Microsoft Word 2007 ichrie conference Proceedings Final-Final 06-06-07. doc

 
Table 2 
Regression Analysis 
Variable 
Parameter 
estimates 
Std. error 
t-value 
Pr > |t| 
VIF 
Intercept 0.0277 
0.0488 
0.57 
0.5727 
0 
MFEPS 
-0.3645 2.4873 -0.15 0.8840 1.6640 
OEXFEPS 
-0.5273 0.2590 -2.04 0.0461 4.8679 
SFEPS 
0.6806 0.2549 2.67 0.0097 4.6202 
 
CONCLUSION
Our findings suggest that marketing outlays constitute an important intangible asset in the hotel industry 
and behave differently from other expenses. It is important to note that marketing investments so far have been 
treated as a line expense item in the hotel industry as well as in many other industries. As we indicated before, hotel 
industry continues investing more in marketing outlays to increase future returns and to build a loyal customer base. 
Building a loyal customer base is a crucial factor especially in the hotel industry given that hotel customer has many 
different options when it comes to choose a hotel. Therefore, strategizing the marketing investments can help hotel 
firms to turn the hotel customer into repeat customers.
Considering the characteristics of the hotel industry and keeping in mind that hotel firms do not extensively 
invest in research and development, it can be argued that the marketing outlays might be the only most important 

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