.&$+B.R3$.E?$>$.
$2&?+3-B>F*.3>.)($)?$>&$.?>&$(S2.$>&($.$2&3F?*2*2.=.*5$(BF*($2.5TO-?)*2#.U-.*O%$&?E*.F$.$2&$.
&(BOB%*.$2.F$.)*>&(?O3?(.5B(B.-B.5($5B(B)?V>.F$.3>.+*F$-*.2?+5-$.F$.*(F$>B>WB.F$-.&$((?&*(?*.
R3$.53$FB.2$(.B5-?)BF*.B.5$R3$X*2.=.D(B>F$2.F$2&?>*2.&3(Q2&?)*2#.U-.B(&Q)3-*.$2&Y.F?E?F?F*.$>.
&($2.5B(&$2#.U>.-B.5(?+$(B.5B(&$0.O32)*.$2&BO-$)$(0.&$>?$>F*.$>.)3$>&B.-B.-?&$(B&3(B.+Y2.($)?$>6
-B.2$D3>FB.5B(&$0.5(*5*>D*.3>.2?2&$+B.F$.+$F?)?V>#.U>.-B.&$()$(B.=.T-&?+B.5B(&$.F$+3$2&(*.
)*+*.$2$.2?2&$+B.2$.53$F$.?>)-3?(.$>.3>.+*F$-*.F$.5-B>&$B+?$>&*.&$((?&*(?B-#.Palabras-claveP.
)*+5$&?&?E?FBF0.232&$>&BO?-?FBF0.F$2&?>*2.&3(Q2&?)*2#.
RESUMOP. C. )*+5$&?&?E?FBF$. 232&$>&YE$-. F*2. F$2&?>*2. &3(Q2&?)*2. S. 3+. B223>&*. R3$. &$+.
$2&?+3-BF*.3+.?>&$($22$.)($2)$>&$.$>&($.$2&3F?*2*2.$.*5$(BF*($2.5TO-?)*2#.Z.*O%$&?E*.F$2&$.
&(BOB-'*.S.*.F$.)*>&(?O3?(.5B(B.B.5($5B(B[\*.F$.3+.+*F$-*.2?+5-$2.F$.*(F$>B+$>&*.F*.&$((?&V(?*.
R3$.5*22B.2$(.B5-?)BF*.B.5$R3$>*2.$.D(B>F$2.F$2&?>*2.&3(Q2&?)*2#.Z.B(&?D*.$2&Y.F?E?F?F*.$+.&(]2.
5B(&$2#.^B.5(?+$?(B.5B(&$0.5(*)3(B62$.$2&BO$-$)$(0.)*+.OB2$.>B.-?&$(B&3(B.+B?2.($)$>&$0.$+.R3$.
S.5(*5*2&*.3+.2?2&$+B.F$.+$F?[\*#.^B.&$()$?(B.$.T-&?+B.5B(&$.F$+*>2&(B62$.F$.R3$.+*F*.$22$.
2?2&$+B.5*F$.2$(.?>)-3QF*.>3+.+*F$-*.F$.5-B>$B+$>&*.&$((?&*(?B-#.Palavras-chaveP.)*+5$&?6
&?E?FBF$0.232&$>&BO?-?FBF$0.F$2&?>*2.&3(Q2&?)*2#
1^H_Z`abH1Z^
H'$.232&B?>BO-$.)*+5$&?&?E$>$22.*@ .&$((?&*(?$2.?2.*>$.*@ .&'$.23O%$)&2.
)*+5$&?&?E$>$22.*@ .B.&$((?&*(=c.I*".)B>.?&.O$.+$B23($Fc.d'$>.?2.$)*6
9Antonio Magliulo.?2.@3--.5(*@$22*(.?>.I?2&*(=.*@ .U)*>*+?).H'*3D'&.B>F.5(*@$22*(.*@ .
H*3(?2+.U)*>*+?)2.B&.&'$.eB)3-&=.*@ .U)*>*+?)20.*@ .GA325?*J.a>?E$(2?&=.*@ ._*+$#.I$.?2.&'$.
@*(+$(. <($2?F$>&.*@ . &'$.C)BF$+?).b*++?&&$$. *@ .^UbLH*3_.K^$&"*(M.*@ . U3(*5$B>._$6
D?*>2.@*(.B.L32&B?>BO-$.B>F.b*+5$&?&?E$.H*3(?2+N#.Author’s email:.B>&*> ?*#+B D-?3-*f -325?*#?&
.
g
>*+?).F$E$-*5+$>&.&(3-=.232&B?>BO-$c.d'B&.B($.&'$.+*2&.$@@$)&?E$.5*-?6
)?$2.O=."'?)'.&*.+BM$.B>.$)*>*+?).2=2&$+.)*+5$&?&?E$.B>F.232&B?>BO-$c
L)'*-B(2.*@ .EB(?*32.23O%$)&2.'BE$.F$OB&$F.&'$2$.+B&&$(2.B&.-$>D&'0.
F?E?F?>D.B>F.)*>E$(D?>D.&*"B(F2.5(*E?2?*>B-.2'B($F.)*>)-32?*>2#.h$B26
3($+$>&2.2=2&$+2.'BE$.O$$>.5($5B($F.&'B&.'BE$.$>BO-$F.B3&'*(?&B&?E$0.
)*+5$&?&?E$>$22.*@ .)*3>&(?$2.B>F.5(*F3)&?*>.2=2&$+2#.C>.B&&$+5&.'B2.
O$$>.+BF$.&*.B22$22.&'$.232&B?>BO?-?&=.*@ .-*)B-.$)*>*+?).F$E$-*5+$>&0.
6
>?R3$2.&*.+$B23($.B.-*)B&?*>i2.)B((=?>D.)B5B)?&=#
H'$.+B&&$(.'B2.B-2*.O$)*+$.B.5$(+B>$>&.@$B&3($.*>.&'$.5*-?&?)B-.
BD$>FB.*@ .B.D($B&.+B>=.?>2&?&3&?*>B-.*(DB>?WB&?*>2#.e(*+.&'$.2+B--$2&.
&*">.?>.H32)B>=.&*.&'$.U3(*5$B>.b*++?22?*>.?>.j(322$-20.&$((?&*(?B-.
)*+5$&?&?E$>$22.B>F.232&B?>BO?-?&=.?2.35.@*(.F?2)322?*>#.A*)B-.?>@*(+B6
&?*>.2=2&$+2.B($.5($5B($F.B-*>D."?&'.B)&?*>.5-B>2#
U3(*5$.'B2.($)$>&-=.2$&.?&2$-@ .&'$.*O%$)&?E$.*@ .($+B?>?>D.&'$."*(-Fi2.
+*2&.?+5*(&B>&.&*3(?2+.F$2&?>B&?*>.?>.&$(+2.*@ .>3+O$(.*@ .B((?EB-2#.U36
(*5$.2$$2.?&2$-@0.B>F.?&.)B>>*&.O$.*&'$("?2$0.B2.B.)*--$)&?*>.*@.F$2&?>B&?*>2P.
A*>F*>0.<B(?20._*+$###.B>F.&'$.2B+$.$@@$)&?E$-=.B-2*.B55-?$2.@*(.B.D($B&.
+B>=.($D?*>2.*(.D$*D(B5'?).B($B2P.&'$=.B($.>$&"*(M2.*@ .F$2&?>B&?*>2#
C--.&'?2.($23-&2.?>.&'$.>$$F.&*.)*>2&(3)&.B>.?>&$D(B&$F.*(.?>&$D(BO-$.
?>@*(+B&?*>.2=2&$+.?>.2355*(&.*@ .&'$.&$((?&*(?B-.5-B>>?>D.F$)?2?*>2.&'B&.
&'$.5*-?)=6+BM$(2.B($.)B--$F.&*.+BM$#.H'$.?>@*(+B&?*>.2=2&$+.2'*3-F.
B--*".@*(.&'$.)*+5B(?2*>.*@ .&'$.5$(@*(+B>)$.*@ .F?@@$($>&.&*3(?2+.2=26
&$+2.?>.*(F$(.&*.B)&?EB&$.E?(&3*32.$+3-B&?*>.5(*)$22$2#
H'$. 53(5*2$.*@ .&'?2. "*(M. ?2.&*. )*>&(?O3&$.&*.&'$. 5($5B(B&?*>.*@ .
B.2?+5-$.&$((?&*(?B-. 5-B>>?>D.+*F$-.&'B&.)B>.O$.B55-?$F. &*.2+B--.B>F.
-B(D$.F$2&?>B&?*>2#
)*+5$&?&?E$>$22.*@ .&*3(?2+.F$2&?>B&?*>2.($B--=.?2#.1>.&'$.2$)*>F.5B(&0.
2'*".'*".&'?2.2=2&$+.)B>.O$.?>)-3F$F.?>.B.&$((?&*(?B-.5-B>>?>D.+*F$-#
HIU.LaLHC1^CjAU.bZh<UH1H1,U^ULL.
Ze.HZa_1Lh.`ULH1^CH1Z^L
1>.&?+$2. *@ .)(?2?20. &'$($.?2. &'$.(?2M. *@ .&'?>M?>D. &'B&.232&B?>BO?-6
?@ .&'$=."B>&.&*.($+B?>.*(.O$)*+$.)*+5$&?&?E$#.1>.D$>$(B-0.?>.*(F$(.
&*.O$.)*+5$&?&?E$0.)*2&2.B>F.5(?)$2.>$$F.&*.O$.-*"$($F0."'?-2&.&*.O$.
6
&?E$2.)B>.5$('B52.O$.)*>)?-?B&$F.?>.&?+$2.*@ .5(*25$(?&=.O3&.)$(&B?>-=.
>*&.F3(?>D.B.)(?2?2#
C.hZ`UA.eZ_.HIU.LaLHC1^CjAU.bZh<UH1H1,U^ULL
k
35. &'$. &$((B?>. @(*+. 2-?55$(=. &$( +?>*-*D?)B-. +?23>F$(2&B>F?>D2. B>F.
)-B(?@=.&'$.+$B>?>D.*@ .&'$."*(F2."$.B($.32?>D#.H'$.*O%$)&?E$0.B2.($5$B&6
$F-=.B>>*3>)$F.O=.U3(*5$B>0.>B&?*>B-.B>F.($D?*>B-.B3&'*(?&?$20.?2.&'$.
)*+5$&?&?E$>$22.B>F.232&B?>BO?-?&=.*@ .&*3(?2+.F$2&?>B&?*>2#
d$.B($.F$B-?>D."?&'.&'($$.M$="*(F2.6.F$2&?>B&?*>0.)*+5$&?&?E$>$22.
B>F.232&B?>BO?-?&=.6.B>F."$.B($.-**M?>D.&*.2$$.?@ .B>F.'*".B.&$((?&*(=.)B>.
O$)*+$.O*&'.+*($.)*+5$&?&?E$.B>F.+*($.232&B?>BO-$.B&.&'$.2B+$.&?+$#
C.&*3(?2+.F$2&?>B&?*>.?2.B.-B(D$.*(.2+B--.5'=2?)B-.25B)$."?&'.B&&(B)6
&?*>2#.H*3(?2&2.&$+5*(B(?-=.BOB>F*>.&'$?(.323B-.5-B)$.*@ .($2?F$>)$.B>F.
