Integrating Tourism Economic Business Models and Stakeholder Engagement for Sustainable Development

Abstract

Tourism has been identified as a significant factor in economic development, employment, and regional development, but for its long-term sustainability, the success of economic business models, along with engagement with stakeholders, is critical. An existing model for tourism development is focused more on financial development, resulting in issues associated with rout, marginalisation, or governance issues. Therefore, this paper will conceptualise an analysis related to economic business models for sustainable development, along with engagement with stakeholders, in order to stress their combined roles in sustainable development for tourism. Based on business models for an organisation, along with theories related to stakeholders, this paper will explore an analysis in existing theories related to sustainable development for value delivery, generation, or capture for significant stakeholders, like local communities, governments, businesses, or tourists.The paper examines the importance of collaborative governance, value co-creation, and participative processes for destination resilience. This paper further continues to illustrate the implications for sustainable tourism development. It is suggested that collaborative business models facilitated through stakeholder engagement can improve economic viability, social equity, and environmental quality. This paper will make a significant contribution to tourism studies by providing a systematic conceptual framework to guide policymakers, destination managers, or tourism entrepreneurs on the design of sustainable tourism systems.