$+OB(M.*>.B.&(?5.O$)B32$.&'$=.B($.B&&(B)&$F.O=.B.F$2&?>B&?*>P.>B&3(B-0.)3-6
&3(B-0.B>F.($)($B&?*>B-.*(.*@ .B>*&'$(.&=5$#.H'$.F$2&?>B&?*>.?2.&'$.($B-.5(*F6
3)&.&'B&.&'$.&*3(?2&.)'**2$2.B>F.%3FD$2.K,B>'*E$0.488lm.e(B>)'0.4898N#
`$2&?>B&?*>2.)B>.F?@@$(.B>F.O$.B>B-=W$F.?>.F?@@$($>&."B=2#.<$('B52.
&'$.+*2&.?+5*(&B>&.F?2&?>)&?*>.&*.O$.F(B">.?2.&'B&.OB2$F.*>.&'$.>B6
&3($.*@ .&'$.5(*F3)&#.H'$($.B($.)*(5*(B&$.F$2&?>B&?*>2.B>F.)*++3>?&=.
K*(.+B?>-=.*>$N.2$(E?)$0.&B(D$&.+B>BD$(2.B55*?>&$F.O=.&'$.*">$(2.B>F.
53(23$.$)*>*+?).D(*"&'.*O%$)&?E$2.&'B&.+B=.5*&$>&?B--=.O$.2'B($F.O=.
B--.&'*2$."*(M?>D.&'$($#
b*++3>?&=.F$2&?>B&?*>20.*>.&'$.*&'$(.'B>F0.B($.&$((?&*(?B-.)*++36
H'$=.'BE$.EB(?BO-$.O*3>FB(?$2#.L&#.h*(?&W.?2.B.&*3(?2+.F$2&?>B&?*>0.
O3&.2*.?2.&'$.bB>&*>.*@ .n(B3Oo>F$>0.L"?&W$(-B>F.B>F.U3(*5$#.H'$.
O*(F$(2.B($.+B(M$F.*3&.O=.&*3(?2&2#.L&#.h*(?&W.?2.+B?>-=.B.F$2&?>B6
&?*>.@*(.&'$.n$(+B>20.e($>)'0.U>D-?2'.B>F.1&B-?B>2#.1&.?2.>*&.@*(.&'$.
b'?>$2$#.^*.*>$."*3-F.&(BE$-.&'B&.@B(.+$($-=.&*.E?2?&.L&#.h*(?&W.B>F.
+B=O$.>*&.$E$>.&*.2$$.&'$.bB>&*>.*@ .n(B3Oo>F$>.B>F.L"?&W$(-B>F#.
e(*+.&'$.eB(.UB2&0.&'$=.)*+$.&*.E?2?&.U3(*5$#.L)'*-B(2.25$BM.*@ .B.
G2$>2$6+BM?>D.5'$>*+$>*>.@(*+.B.F$+B>F.5$(25$)&?E$J#
H'$=.*@@$(.F?@@$($>&.D**F2.B>F.2$(E?)$2#.d'$>.B.&*3(?2&.25$>F2.B.
"$$M.?>.L&#.h*(?&W0.'$.)*>2?F$(20.B2.B."'*-$0.?@.&'$.)-?+B&$."B2.5-$B2B>&0.
B@&$(0.'*&$-2.)*+@*(&BO-$.B>F.&'$.-*)B-2."$-)*+?>D###.1&.?2.B.O-$>F.*@ .
D**F2.B>F.2$(E?)$2.&'B&.B($.5B(&-=.5(?EB&$.B>F.5B(&-=.53O-?).B>F.2'B($F#
$EB-3B&$2.&'$.D**F2.B>F.2$(E?)$2.*@@$($F.?>.&'B&.5-B)$.B2.B."'*-$#.
?>&$(+$F?B&?*>.*(.B))*++*FB&?*>#.^*.*>$.M>*"20."B>&2.*(.?>6
F$$F.)B>.5B)MBD$.&'$.F$2&?>B&?*>.B2.G+$()'B>F?2$J#
hCnA1aAZ
.
98
H'$.F$2&?>B&?*>.?2.&'$($@*($. &'$.&*3(?2+.5(*F3)&.&'B&.)*>23+$(2.
F$+B>F.B>F.$EB-3B&$P."'$&'$(.B.&'$+$.5B(M.*(.2M?.($2*(&#.1>.)*(5*(B&$.
5(*+*&?>D.B>F.+B(M$&?>D.&'$.*>-=.K*(.+B?>N.5(*F3)&.2*-F#.1>.)*++36
>?&=.F$2&?>B&?*>20."$.?>2&$BF.'BE$.B.+B%*(.)**(F?>B&?*>.5(*O-$+P."'*.
)B>.&(B>2@*( +.B.'$&$(*D$>$*32.2$&. *@ .D**F2. B>F.2$(E?)$2. ?>&*.B.'*6
+*D$>$*32.5(*F3)&.&*.O$.*@@$($F.&*.&*3(?2&20.B>F.'*".)B>.&'$=.F*.?&c
b*++3>?&=.F$2&?>B&?*>2.)B>>*&.32$.&'$.E?2?O-$.'B>F.*@ .&'$.5(?EB&$.
$>&($5($>$3(.>*(.&'$.?>E?2?O-$.'B>F. *@ .&'$.+B(M$&#.H'$=.)B>>*&. 32$.
+B>=.53O-?).B>F.5(?EB&$.$>&($5($>$3(2.*5$(B&$#.H'$($.?2.>*.+B=*(.*(.
)*++?22?*>$(.*(. '*&$-?$(."'*. )B>.@*()$. '?2.E?2?*>. *>.&'$. ($2&#.j3&.
>*(.)B>.)*++3>?&=.F$2&?>B&?*>2.32$.&'$.?>E?2?O-$.'B>F.*@ .&'$.+B(M$&0.
*(.B2=++$&(?$2.?>.?>@*(+B&?*>#.L*."'B&.&'$>c.H'$>."$.>$$F.&*.32$.
&'$.D$>&-$.2&($>D&'. *@ .2*)?B-.F?B-*D3$#.d$.>$$F.&*. )*>E$>$0.-?2&$>. &*.
B>F.?>E*-E$.B--. 2&BM$'*-F$(2.*@ .B.F$2&?>B&?*>. 2*.&'B&.&'$?(.5*?>&2. )B>.
D?E$.(?2$.&*.*5$(B&?E$.2*-3&?*>2.B?+$F.B&.+BM?>D.&'$.2$(E?)$2.*@@$($F.
+*($.?>&$D(B&$F#
b*+5$&?&?E$>$22.?2.*3(.2$)*>F.M$="*(F#.1>.9kkg0.h?)'B$-.<*(&$(.
The Competitive Advantage of Na-
tions#.C.-?&&-$."'?-$.-B&$(0.<B3-.p(3D+B>0.@3&3($.^*O$-.5(?W$"?>>$(.@*(.
$)*>*+?)20.25*M$.*@ .B.GFB>D$(*32.*O2$22?*>J.@*(.&'$.)*+5$&?&?E$>$22.
*@ .)*3>&(?$2.B>F.&$((?&*(?$2#.L?>)$.&'$>0.&'$.&'$*($&?)B-.F$OB&$.'B2.(3>.
6
&$(0.9kggm.p(3D+B>0.9kk/0.9kk7m.,B>'*E$0.488lN#
6
>$22.*@ .B.&$((?&*(=.B2.&'$.BO?-?&=.*@ .B.-*)B-?&=.*(.($D?*>.&*.D$>$(B&$.'?D'.
B>F.(?2?>D.?>)*+$2.B>F.?+5(*E$.-?E$-?'**F2.*@ .&'$.5$*5-$.-?E?>D.&'$($J.
K`?%M2&(B0.et al.,.4899P.:N#
H*.&BM$.&'?2.B55(*B)'0.&'$.)*+5$&?&?E$>$22.*@ .B.&*3(?2+.F$2&?>B&?*>.
6
?>D.@*(.?&2.($2?F$>&2#.C>F.&'?2."$--6O$?>D.)B>.O$.+$B23($F.?>.&$(+2.*@ .
?>)*+$0.$+5-*=+$>&0.$F3)B&?*>.B>F0.5$('B520.B-2*.'B55?>$22#.1&."*3-F.
*@ .&'$.-$E$-.*@ .&*3(?2&.2B&?2@B)&?*>#.H'$."$--6O$?>D.*@ .&'$.($2?F$>&2.+B=.
&'$($@*($.*>-=.O$.&$+5*(B(=#
_?&)'?$. B>F. b(*3)'0. 5$('B52. &'$. +*2&. B3&'*(?&B&?E$. 2)'*-B(2. *@ .
6
(?B-. )*+5$&?&?E$>$22#. H'$. )*+5$&?&?E$>$22. *@ . B.F$2&?>B&?*>. F$5$>F2.
*>.&"*.@B)&*(2P.&'$.GB22$&2J.K($2*3()$.$>F*"+$>&2N.B>F.&'$.)B5B)?&=.
C.hZ`UA.eZ_.HIU.LaLHC1^CjAU.bZh<UH1H1,U^ULL
99
&*.32$.&'$+.K($2*3()$.F$5-*=+$>&N.B>F0.&'$($@*($0.&*.&(B>2@*(+.&'$+.
?>&*.B>.*@@$(.*@ .&*3(?2+.D**F2.B>F.2$(E?)$2.K_?&)'?$.q.b(*3)'0.488:N#
H'$.&*3(?2+.GB22$&2J.B($.&'$.23+.*@ .EB(?*32.($2*3()$2P.>B&3(B-0.)3-6
6
5-$0.?>)-3F$.&'$.+*3>&B?>20.)-?+B&$0.B(&0.'?2&*(=0.&(BF?&?*>0.&'$.)*3(&$2=.
*@ .&'$.5$*5-$0.5(*@$22?*>B-?2+.*@ .*5$(B&*(2.B>F.B.D($B&.F$B-.O$2?F$2#.
C22$&2.&'B&.)B>.O$.-**M$F.B@&$(.B>F.*5&?+?2$F.*(.$(*F$F.B>F.F$2&(*=$F#
C.F$2&?>B&?*>.+B=.'BE$.D($B&.B22$&2.K>B&3(B-.*(.)3-&3(B-N.O3&.O$.
3>BO-$. &*.+BM$. &'$.+*2&.*@ . &'$+#.Z(.?&. +B=. F$E$-*50.)*>23+?>D.
&'$.B22$&2.?&.?>'$(?&$F#.1&.?2.B.-?&&-$.-?M$.B.@B+?-=P.@*(.B."'?-$.&'$.&B>6
D?O-$."$--6O$?>D.2&B=2.3>)'B>D$F0.*(.$E$>.D(*"2#.j3&.&'$>0.?>$E?&B6
O-=0.)*+$2.&'$.F$)-?>$#.C.F$2&?>B&?*>.&'B&.F*$2.>*&.5(*&$)&.?&2.$>E?6
(*>+$>&0.-*)B-.&(BF?&?*>2.B>F.R3B-?&=.*@ ."*(M.F$2&(*=2.&'$.($2*3()$2.
D$>$(B&?>D."$--6O$?>D#
1&.)3&2.&'$. &($$.*@ . -?@$#.H*.O$. -B2&?>D0.F$E$-*5+$>&.+32&.5($2$( E$.
B>F.?@ .5*22?O-$.?>)($B2$.&'$.B22$&2.?&.'B2.?>'$(?&$F#.Z&'$("?2$0."$.B($.
F$B-?>D."?&'.$5'$+$(B-0.&(B>2?$>&0.3>232&B?>BO-$.F$E$-*5+$>&#
j3>F&-B>F._$5*(&.B55(*E$F.O=.&'$.a>?&$F.^B&?*>2.?>.9kg!0.?&.?2.2B?F.
&'B&.$)*>*+?).F$E$-*5+$>&.?2.232&B?>BO-$.?@ .?&.+$$&2.&'$.F$+B>F2.*@ .
&'$.5($2$>&.D$>$(B&?*>2."?&'*3&.B@@$)&?>D.&'$.5*22?O?-?&=.*@ .@3&3($.D$>6
Z(DB>?WB&?*>.2$&.&'$.?F$B.*3&.@*(.&*3(?2+P.&*3(?2+.F$E$-*5+$>&.?2.2326
&B?>BO-$.?@ .?&.+$$&2.&'$.F$+B>F2.*@ .&'$.($2?F$>&2.B>F.E?2?&*(2.*@ .&*FB=.
"?&'*3&.B@@$)&?>D.&'$.*5&?*>2.*@ .&'$.($2?F$>&2.B>F.E?2?&*(2.*@ .&*+*((*".
Kb$(?>B0.hB(MB>F=B.q.h)C-$$(0.4898m.j3WW?D*-?0.hB(&$--?.q.,B((B0.4898N#
1>.&B>D?O-$0.*5$(B&?E$.&$(+20.&*3(?2+.F$E$-*5+$>&.?2.232&B?>BO-$.?@ .
&'$.D$>$(B&?*>2.*@ .&*FB=.F$-?E$(.?>&B)&.B22$&2.&*.&'$.D$>$(B&?*>2.*@ .&'$.
6
F$(2&**F.B2.B.5(?>)?5-$.*@ .?>&$(6D$>$(B&?*>B-.@B?(>$22#.j3&.?>.&?+$2.*@ .
)B($.@*(.&'$.?>&$($2&2.*@ .@3&3($.D$>$(B&?*>2.&*.O$&&$(.&?+$2#
H'$.@B)&.?2.&'B&.B22$&2.B($.B-2*.?+5*(&B>&.@*(.&*FB=i2.D$>$(B&?*>2#.C.
F$2&?>B&?*>.&'B&.5(*&$)&2.&'$.$>E?(*>+$>&0.?+5(*E$2.&'$.R3B-?&=.*@ .-?@$.
*@ .?&2. ($2?F$>&20.5(*&$)&2. &'$.-*)B-. ?F$>&?&?$2.B>F.($F3)$2."B2&BD$. *@ .
$>$(D=.($2*3()$2.?2.>*&.*>-=.+*($.232&B?>BO-$.?>.&'$.@3&3($0.O3&.B-2*.
+*($.)*+5$&?&?E$.?>.&'$.5($2$>&#
L32&B?>BO?-?&=. ?2.&'$($@*($. B.F(?E$(.*@ . )*+5$&?&?E$>$22#.h*($. B>F.
+*($. &*3(?2&2. "?--. )'**2$. B>F. ($"B(F. 232&B?>BO-$. F$2&?>B&?*>2#. C2.
_?&)'?$.B>F.b(*3)'. "(*&$.K488:P.kNP.Gb*+5$&?&?E$>$22."?&'*3&.2326
&B?>BO?-?&=.?2.?--32*(=J#
1>.2'*(&0.-B2&?>D.232&B?>BO-$.)*+5$&?&?E$>$22.?2.&'$.)B5B)?&=.&*.D$>6
$(B&$.'?D'.*(.D(*"?>D."$--6O$?>D.@*(.($2?F$>&2.B>F.&*3(?2&20."'?-2&.2B@$6
D3B(F?>D.&'$.F$2&?>B&?*>i2.B22$&2#
hCnA1aAZ
.
94
C.LrLHUh.eZ_.hUCLa_1^n.LaLHC1^CjAU.
bZh<UH1H1,U^ULLP.
THE PILLARS OF NECSTOUR
G1@ .=*3.)B>i&.+$B23($.?&0Js.B.@B+*32.B5'*(?2+.*@ .)*>&$+5*(B(=.O32?6
>$22.$)*>*+?)2.F$)-B($2.s.G=*3.)B>i&.+B>BD$.?&J#.GL)?$>)$.?2.+$B23($+$>&J0.
($BF2.B>*&'$(.@B+*32.+*&&*.)*?>$F.?>.9k::.O=.&'$.U)*>*+$&(?).L*)?$&=#
2&B>FB(F2.*@ .'3+B>. ($B2*>#.h$B23(?>D. ?2.>*&."(*>D#.1>F$$F0."'$($.
5*22?O-$0.?&.?2.32$@3-.?>.*(F$(.&*.?+5(*E$.*3(.M>*"-$FD$.*@ .&'$.>B&3(B-.
B>F.2*)?B-.5'$>*+$>B."$.2$$M.&*.F*+?>B&$#
j3&."$.+32&.O$.B"B($.&'B&.+$B23($+$>&.?2.B-"B=2.5B(&?B-.B>F.)B>>*&.)*>6
2&?&3&$.&'$.O$.B--.B>F.$>F.B--.*@ .M>*"-$FD$.*@ .&'$.5'$>*+$>B.?>E$2&?DB&$F#
1>.($)$>&.=$B(20.EB(?*32.F?@@$($>&.+$&'*F2.'BE$.O$$>.F$E$-*5$F.&*.
)B-)3-B&$.&'$.)*+5$&?&?E$>$22.B>F.232&B?>BO?-?&=.*@ .O32?>$22$2.B>F.&$((?6
&*(?$2#.H'$.d*(-F.U)*>*+?).e*(3+.53O-?2'$2.B>.B>>3B-.($5*(&.*>.&'$.
)*+5$&?&?E$>$22.*@ .&'$.>B&?*>B-. $)*>*+?).2=2&$+2.)*>2&(3)&$F.*>.&'$.
OB2?2.*@ .9/.5?--B(2m.&'$2$.5?--B(2.32$.B.2$&.*@ .2&B&?2&?)B-.?>F?)B&*(2.&*.+$B26
&'$.53O-?).BF+?>?2&(B&?*>0.&'$.R3B-?&=.B>F.5(?)$2.*@ .2$(E?)$20.&'$.B22$&2.
BEB?-BO-$.B>F.*&'$(.F?+$>2?*>2#.H'$.2B+$.&$)'>?R3$.'B2.O$$>.32$F.&*.
6
5$&?&?E$>$22.?>)-3F$.232&B?>BO?-?&=0.O3&.B($.($2&(?)&$F.&*.&'$.$>E?(*>+$>&B-.
25'$($#.d$.B($0.&'$($@*($0.&B-M?>D.BO*3&.)*+5$&?&?E$>$22."?&'*3&.232&B?>6
BO?-?&=.K*(."?&'.-?+?&$F.232&B?>BO?-?&=N#.1>.48990.&'$.d*(-F.U)*>*+?).e*6
)*+5$&?&?E$>$22J.)*>2?F$(?>D.B--.F?+$>2?*>2.*@ .232&B?>BO?-?&=P.$>E?(*>6
+$>&B-0.2*)?B-.B>F.$)*>*+?)#.H'$.^$".L32&B?>BO-$.b*+5$&?&?E$>$22.1>6
)*+5B(?>D.&'$.5$(@*(+B>)$.*@ .&'$.F?@@$($>&.>B&?*>B-.$)*>*+?).2=2&$+2.
Kd*(-F.U)*>*+?).e*(3+0.4899BP.)'B5&$(.9#4m.4899ON#
H'$($.B($.B-2*.2)'*-B(2."'*.'BE$.2*3D'&.&*.+$B23($.&'$.232&B?>BO?-?&=.
*@.&*3(?2+.F$E$-*5+$>&.32?>D.B>B-=2?2.&$)'>?R3$2.&'B&.'BF.*(?D?>B--=.O$$>.
&$((?&*(?B-.B22$&2m.B>F.&'$.$)*-*D?)B-.@**&5(?>&0.>B+$-=.&'$.'3+B>.)*>23+56
&?*>.*@ . >B&3(B-.($2*3()$2."?&'.($25$)&. &*.&'$.B+*3>&.*@ .($2*3()$2.BEB?-6
BO-$.K($>$"BO-$N#.1>.&'$2$.)B2$20."$.B($.F$B-?>D."?&'.232&B?>BO?-?&=."?&'*3&.
)*+5$&?&?E$>$22#.Ke*(.B.)*--$)&?*>.*@ .($)$>&.-?&$(B&3($0.2$$.hBD-?3-*0.4898N#
1>.Z)&*O$(.488!0.&'$.U3(*5$B>.b*++?22?*>.B55(*E$F.&'$.?+5*(&B>&.
)*++3>?)B&?*>.$>&?&-$F.GCD$>FB.@*(. B.L32&B?>BO-$. B>F.b*+5$&?&?E$.
U3(*5$B>. H*3(?2+J. Kb*++?22?*>. *@ . &'$. U3(*5$B>. b*++3>?&?$20.
K488!N#.1>.t3>$.488k0.?>.&'$."BM$.*@ .&'B&.F*)3+$>&0.&'($$.U3(*5$B>.
C.hZ`UA.eZ_.HIU.LaLHC1^CjAU.bZh<UH1H1,U^ULL
9:
($D?*>2.6.bB&B-*>?B0.<CbC.B>F.H32)B>=.6.@*3>F$F.^UbLH*3_.K^$&6
"*(M.*@ .U3(*5$B>._$D?*>2.@*(.B.L32&B?>BO-$.B>F.b*+5$&?&?E$.H*3(6
B>F.O32?>$22$2."*(M?>D.?>.&'$.U3(*5$B>.&*3(?2+.?>F32&(=#.H'$.B?+.?2.
&*.5(*+*&$.2*)?B-.F?B-*D3$.O$&"$$>.B--.53O-?).B>F.5(?EB&$.2&BM$'*-F$(20.
?>.*(F$(.&*.F$E$-*5.B>.?>&$D(B&$F0.232&B?>BO-$0.)*+5$&?&?E$.&*3(?2+.*@6
@$(.K*>.&'$.^UbLH*3_.+*F$-0.2$$.&'$.F*)3+$>&2.53O-?2'$F.B&."""#
>$)2&*3(#$3.B>F.,B((B0.4894N#
^UbLH*3_.2$&2. *3&.&'$.?F$B.*@ . 232&B?>BO-$.)*+5$&?&?E$>$22.?>&*.
&$>.+B%*(.*O%$)&?E$2.6.&BM$>.@(*+.&'$.U3(*5$B>.CD$>FB.6."'?)'.)B>.
O$.+$B23($F.32?>D.B.2$&.*@ .2&B&?2&?)B-.?>F?)B&*(2.&*.O$.5($5B($F.*>.&'$.
OB2?2.*@ .FB&B.B-($BF=.BEB?-BO-$.@(*+.&'$.($2$B()'.?>2&?&3&$2.B>F.BF+?>6
?2&(B&?E$.'$BFR3B(&$(2.*@ .-B(D$.B>F.2+B--.F$2&?>B&?*>2#
H'$.&$>.*O%$)&?E$2.K5?--B(2N.B($P
H*.-?+?&.&'$.$>E?(*>+$>&B-.?+5B)&.*@ .&(B>25*(&
H*.?>)($B2$.&'$.R3B-?&=.*@ .-?@$.*@ .($2?F$>&2
H*.?>)($B2$.&'$.R3B-?&=.*@ .$+5-*=+$>&
H*.5(*&$)&.&'$.)3-&3(B-.'$(?&BD$
H*.5(*&$)&.&'$.$>E?(*>+$>&B-.'$(?&BD$
H*.5(*&$)&.&'$.?F$>&?&=.*@ .F$2&?>B&?*>2
H*.($F3)$.B>F.*5&?+?W$.&'$.32$.*@ .>B&3(B-.($2*3()$2.B>F."B&$(.
?>.5B(&?)3-B(
H*.($F3)$.B>F.*5&?+?W$.$>$(D=.)*>23+5&?*>
H*.($F3)$.B>F.+B>BD$."B2&$
H'$.2&B&?2&?)B-.?>F?)B&*(2.2'*3-F.)*>2&?&3&$.&'$.)$>&(B-.>3)-$32.*@ .B>.
?>@*(+B&?*>.2=2&$+.?>.2355*(&.*@ .F$2&?>B&?*>.+B>BD$+$>&.F$)?2?*>2#.
H'$._$D?*>.*@ .H32)B>=.'B2.B-($BF=.O$D3>.$2&BO-?2'?>D.B.^$&"*(M.*@ .
H*3(?2+.`$2&?>B&?*>.ZO2$(E$(2.?>E*-E?>D.-*)B-.?>2&?&3&?*>20.3>?E$(2?6
&?$2.B>F.&*3(.*5$(B&*(2#.H'$."*(M?>D.5B(&=.?2.)*--$)&?>D.B>F.2$-$)&?>D.B.
2$(?$2.*@ .2&B&?2&?)B-.?>F?)B&*(2.O=."'?)'.&*.)*>2&(3)&.B>.?>&$D(B&$F.?>6
@*(+B&?*>.2=2&$+.&'B&0.*>)$.)*+5-$&$F0."?--.$>BO-$.&'$.+*>?&*(?>D.B>F.
)*+5B(?2*>.*E$(.&?+$.*@ .&'$.232&B?>BO-$.)*+5$&?&?E$>$22.*@ .+3-&?@*(+.
F$2&?>B&?*>2P.@(*+.&'$.h*3>&.CO$&*>$.&*.&'$.&'$(+B-.OB&'2.*@ .h*>6
&$)B&?>?.K*>.&'$.32$.*@ .2&B&?2&?)2.B>F.?>F?)B&*(2.?>.&*3(?2+0.2$$.dHZ0.
488/0."""#>$)2&*3(#$3m.B>F.,B((B0.4894N#
^UbLH*3_.'B2.&'$.5*&$>&?B-.&*.O$)*+$.B.+B%*(.>$&"*(M.%*?>?>D.&'$.
F?@@$($>&.U3(*5$B>.F$2&?>B&?*>2#.H'$($.B($0.'*"$E$(0.-?+?&2.*@ ."'?)'.
?&.?2.?+5*(&B>&.&*.O$.B"B($#
H'$.&$>.*O%$)&?E$2.B($.)$(&B?>-=.F(?E$(2.*@ .232&B?>BO-$.)*+5$&?&?E$6
&'$.$>E?(*>+$>&B-.?+5B)&.*@ .&(B>25*(&0.?>)($B2$.&'$.R3B-?&=.*@ .-?@$.*@ .
hCnA1aAZ
.
9/
B>F.B)'?$E$.&'$.*&'$(.*O%$)&?E$20.O$)*+$2.6.B2."$.'BE$.B-($BF=.2$$>.
6.>*&.*>-=.+*($.232&B?>BO-$.?>.&'$.@3&3($0.O3&.B-2*.+*($.)*+5$&?&?E$.
?>.&'$.5($2$>&#.H'*2$.-?2&$F0.'*"$E$(0.B($.%32&.2*+$.*@ .&'$.@B)&*(2.*@ .
)*+5$&?&?E$>$22.B>F. 232&B?>BO?-?&=. *@ . B.&$((?&*(=#. C. F$2&?>B&?*>. +B=.
'BE$.B)'?$E$F.&'$.&$>.*O%$)&?E$2.B>F.=$&.>*&.O$.)*+5$&?&?E$0.B>F.&'$($6
@*($.23@@$(.$)*>*+?).F$)-?>$#.b*+5$&?&?E$>$22.B-2*.F$5$>F2.*>.*&'$(.
R3B-?&=.B>F.5(?)$2.*@ .&'$.D**F2.B>F.2$(E?)$2.*@@$($F#
H'$.?>F?)B&*(2.5(*5*2$F.O=.^UbLH*3_.B($.32$@3-.B>F.?>&$($2&?>D#.
1>F$$F0.E$(=.5(B?2$"*(&'=."*(M.'B2.O$$>.F*>$.&*.)*>>$)&.*O%$)&?E$2.
B>F.?>F?)B&*(2#.j3&.&'$($.B($.B.D($B&.+B>=.?>F?)B&*(2.@*(.2*+$.*O%$)6
&?E$20."'?-2&.@$".@*(.*&'$(2.B>F.>*&.B--.B($.&(3$.?>F?)B&*(2#
h=.5(*5*2B-.?2.2?+5-$P.&*.BFF.B>.$-$E$>&'.5?--B(.6.5(?)$.)*+5$&?&?E$6
>$22.6.B>F.O$&&$(.2$-$)&.&'$.?>F?)B&*(2#
C>.?>F?)B&*(.?2.>B&3(B--=.B.(B&?*.*@ .&"*.2&B&?2&?)B-.?&$+2.*@ .FB&B#.H'?2.
(B&?*.)B>.)*+5B($.F?@@$($>&.5'$>*+$>B.O$&"$$>."'?)'.&'$($.?2.B.-*D?6
)B-.)*>>$)&?*>.*(.&'$.2B+$.5'$>*+$>*>.B&.F?@@$($>&.+*+$>&2.?>.&?+$#
.
6
5-$0."$.+B=."?2'.&*.M>*".&'$.5$()$>&BD$.*@ .1&B-?B>.K*(.@*($?D>N.B((?EB-2.*3&.
*@.&'$.&*&B-.>3+O$(.*@.B((?EB-2.*(.&'$.5$()$>&BD$.*@.5$*5-$.$+5-*=$F.?>.
&'$.&*3(?2+.?>F32&(=.B2.)*+5B($F.&*.&'$.&*&B-.>3+O$(.*@ .5$*5-$.$+5-*=$FP
B($.5B(&.*@ .B."'*-$#.H*.2B=.&'B&.4.+?--?*>.5$*5-$."$($.?>.B.D?E$>.-*)B6
&?*>.+$B>2.BO2*-3&$-=.>*&'?>D.?@ .&'$.?>@*(+B&?*>.?2.>*&.)*+5B($F."?&'.
&'$.>3+O$(.*@ .($2?F$>&2#.e*(.B.+$F?3+.2?W$F.F$2&?>B&?*>.?&."*3-F.O$.
B.($2*3>F?>D.23))$220.@*(.B.-B(D$(.*>$0.B.)*+5-$&$.@B?-3($#.H'$.?>F?)B6
&'B&.)*+5B($2.&'$.5($2$>)$.*@ .&*3(?2&2."?&'.&'$.>3+O$(.*@ .($2?F$>&2P
C.GF$(?EB&?*>.(B&?*J.)*+5B($2.)*>>$)&$F.5'$>*+$>B#.d$.+B=."?2'.
&*.M>*".&'$.>3+O$(.*@ .)=)-$.5B&'2.?>.B.D?E$>.-*)B&?*>#.H*.2B=.&'B&.&'$($.
B($./8.M+4.*@ .5B&'2.+$B>2.BO2*-3&$-=.>*&'?>D#.H'?2.+B=.O$.B.D($B&.F$B-.
@*(.bB+O(?FD$0.O3&.E$(=.-?&&-$.@*(.A*>F*>#.d$.>$$F.&*.($-B&$.&'?2.?>@*(6
+B&?*>.&*.&'$.M+4.*@ .&'$.+3>?)?5B-.&$((?&*(=#.H'$.@*--*"?>D.?>F?)B&*(.?2.B.
)=)-$.5B&'2."?&'.&'$.F?2&B>)$.*@ .&'$.+3>?)?5B-.&$((?&*(=.*@ .B.F$2&?>B&?*>P
C.hZ`UA.eZ_.HIU.LaLHC1^CjAU.bZh<UH1H1,U^ULL
9l
H'$.2$)*>F.&=5$.*@ .?>F?)B&*(2.B($.G?>)($B2?>D.(B&?*2J.B>F.B($.32$F.
&*.+$B23($.)'B>D$2.?>.($-B&?*>.&*.B.5'$>*+$>*>.*E$(.&?+$#.d$."B>&.
&*.M>*".?@ .&'$.$(*2?*>.*@ .O$B)'$2.*(.2*?-.)*>23+5&?*>.)*>&?>3$2.*(.
'B-&20.*(. "'$&'$(.&'$. >3+O$(. *@ .B((?EB-2.B>F. 5($2$>)$2.?>)($B2$2.*(.
F$)($B2$2#.H'$.$B2?$2&."B=.?2.&*.)B-)3-B&$.&'$.5$()$>&BD$.)'B>D$#.j3&.
*>$.=$B(0.B>F.&'$>.2+B--.?>)($B2$2.&'$.@*--*"?>D.=$B(2.B>F.>*&.3>F$(6
2&B>F.?@ .B>F."'$>."$.'BE$.($&3(>$F.&*.5($6)(?2?2.-$E$-2#.C.+*($.$@@$)6
"'?)'.($@$(2.&*.B.OB2$.=$B(.KCjN.B>F.&'$.*&'$(0.&'$.>3+$(B&*(0."'?)'.
($@$(2.&*.B.=$B(.O$?>D.)*>2?F$($F.KCbN#
($25$)&.&*.O*&'.&'$.5($E?*32.=$B(.B>F.&'$.OB2$.=$B(.B>F0.&'$($@*($0.2'*".
6
&B?>.F$2&?>B&?*>.)*+5(?2$F.:0888.'$)&B($2.*@.@*($2&.B>F.>B&3($.5B(M2#.1>.
&*.&'$.*5$>?>D.*@ .B.>$".>B&3($.5B(M0.?&.(*2$.&*.:0988.'$)&B($2#.1>.48990.&'$.
F$2&?>B&?*>.($)*(F$F.B.!#4ku.?>)($B2$.?>.?&2.>B&3(B-.B22$&2."?&'.($25$)&.&*.
&'$.5($E?*32.=$B(0.O3&.*>-=.:u."?&'.($25$)&.&*.&'$.OB2$.=$B(.K488kNP
d$.B($.B--.B"B($.&'B&.232&B?>BO-$.)*+5$&?&?E$>$22.*O%$)&?E$2.($@$(.
)*+5$&?&?E$>$22.*@ .5(?)$.*@ .B.F$2&?>B&?*>.2'*3-F.)*>2?F$(0.?>.B.)*+6
5B(B&?E$.@B2'?*>0. &'$.5(?)$.*@ .B--.D**F2. B>F.2$(E?)$2.($R3?($F. F3(?>D.
$&)#.KZUb`P.l46llN#.j3&.?&.?2.E$(=.(B($.&'B&.B--.FB&B.>$$F$F.?2.BEB?-BO-$#
C2.1.2$$.?&0.&'$.?>F?)B&*(2.2'*3-F.O$.2$-$)&$F.*>.&'$.OB2?2.*@ .&'($$.
2?+5-$.)(?&$(?B#.H'$=.2'*3-F.O$.+$B>?>D@3-0.BEB?-BO-$.B>F.)*+5B(BO-$#
H'$.&BO-$.O$-*".-?2&2.&'$.99.232&B?>BO-$.)*+5$&?&?E$>$22.*O%$)&?E$2.K&'$.
98.*@ .^UbLH*3_.B>F.&'$.$-$E$>&'.*>.5(?)$.)*+5$&?&?E$>$22N.B>F.@*(.$B)'.
*@ .&'$2$0.&'($$.?>F?)B&*(2.)'*2$>.B))*(F?>D.&*.&'$.BO*E$.)(?&$(?B.KHBO-$.9NP
hCnA1aAZ
.
97
Table 1: Objectives and indicators of sustainable competitiveness
PILLARS/OBJECTIVES Result indicators
9#.H*.-?+?&.&'$.$>E?(*>+$>6
&B-.?+5B)&.*@ .&(B>25*(&
B#.bZ4
O#.M+4.)=)-$.5B&'2vM+4.+3>?)?5B-.&$((?&*(=
)#.>*#.$)*-*D?)B-.53O-?).&(B>25*(&.E$'?)-$2v&*&B-.53O-?).&(B>26
5*(&.E$'?)-$2
4#.H*.?>)($B2$.&'$.R3B-?&=.*@ .
-?@$.*@ .($2?F$>&2
B#.B((?EB-2vM+4
O#.5($2$>)$2v($2?F$>&2
)#.K($2?F$>&2.w.5($2$>)$2NvM+4
:#.H*.?>)($B2$.&'$.R3B-?&=.*@ .
$+5-*=+$>&
B#.$+5-*=$$2.?>.&*3(?2+.B))*(F?>D.&*.D$>($v&*&B-.$+5-*=$$2.
?>.&*3(?2+
O#.2$B2*>B-.$+5-*=$$2.?>.&*3(?2+v&*&B-.$+5-*=$$2.?>.&*3(?2+
)#.3>$+5-*=$F.&*3(?2+."*(M$(2v&*3(?2+."*(M@*()$
/#.H*.($F3)$.&'$.2$B2*>B-?&=.
B#.23+.*@ .5($2$>)$2.?>.&'$.&'($$.O32?$2&.+*>&'2v23+.*@ .
5($2$>)$2.?>.&'$.&'($$.-$B2&.O32=.+*>&'2
O#.BE$(BD$.HZ.*@ .&'$.:.O32?$2&.+*>&'2vBE$(BD$.HZ.*@ .&'$.:.
-$B2&.O32=.+*>&'2
)#.BE$(BD$.'*&$-.5(?)$2.F3(?>D.&'$.&'($$.O32?$2&.+*>&'2vBE$(6
BD$.'*&$-.5(?)$2.F3(?>D.&'$.&'($$.-$B2&.O32=.+*>&'2
l#.H*.5(*&$)&.&'$.)3-&3(B-.
'$(?&BD$
7#.H*.5(*&$)&.&'$.$>E?(*>6
+$>&B-.'$(?&BD$
>*#.*@ .O32?>$22$2.B($B
6
&?*>v&*&B-.>*#.*@ .&*3(?2+.O32?>$22$2
)#.5(*&$)&$F.D($$>.B($B2v&*&B-.+3>?)?5B-.23(@B)$.
!#.H*.5(*&$)&.&'$.?F$>&?&=.*@ .
F$2&?>B&?*>2
B#.5($2$>)$2v($2?F$>&2.
6
O$(N.
g#.H*.($F3)$.B>F.*5&?+?W$.
&'$.32$.*@ .>B&3(B-.($2*3()$2.
B>F."B&$(.?>.5B(&?)3-B(
B#."B&$(.)*>23+5&?*>vK($2?F$>&2.w.5($2$>)$2N
O#.5$(.)B5?&B."B&$(.)*>23+5&?*>.?>.&'$.&'($$.O32?$2&.+*>&'2v
5$(.)B5?&B."B&$(.)*>23+5&?*>.?>.&'$.&'($$.-$B2&.O32=.+*>&'2.
k#.H*.($F3)$.B>F.*5&?+?W$.
$>$(D=.)*>23+5&?*>
B#.$-$)&(?)?&=.)*>23+5&?*>.?>.p"'vK($2?F$>&2.w.5($2$>)$2N
O#.5$(.)B5?&B.$>$(D=.)*>23+5&?*>.?>.&'$.&'($$.O32?$2&.
+*>&'2v5$(.)B5?&B.$>$(D=.)*>23+5&?*>.?>.&'$.&'($$.-$B2&.
O32=.+*>&'2
)#.($>$"BO-$.$>$(D=v$>$(D=.F$+B>F
98#.H*.($F3)$.B>F.+B>BD$.
"B2&$
B#."B2&$.5(*F3)&?*>vK($2?F$>&2.w.5($2$>)$2N
O#.5$(.)B5?&B."B2&$.5(*F3)&?*>.?>.&'$.&'($$.O32?$2&.+*>&'2v
5$(.)B5?&B."B2&$.5(*F3)&?*>.?>.&'$.&'($$.-$B2&.O32=.+*>&'2
)#.($)=)-$F."B2&$v&*&B-."B2&$
99#.H*.?>)($B2$.5(?)$.)*+6
5$&?&?E$>$22
O#.BE$(BD$.>*>6'*&$-.2&(3)&3($.5(?)$2.B))*(F?>D.&*.&=5$.
C.hZ`UA.eZ_.HIU.LaLHC1^CjAU.bZh<UH1H1,U^ULL
9!
B>F. BFF?&?*>B-. ?>F?)B&*(2. )B>. O$. ?>)-3F$F#. I*"$E$(0. B&. -$B2&. ?>. &'$.
6
+B&?*>.2=2&$+.?>.2355*(&. *@ .&'$. 2&(B&$D?).F$)?2?*>2. &'B&.?>2&?&3&?*>2.
B>F.*5$(B&*(2.*@ .B--.F$2&?>B&?*>2.B($.)B--$F.&*.+BM$#
C.HU__1HZ_1CA.<AC^^1^n.hZ`UAP.
THE BALANCED SCORECARD
H'$($.B($.EB(?*32.F?@@$($>&.&$((?&*(?B-.5-B>>?>D.+*F$-2#.C--0.'*"$E6
$(0.&*.B.D($B&$(.*(.-$22$(.F$D($$0.2$$M.&*.B>2"$(.&'($$.($-B&$F.R3$2&?*>2P.
"'$($."$.B($0."'$($."$."B>&.&*.D*.B>F.'*"."$.)B>.B)'?$E$.&'?2.Kn*F6
@($=.q.b-B(M$0.4888m.dHZ0.488!m.A*WB&*6n?*&B(&.et al0.4894N#
H'$. jB-B>)$F.L)*($)B(F. KjLbN.?2. *>$.*@ . &'$2$.+*F$-2#. 1&2.+B?>.
&'?2.?>&*.B.F$&B?-$F.2&(B&$D=0.2&(3)&3($F.?>&*.*O%$)&?E$20.?>F?)B&*(20.B)6
&?*>2.B>F.+*>?&*(?>D.KpB5-B>.q.^*(&*>0.9kk7m.488/N#
L&B(&?>D.@(*+.&'$.9kk820.&'$.jLb.'B2.O$$>.B55-?$F.23))$22@3--=.?>.B.
6
)B((?$F.*3&.?>.48840.5(*+*&$F.O=.&'$.U3(*5$B>.b*++?22?*>.K4884N0.B.
2)'$+$."B2.5(*5*2$F.&'B&0.3>@*(&3>B&$-=0."B2.>*&.@*--*"$F635.*>#
1>.&'$.*(?D?>B-.E$(2?*>0.F$2?D>$F.@*(.5(?EB&$.O32?>$22$2.@*)32?>D.*>.
6
@3>)&?*>B-.&*.&'$.E?2?*>.B>F.2&(B&$D=.5($5B($F.O=.&'$.+B>BD$+$>&.Ke?D#.9NP
Figure 1: Balanced Scorecard
hCnA1aAZ
.
9g
H'$.&$((?&*(?B-.5-B>>?>D.+*F$-.5($2$>&$F.'$($.?2.?>25?($F.O=.&'$.jLb.
B>F.2&(3)&3($F.?>&*.&'($$.2&BD$2#
$2&BO-?2'?>D.)B32$v$@@$)&.($-B&?*>2.O$&"$$>.&'$.EB(?*32.EB(?BO-$2.*(.5$(6
25$)&?E$2#.Z3(.'=5*&'$2?20."'?)'.?2.E$(=.5-B32?O-$.?>F$$F0.?2.&'B&.F$E$-6
*5+$>&.F$5$>F2.*>.&'$.232&B?>BO-$.)*+5$&?&?E$>$22.*@ .&'$.F$2&?>B&?*>#
1&.?2.&'$($@*($.B.R3$2&?*>.*@ .F(B"?>D.35.&'$.F$E$-*5+$>&.(*3&$.&*.
O$.&BM$>.O=.&'$.F$2&?>B&?*>#
H'$.2&B(&?>D.5*?>&.?2.B>.B>B-=2?2.*@ .($2*3()$2.BEB?-BO-$#.d$.>$$F.&*.
B2M.*3(2$-E$2P.F*$2.&'$.F$2&?>B&?*>.'BE$.B>=.&*3(?2+.B22$&2c.`*$2.?&.
'BE$.>B&3(B-0.B(&?2&?).*(.)3-&3(B-.B&&(B)&?*>2c.1@ .?&.'B2.>*&'?>D0.*(.E$(=.
-?&&-$0.?&.?2.3>-?M$-=.&*.O$.23))$22@3-#.j3&.$E$(=*>$.'B2.2*+$&'?>D#.H'$($.
?2.B-"B=2.B.genius loci
6
)?$>&.32$.*@ .&'$.($2*3()$2.BEB?-BO-$0.*@@$(?>D.R3B-?&=.&*3(?2+.2$(E?)$2.
B(&?2&?).*(.)3-&3(B-.6.=$&.O$.3>BO-$.&*.&(B>2@*(+.&'$+.?>&*.D**F2.B>F.
2$(E?)$2.&'B&.B&&(B)&.&'$.+B(M$&#.Z(.?&.+B=.5(*F3)$.5**(.R3B-?&=.D**F2#
H'$.5(*O-$+.&'$>.-$BF2.32.&*.B>*&'$(.R3$2&?*>P.B($.&*3(?2&2.2B&?26
O$0.B>F.=$&.2&?--.5($@$(.*&'$(.F$2&?>B&?*>2.&'B&.&'$=.)*>2?F$(.O$&&$(.?>.
&$(+2.*@ .R3B-?&=.B>Fv*(.5(?)$2#
L*."$.&'$>.>$$F.&*.B2M.*3(2$-E$2P.F*$2.&'$.F$2&?>B&?*>0.?>.)*+5$&?6
&?*>."?&'.(?EB-.-*)B&?*>20.B&&(B)&.&'$.F$2?($F.>3+O$(.*@ .&*3(?2&2."'?-2&.
5($2$(E?>D.&'$.&$((?&*(?B-.B22$&2c.1&.?20.?>.@B)&0.B.+B&&$(.*@ .5-B>>?>D.2326
B>F.&*3(?2&20."'?-2&.2B@$D3B(F?>D.BEB?-BO-$.($2*3()$2#
e?>B--=P.F*$2.&'$.F$2&?>B&?*>.D$>$(B&$.'?D'.*(.D(*"?>D."$--6O$?>D.
6
E$2&+$>&2.>$$F$F.&*.5($2$(E$.&'$.B22$&2c.1@0.?>.@B)&0.&'$.&*3(?2+.)($6
B&$2.?>)*+$. B>F.$+5-*=+$>&0. &'$>.&'$($.+32&.O$. &'$.5*22?O?-?&=. *@ .
*5&?+?W?>D.&'$.B22$&2.D$>$(B&?>D.&'B&."$--6O$?>D#
6
25$)&?E$2.@*(.&'$.)*+5$&?&?E$0.232&B?>BO-$.F$E$-*5+$>&.*@ .&'$.&*3(?2+.
F$2&?>B&?*>2#
Resource perspective:.`*$2.&'$.F$2&?>B&?*>.'BE$.B>=.&*3(?2+.B22$&2c
Offer perspective:
($2*3()$2.BEB?-BO-$0.*@@$(?>D.R3B-?&=.&*3(?2+.2$(E?)$2.B>F.D**F2c
Demand perspective:
2$(E?)$2.*@@$($F.O=.&'$.F$2&?>B&?*>c
Sustainable competitiveness perspective:.`*$2.&'$.F$2&?>B&?*>0.
?>.)*+5$&?&?*>."?&'.(?EB-.-*)B&?*>20.B&&(B)&.&'$.F$2?($F.>3+O$(.*@ .&*3(6
?2&2."'?-2&.5($2$(E?>D.&'$.&$((?&*(?B-.B22$&2c
C.hZ`UA.eZ_.HIU.LaLHC1^CjAU.bZh<UH1H1,U^ULL
9k
Performance perspective:.`*$2.&'$.F$2&?>B&?*>.D$>$(B&$.'?D'.*(.
C>F.&'32."$.'BE$.&'$.G2&(B&$D?).+B5J.2$&&?>D.*3&.&'$.(*3&$.@*(.F$6
E$-*5+$>&.Ke?D3($.4NP
Figure 2: Strategic map
H'$.2$)*>F.2&$5.&'B&.F$2&?>B&?*>.+B>BD$+$>&.?2.)B--$F.&*.)*+5-$&$.
&'$($@*($.O$.)*>2&(3)&$F.B>F.&'$.5*2?&?*>?>D.*@ .&'$.F$2&?>B&?*>."?&'?>.
&'$.($@$($>)$.+B(M$&.O$.F$&$(+?>$F#
H'?2.?2.>*.$B2=.&B2M#.I$($0."$.*>-=.2$$M.&*.5(*E?F$.2*+$.?>F?)B6
&?*>2.*@ .+$&'*F#
A$&.32.2&B(&."?&'.($2*3()$2#.H*3(?2+.B22$&2.B($.B--.($2*3()$2.>$$F$F.
&*.5($5B($.B>.*@@$(.*@ .&*3(?2+.D**F2.B>F.2$(E?)$2#.H'$=.?>)-3F$.>B&3(B-0.
B(&?2&?)0.)3-&3(B-0.?>&$--$)&3B-.B>F.?>@(B2&(3)&3(B-.($2*3()$2#.H'$=.)B>.O$.
+$B23($F.32?>D.B.2?+?-B(.2=2&$+.*@ .?>F?)B&*(2.B2.&'B&.5($2$>&$F.5($E?*32-=#
O$.+$B23($F#
^*".-$&.32.+*E$.*>&*.&'$.*@@$(#.H'$.&=5?)B-.&*3(?2+.)'B?>.?>)-3F$2.
?>&$(+$F?B&?*>0.&(B>25*(&.B>F.'*25?&B-?&=.2$(E?)$20."?&'.B.)*($.2$(E?)$.
&'B&.F?2&?>D3?2'$2.B.D($B&.+B>=.F$2&?>B&?*>2P.+32$3+2.?>.)?&?$2.*@ .B(&0.
OB&'?>D.@B)?-?&?$2.?>.)*B2&B-.-*)B&?*>20.2M?.($2*(&2.?>.+*3>&B?>.F$2&?>B6
&?*>20.$&)#.KHBO-$.:N#
H'$. &*3(?2+. F$+B>F. ?2. D$>$(B--=. 3>2&BO-$0. E$(=. 2$D+$>&$F. B>F.
&'$.OB2?2.*@ . BEB?-BO-$.FB&B0. "$.>$$F.&*.$2&?+B&$. &'$.-$E$-0.2$B2*>B-?&=.
B>F.2$D+$>&B&?*>.*@ .-*)B-.F$+B>F.B>F0."?&'.($D3-B(.2B+5-$.23(E$=20.
+*>?&*(.&'$. -$E$-.*@ . 2B&?2@B)&?*>.*@ .($2?F$>&2. B>F.&*3(?2&2.B>F. +$F?6
3+6&$(+.&($>F2.KHBO-$./N#
hCnA1aAZ
.
48
Table 2: Resource perspective
_$2*3()$2 _$23-&.?>F?)B&*(2
^B&3(B-.($2*3()$2P
C?(.R3B-?&= B>>3B-.BE$(BD$.F32&.KxDv+:Nv($D?*>B-.BE$(BD$
:Nv($D?*>B-.BE$(BD$
B>>3B-.BE$(BD$.*W*>$.KxDv+:NvB>>3B-.BE$(BD$
dB&$(.R3B-?&= >*#.*@ ."B&$(.)*3(2$2.'BE?>D.B)'?$E$F.&'$.U3(*5$B>.$)*-*D?6
)B-.*O%$)&?E$v>*#.*@ ."B&$(.)*3(2$2
e*($2&2.B>F.5B(M2
b3-&3(B-.B>F.B(&?2&?).B22$&2P
a^ULbZ.2?&$2 >*#.*@ .F$2&?>B&?*>.2?&$2v>*#.*@ .($D?*>B-.2?&$2
b'3()'$2.B>F.+*>3+$>&2 >*#.*@ .)'3()'$2.B>F.+*>3+$>&2.?>.F$2&?>B&?*>v>*#.*@ .
)'3()'$2.B>F.+*>3+$>&2.?>.($D?*>
h32$3+2.B>F.)3-&3(B-.2?&$2 >*#.*@ .+32$3+2.B>F.)3-&3(B-.2?&$2.?>.F$2&?>B&?*>v>*#.*@ .+36
2$3+2.B>F.)3-&3(B-.2?&$2.?>.($D?*>
1>&$--$)&3B-.B22$&2P
I3+B> 2$)*>FB(=.2)'**-.D(BF3B&$2v($2?F$>&2
L*)?B-.B>F.($-B&?*>B- >*#.*@ .+$+O$(2.*@ .25*(&20.($)($B&?*>B-0.)3-&3(B-0.5*-?&?)B-.
B>F.E*-3>&$$(.B22*)?B&?*>2v($2?F$>&2
*(
1>@(B2&(3)&3(B-.B22$&2P
H(B>25*(& BE$(BD$.&?+$.KO=.)B(0.&(B?>.*(.B?(N.@(*+.&'$.+B?>.($@$($>)$.
L5*(&2.@B)?-?&?$2
Table 3: Offer perspective
H*3(?2+.*@@$( _$23-&.?>F?)B&*(2
1>&$(+$F?B&?*>
H(B>25*(& BE$(BD$.&?+$.KO=.)B(0.&(B?>.*(.B?(N.@(*+.&'$.+B?>.($@$($>)$.)?&=v)?&?$2.K?>6
I*25?&B-?&= >*#.*@ .O$F2v($2?F$>&2
>*#.*@ .O$F2vM+4
>*#.*@ .&*3(?2+.O32?>$22$2v&*&B-.>*#.*@ .O32?>$22$2
>*#.*@ .B))*++*FB&?*>.O32?>$22$2v&*&B-
>*#.*@ .&*3(?2+.O32?>$22$2
>*#.*@ .'*&$-2v&*&B-.>*#.*@ .B))*++*FB&?*>.O32?>$22$2
>*#.*@ .:6/6l.2&B(.'*&$-2v&*&B-.>*#.*@ .'*&$-2
BE$(BD$.5(?)$.*@ .:6/6l.2&B(.'*&$-2vBE$(BD$.5(?)$.?>.($D?*>
b*($.2$(E?)$
Z(.
$&)#
C.hZ`UA.eZ_.HIU.LaLHC1^CjAU.bZh<UH1H1,U^ULL
49
Table 4: Demand perspective
H*3(?2+.F$+B>F _$23-&.?>F?)B&*(2
A$E$- B((?EB-2v($2?F$>&2
5($2$>)$2v($2?F$>&2.
BE$(BD$.-$>D&'.*@ .2&B=.?>.F$2&?>B&?*>v($D?*>B-.BE$(BD$.-$>D&'.*@ .2&B=
L$B2*>B-?&=
L$D+$>&B&?*> 1&B-?B>.5($2$>)$2v&*&B-.5($2$>)$2
-$?23($.5($2$>)$2v&*&B-.5($2$>)$2
$-F$(-=.5($2$>)$2v&*&B-.5($2$>)$2
LB&?2@B)&?*> 2B+5-$.23(E$=2
H($>F 2B+5-$.23(E$=2
6
25?&$.&'?20.2&?--.5($@$(.*&'$(.F$2&?>B&?*>2#.C.)*+5-$&$.?>@*(+B&?*>.2=2&$+.
2'*3-F.$>BO-$.B.O$>)'+B(M?>D."?&'.(?EB-.F$2&?>B&?*>2.B>F.'$-5.3>F$(6
4.$+?22?*>2.B($.O$6
?>D.($F3)$F0.*(.&'$.2&*)M.*@ .>B&3(B-.B22$&2.?>)($B2$F#
L32&B?>BO-$. )*+5$&?&?E$>$22. ?2. +$B23($F. 32?>D. &'$. $-$E$>. 5?--B(2.
5($2$>&$F.?>.&'$.5($E?*32.5B(BD(B5'.B>F.*@ ."'?)'.B.($+?>F$(.?2.D?E$>.
'$($.KHBO-$.lN#
e?>B--=0. &'$. ?+5B)&.*@ . &*3(?2+.?2. $22$>&?B--=. B22$22$F.?>.&$(+2. *@ .
6
*+=.KHBO-$.7N#
C&.&'?2.5*?>&0.F$2&?>B&?*>.+B>BD$+$>&.2'*3-F.O$.BO-$.&*.F(B@&.B>.
Resource perspective:
2'*3-F.B--*".@*(.&'$.5($5B(B&?*>.*@ .B>.$2&?+B&$0.F?B)'(*>?).+*>?&*(6
?>D.B>F.&'$.2=>)'(*>?).)*+5B(?2*>."?&'.(?EB-.F$2&?>B&?*>2#
Offer perspective:
($2*3()$2.BEB?-BO-$.B($.32$F.?>.@3--0.?@0.&'$($@*($0.&'$.F$2&?>B&?*>.'B2.B>.
*3&53&.DB5.O$&"$$>.&'$.5*&$>&?B-.*@@$(.B>F.$@@$)&?E$.*@@$(P.B($.&'$($.
)'3()'$20.+*>3+$>&20.5B(M20.B()'B$*-*D?)B-.2?&$2.)-*2$F.&*.&'$.53O-?)c.
C($.&'$($.B>=.F$&$(?*(B&$F.B($B2c
C($.&'$($.B>=.BOB>F*>$F.O$B)'$2c
Demand perspective:.&'$.?>F?)B&*(2.2$-$)&$F.)B>.5(*E?F$.32$@3-.
?>F?)B&*(2.O=."'?)'.&*.+$B23($.&*3(?2+.5($223($0.2$B2*>B-?&=.(B&$2.B>F.
E?2?&*(.2B&?2@B)&?*>.-$E$-2#
Sustainable competitiveness perspective:.@*(.$B)'. 5?--B(0.&'$=.
)B>.O$.+*>?&*($F.B>F.)*+5B($F."?&'.*&'$(2#
Performance perspective:.53O-?).B>F.5(?EB&$.2&BM$'*-F$(2.2'*3-F.
B22$22."'$&'$(.*(.&*3(?2+.)*>&(?O3&?*>.&*.&'$.-*)B-.$)*>*+=.?>.&$(+2.
hCnA1aAZ
.
44
Table 5: Sustainable competitiveness perspective
L32&B?>BO-$.)*+5$&?&?E$>$22 _$23-&.?>F?)B&*(2
H*.-?+?&.&'$.$>E?(*>+$>&B-.
?+5B)&.*@ .&(B>25*(&
bZ4
M+4.)=)-$.5B&'2vM+4.+3>?)?5B-.&$((?&*(=
>*#.$)*-*D?)B-.53O-?).&(B>25*(&.E$'?)-$2v&*&B-.53O-?).&(B>25*(&.
E$'?)-$2
H*.?>)($B2$.&'$.R3B-?&=.
*@ .-?@$.*@ .($2?F$>&2
B((?EB-2vM+4
5($2$>)$2v($2?F$>&2
K($2?F$>&2.w.5($2$>)$2NvM+4
H*.?>)($B2$.&'$.R3B-?&=.
*@ .$+5-*=+$>&
$+5-*=$$2.?>.&*3(?2+.B))*(F?>D.&*.D$>($v&*&B-.$+5-*=$$2.
?>.&*3(?2+
2$B2*>B-.$+5-*=$$2.?>.&*3(?2+v&*&B-.$+5-*=$$2.?>.&*3(?2+
3>$+5-*=$F.&*3(?2+."*(M$(2v&*3(?2+."*(M@*()$
H*.($F3)$.&'$.2$B2*>B-?&=.
23+.*@ .5($2$>)$2.?>.&'$.&'($$.O32?$2&.+*>&'2v23+.*@ .5($26
$>)$2.?>.&'$.&'($$.-$B2&.O32=.+*>&'2
BE$(BD$.HZ.*@ .&'$.:.O32?$2&.+*>&'2vBE$(BD$.HZ.*@ .&'$.:.
-$B2&.O32=.+*>&'2
BE$(BD$.'*&$-.5(?)$2.F3(?>D.&'$.&'($$.O32?$2&.+*>&'2vBE$(BD$.
'*&$-.5(?)$2.F3(?>D.&'$.&'($$.-$B2&.O32=.+*>&'2
H*.5(*&$)&.&'$.)3-&3(B-.
'$(?&BD$
H*.5(*&$)&.&'$.$>E?(*>+$>6
&B-.'$(?&BD$
*@ .O32?>$22$2
&*&B-.>*#.*@ .&*3(?2+.O32?>$22$2
5(*&$)&$F.D($$>.B($B2v&*&B-.+3>?)?5B-.23(@B)$.B($B
H*.5(*&$)&.&'$.?F$>&?&=.*@ .
F$2&?>B&?*>2
5($2$>)$2v($2?F$>&2
H*.($F3)$.B>F.*5&?+?W$.&'$.
32$.*@ .>B&3(B-.($2*3()$2.
B>F."B&$(.?>.5B(&?)3-B(
"B&$(.)*>23+5&?*>vK($2?F$>&2.w.5($2$>)$2N
5$(.)B5?&B."B&$(.)*>23+5&?*>.?>.&'$.&'($$.O32?$2&.+*>&'2v
5$(.)B5?&B."B&$(.)*>23+5&?*>.?>.&'$.&'($$.-$B2&.O32=.+*>&'2
H*.($F3)$.B>F.*5&?+?W$.$>6
$(D=.)*>23+5&?*>
$-$)&(?)?&=.)*>23+5&?*>.?>.p"'vK($2?F$>&2.w.5($2$>)$2N
5$(.)B5?&B.$>$(D=.)*>23+5&?*>.?>.&'$.&'($$.O32?$2&.+*>&'2v
5$(.)B5?&B.$>$(D=.)*>23+5&?*>.?>.&'$.&'($$.-$B2&.O32=.+*>&'2
($>$"BO-$.$>$(D=v$>$(D=.F$+B>F
H*.($F3)$.B>F.+B>BD$.
"B2&$
"B2&$.5(*F3)&?*>vK($2?F$>&2.w.5($2$>)$2N
5$(.)B5?&B."B2&$.5(*F3)&?*>.?>.&'$.&'($$.O32?$2&.+*>&'2v5$(.
)B5?&B."B2&$.5(*F3)&?*>.?>.&'$.&'($$.-$B2&.O32=.+*>&'2
($)=)-$F."B2&$v&*&B-."B2&$
H*.?>)($B2$.5(?)$.)*+5$&?6
&?E$>$22
C.hZ`UA.eZ_.HIU.LaLHC1^CjAU.bZh<UH1H1,U^ULL
4:
Table 6: Performance perspective
<$(@*(+B>)$ Result indicators
($2?F$>&2i.?>)*+$ n`<.@*(.&*3(?2+vn`<.@*(.F$2&?>B&?*>.*(.5($2$>)$2v($2?F$>&2
($2?F$>&2i.$+5-*=+$>& &*3(?2+.$+5-*=$$2v&*&B-.$+5-*=$$2.*(.'*&$-.$+5-*=$$2v&*&B-.
$+5-*=$$2
5(?)$vBE$(BD$.($D?*>B-.'*&$-.5(?)$
d?&'.&'$.?>@*(+B&?*>.)*--$)&$F0.&'$.F$2&?>B&?*>.+B>BD$+$>&.2'*3-F.
B-2*.O$.BO-$.&*.5($5B($.B.LdZH.B>B-=2?20.F$&$(+?>?>D.*55*(&3>?&?$2.
B>F.&'($B&20.2&($>D&'2.B>F."$BM>$22$2.*@ .&'$.F$2&?>B&?*>#
2&(B&$D=#.H'$.+?22?*>.?2."'B&."$.?>&$>F.&*.B)'?$E$#.C.F$2&?>B&?*>.+B=.
F$)?F$.&*.F*">2?W$.&'$.(*-$.5-B=$F.O=.&*3(?2+0.5(?E?-$D?>D.*&'$(.B)6
&?E?&?$2.*(0.B2.?2.+*($.*@&$>.&'$.)B2$0.&*.($>$".&'$.*@@$(#.H'$.E?2?*>.?2.
B.@3&3($.5(*%$)&?*>.*@ ."'B&.?&."?2'$2.&*.O$)*+$#.C.+*3>&B?>.F$2&?>B6
&?*>.25$)?B-?W$F.?>."?>&$(.25*(&2.+B=."?2'.&*.O$)*+$.B.5-B)$.?>."'?)'.
)3-&3(B-.&*3(?2+.?2.B-2*. 5*22?O-$#.H'$. 2&(B&$D=.?2.B.)**(F?>B&$F.2$&.*@ .
*O%$)&?E$20.?>F?)B&*(20.B)&?*>20.+*>?&*(?>D.B>F.2&(B&$D?).-$B(>?>D#.H*.O$6
+B=.O$.>$)$22B(=.&*.*5$>.B.+32$3+.*>.-*)B-.&(BF?&?*>20.5(*+*&$.&'$.
@3>F?>D#.C>F.&'$>.&*.)'$)M."'$&'$(.*(.
>*&.&'$.*O%$)&?E$2.'BE$.O$$>.B)'?$E$F.B>F0.?@ .B55(*5(?B&$0.($F$2?D>.&'$.
5-B>2.?>.B.)*>&?>3*32.5(*)$22.*@ .2&(B&$D?).-$B(>?>D#
6
25$)&?E$2#.C&.&'$.$>F.*@ .$B)'.=$B(0.&'$.2&BM$'*-F$(2.5($5B($.B.2*)?B-.
OB-B>)$.*@ .&'$.=$B(.%32&.$>F$F.B>F.2$&.>$".*O%$)&?E$20."'?)'.+B=.($6
6
E?2?*>.*@ .>$".2$(E?)$20.B.)*++3>?)B&?*>.)B+5B?D>0.B)&?*>.&*.5(*&$)&.
&'$.-*)B-.?F$>&?&=0.$&)#
6
&?>B&?*>.'BF.5-B>>$F.&*.*5$>.B.+32$3+.*>.-*)B-.&(BF?&?*>2.B>F.&'B&0.
F3$.&*.-B)M.*@ .@3>F?>D0.?&.'B2.>*&.O$$>.5*22?O-$.&*.)*+5-$&$.&'$."*(M#
d'$>.F(B"?>D.B.2*)?B-.OB-B>)$0.&'$.2&BM$'*-F$(2.F$)?F$.&*.5B(&?)?6
)3-&3(B-.&*3(?2+.*@@$(#.H'$2$.B)&2.B($.($)*(F$F.?>.&'$._$2*3()$.<$(6
25$)&?E$.KHBO-$.!N#
1>.&'$.2B+$."B=0.?>.)*+5-$&?>D.&'$.*&'$(.&BO-$2."$.)B>.*O&B?>.B>.
356&*6FB&$.)*+5B(B&?E$.@(B+$"*(M.*@ .&'$.$)*>*+?).5*2?&?*>.?>."'?)'.
hCnA1aAZ
.
4/
Table 7: The perspective of the resources of a mountain destination
_$2*3()$2 HB(D$&
_$23-&
?>F?)B&*(2.
bB32$.
B>B-=2?2 ZO%$)&?E$2 HB(D$&
5(*D(B++$F C)&?*>2
Natural resources:
C?(.R3B-?&=
dB&$(.R3B-?&=
e*($2&2.B>F.5B(M2
Cultural and artistic
assets:
a^ULbZ.2?&$2
b'3()'$2.B>F
h*>3+$>&2
h32$3+2.B>F
b3-&3(B-.2?&$2
1 museum on
local traditions
0 museums lack of
funding
strengthen the
cultural offer
1 museum on
local traditions
participate
EU call
Intellectual assets:
I3+B>
L*)?B-.
_$-B&?*>B-
Infrastructural
assets:
H(B>25*(&
L5*(&2.@B)?-?&?$2
bZ^bAaL1Z^L
d$.)B>.>*".23+.35."'B&."$.'BE$.2$$>#
H'$.-B(D$.*(.2+B--.)*(5*(B&$.*(.)*++3>?&=.F$2&?>B&?*>.?2.&'$.($B-.
5(*F3)&.&'B&.&'$.&*3(?2&.)'**2$20.B55($)?B&$2.*(.F?2)B(F2#.1>.)*++36
>?&=.F$2&?>B&?*>20.&'$.5(*F3)&.+B=.O$.5($5B($F.*>-=.&'(*3D'.B.5B&?$>&.
2*)?B-.F?B-*D3$.O$&"$$>.B--.2&BM$'*-F$(2#.H'$.F$2&?>B&?*>.?2.5$(+B>$>&6
-=.)*+5$&?&?E$0.>B+$-=.232&B?>BO-$0.?@ .?&.)B>.B223($.'?D'.*(.?>)($B2?>D.
"$--6O$?>D.&*.($2?F$>&2.B>F.&*3(?2&20.5($2$(E?>D.&'$.&$((?&*(?B-.B22$&2#
H'$($.?2.>*.&(BF$6*@@ . O$&"$$>.)*+5$&?&?E$>$22.B>F. 232&B?>BO?-?&=#.
1>F$$F0.232&B?>BO?-?&=.?2.B.F(?E$(.*@ .)*+5$&?&?E$>$22#
L)'*-B(2.'BE$.5($5B($F.EB(?*32."B=2.?>."'?)'.&*.+$B23($.&'$.)*+5$&?6
&?E$>$220.232&B?>BO?-?&=.B>F.232&B?>BO-$.)*+5$&?&?E$>$22.*@ .&$((?&*(?$2#.Z3(.
5(*5*2B-.?2.&*.&BM$.35.B>F.2355-$+$>&.&'$.B55(*B)'.BF*5&$F.O=.^UbL6
H*3_.BFF?>D.B>.$-$E$>&' .5?--B(.&* .&'$.&$>.5?--B (2.*@ .232&B?> BO-$.)*+5$&?6
&?E$>$220.)*>2?2&?>D.*@ .5(?)$.)*+5$&?&?E$>$220.B>F.2$-$)&?>D.&'$.2&B&?2&?)B-.
L)'*-B(2.'BE$.B-2*. 5($5B($F.EB(?*32.F?@@$($>&.&$((?&*(?B-.5-B>>?>D.
+*F$-2#.I$($.B.+*F$-. 'B2.O$$>.5(*5*2$F.?>25?($F.O=.&'$. jB-B>)$F.
L)*($)B(F.B>F."'?)'.?>)*(5*(B&$2.&'$.2=2&$+.*@ .232&B?>BO-$.)*+5$&?6
&?E$>$22.?>F?)B&*(2.5($5B($F.O=.^UbLH*3_#
C.2?+5-$.&$((?&*(?B-.5-B>>?>D.+*F$-.?2.B.32$@3-.&**-.O=."'?)'.&*.+$B26
3($.B>F.+*>?&*(.&'$.5$(@*(+B>)$.*@ .&*3(?2+.F$2&?>B&?*>2.B>F.D3?F$.&'$.
2*)?B-.F?B-*D3$.*@.2&BM$'*-F$(2#.j3&."?&'*3&.$E$(.@*(D$&&?>D.L'BM$25$B($i2.
C.hZ`UA.eZ_.HIU.LaLHC1^CjAU.bZh<UH1H1,U^ULL
4l
"B(>?>D0.5(*)$$F?>D.B2.D(BF3B--=.B2.>$)$22B(=.B>F."?&'.&'$.B"B($>$22.
&'B&.&'$.($B-?&=.?2.B-"B=2.D($B&$(.&'B>.B>=.*@ .*3(.+$B23($+$>&2#
Cbp^ZdAU`nUhU^HL
1."*3-F.-?M$.&*.&'B>M. e#.C>&*-?>?0. A#.bB>*EB0.,#.`$--B.b*(&$0.C#.
n?32&?0.n#.A?O$(B&*($0.C#.<$WWB>*.B>F.A#.,B((B.@*(.B--.&'$?(.32$@3-.)*+6
_UeU_U^bUL
6
($2$>&B&?*>.@*(.&'$.hB>BD$+$>&.*@ .B.b*+5$&?&?E$.B>F.L32&B?>BO-$.H*3(?2+.
`$2&?>B&?*>0.?>.bC_Aabb1.`#0.LbI1ahC.n#0.K4898N0.Proceedings of the 5th
IFKAD - Intellectual Capital in a Complex Business Landscape0.4/6.47.t3>$.48980.
hB&$(B0.1&B-=#.55#.4k#
b$(?>B0.e#0.hB(MB>F=B0.C#0.q.h)C-$$(0.h#.K4898N#.Economics of sustainable
tourism0.A*>F*>.B>F.^$".r*(M0._*3&-$FD$#
b*++?22?*>.*@ .&'$.U3(*5$B>.b*++3>?&?$2.K488!N#.Agenda for a sustain-
able and competitive European tourism,.j(322$-2#
`?%M2&(B0.A#0.C>>*>?0.<#0.q.p*W*E2MB0.p#.K4899N#.C.^$"._$D?*>B-.b*+6
6
?>D.<B5$(2.6.C.2$(?$2.*@2'*(&.5B5$(2.*>.($D?*>B-.($2$B()'.B>F.?>F?)B&*(2.5(*6
F3)$F.O=.&'$.`?($)&*(B&$6n$>$(B-.@*(._$D?*>B-.<*-?)=0.^y.4#
U3(*5$B>.b*++?22?*>.K4884N#.Early warning system for identifying declining
tourist destinations, and preventive best practices
U3(*5$B>.b*++?22?*>.K4898N#.Europe, the world’s No 1 tourist destination – a
new political framework for tourism in Europe0.j(322$-2#
e(B>)'0.h#.K4898N#.Marketing delle destinazioni turistiche0.h?-B>0.h)n(B"6I?--#
n*F@($=0.p#0.q.b-B(M$0.t#.K4888N#.The Tourism Development Handbook. A prac-
tical approach to planning and marketing0.L&B+@*(F0.b$>DBD$.A$B(>?>D#
pB5-B>0._#.L#0.q.^*(&*>0.`#.<#.K9kk7N#.The Balanced Scorecard. Translating
Strategy into Action0.O=.&'$.<($2?F$>&.B>F.e$--*"2.*@ .IB(EB(F.b*--$D$#
pB5-B>0._#.L#.q.^*(&*>0.`#.<#.K488/N#.Strategy Maps. Converting intangible assets
into tangible outcomes0.j*2&*>0.IB(EB(F.j32?>$22.L)'**-.<3O-?2'?>D.b*(5*(B&?*>#
p(3D+B>0.<#.K9kk/N#.b*+5$&?&?E$>$22.6.C.`B>D$(*32.ZO2$22?*>#.Foreign
Affairs0.hB()'vC5(?-0.>3+O$(.40.55#.4g6//#
p(3D+B>0.<#.K9kk7N#.hBM?>D.2$>2$.*@ .&'$.)*+5$&?&?E$>$22.F$OB&$#.Oxford
Review of Economic Policy0.>3+O$(.:0.55#.9!64l#
Management du Tour-
ism0.<B(?20.<$B(2*>.e(B>)$#
hBD-?3-*0.C#.K4898N#.AB.2*2&$>?O?-?&z.F$--$.F$2&?>BW?*>?.&3(?2&?)'$#.a>B.(B26
2$D>B.F$--B.($)$>&$.-$&&$(B&3(B#.Rivista di scienze del turismo0.>*#.90.55#.9k!648g#
hCnA1aAZ
.
47
^?E$>0.<#._#.K488gN#.Balanced Scorecard: Step-by-step for Government and Non-
0.I*O*M$>0.t*'>.d?-$=.q.L*>2.1>)#
ZUb`.K4899N#.Studies on Tourism. Italy: Review of Issues and Policies0.<B(?2#
<*(&$(0.h#.K9kggN#.The Competitive Advantage of Nations0.^$".r*(M0.e($$.5($22#
_?&)'?$0.t#._#.j#0.q.b(*3)'0.n#.1#.K488:N#.The Competitive Destination. A Sus-
tainable Tourism Perspective
U3(*5$B>.a>?*>.K488!N#.Action for More Sustainable European Tourism#._$6
5*(&.*@ .&'$.H*3(?2+.L32&B?>BO?-?&=.n(*35#.1>.'&&5Pvv$)#$3(*5B#$3v$>&$(5(?2$v
&*3(?2+vF*)2v&2D.Ke$O(3B(=N#
,B>'*E$0.^#.K488lN#.The economics of tourism destinations0.j3&&$("*(&'6I$?>$6
+B>>0.U-2$E?$(#
,B((B0.A#.K4894N#.Dal dato diffuso alla conoscenza condivisa. Competitività e sos-
tenibilità di Abetone nel progetto dell’osservatorio turistico di destinazione0. e-*($>)$0.
e?($>W$.a>?E$(2?&=.<($22#
d*(-F.U)*>*+?).e*(3+.K4899BN#.The Global Competitiveness Report 2011-
20120.n$>$EB#
d*(-F.U)*>*+?).e*(3+.K4899ON#.The Travel & Tourism Competitiveness Re-
port 20110.n$>$EB#
dHZ.K488/N#.Indicators of Sustainable Development for Tourism Destinations. A
Guidebook0.hBF(?F#
dHZ.K488!N#.A Practical Guide to Tourism Destination Management0.hBF(?F#
Submitted: 15th March, 2013
Final version: 29th May, 2013
Accepted: 27th June, 2013
Refereed anonymously
C.hZ`UA.eZ_.HIU.LaLHC1^CjAU.bZh<UH1H1,U^ULL