This document provides an overview of corporate strategy for the hospitality and tourism industry. It discusses the importance of mission and stakeholders, techniques for strategic analysis like SWOT analysis, and the process of strategic implementation. Key points covered include defining the organization's mission and objectives, identifying internal strengths and weaknesses, and analyzing external opportunities and threats like competitors, market trends, and the political/economic environment. The document provides examples and frameworks for conducting strategic analysis to inform corporate strategy.
This document provides an overview of corporate strategy for the hospitality and tourism industry. It discusses the importance of mission and stakeholders in developing strategy. Various strategic analysis techniques are described, including SWOT analysis and analyzing competitive, political, economic, social, and technological factors. The document also covers assessing organizational strengths and weaknesses based on resources, generating strategic options, and implementing strategy. Key aspects of strategic planning for restaurants are examined, such as identifying strengths, weaknesses, opportunities, and threats.
This document provides an overview of strategic management in the hospitality and tourism industry. It defines hospitality and tourism to include various organizations like hotels, restaurants, travel agencies, and attractions. The industry is a major global economic driver, producing over 11% of GDP and employing over 10% of the workforce. However, defining the industry is challenging due to different perspectives. The document then discusses characteristics of hospitality and tourism organizations, including inseparability of production and consumption, perishability of unconsumed services, and heterogeneity between customer experiences. It also categorizes organization types and sizes within the industry.
This document provides an overview of the hospitality and tourism industry and the external environment that impacts businesses within that industry. It defines the external environment as being outside the firm and including factors that influence the business. The document also discusses evaluating the external environment through a SWOT analysis to identify strengths, weaknesses, opportunities, and threats. Additionally, it examines the concepts of "strategic fit" in aligning a firm's resources with external opportunities and "strategic intent" in positioning a firm to take advantage of future opportunities and address threats.
The document discusses understanding the macro environment and its impact on hospitality and tourism. It defines the macro environment as the broader sociocultural, technological, political, economic, and ecological factors that influence an organization. It then covers the five major subcategories of the macro environment using a PESTEL analysis framework: political/legal, economic, sociocultural, technological, and ecological. For each, it provides examples of key variables and issues that organizations should track to understand how these macro factors impact operations and strategy. Maintaining awareness of changes in the macro environment helps hospitality and tourism firms realign their strategies to handle external challenges.
The document discusses concepts related to analyzing a company's external environment, including performing an external audit to identify key opportunities and threats in the general, industry, and competitive environments. It provides details on factors to consider in the economic, sociocultural, technological, legal/political, and competitive environments. Examples of tools for external analysis include the External Factor Evaluation Matrix (EFE) and Porter's Five Forces model for industry analysis.
The document discusses how organizations adapt to uncertain environments and how managers can influence the external environment. It states that organizations need to adapt through innovation in order to respond to threats and opportunities when the environment is unpredictable. Managers can classify organizations into prospectors, defenders, or analyzers based on their adaptive strategies. Prospectors focus on innovation, defenders protect market share, and analyzers combine aspects of both. The document also recommends that organizations engage in monitoring the environment, strengthening cultural values like flexibility, and engaging in strategic planning to adapt to uncertainty. Managers can shape the external environment through introducing new products and technologies or influencing trends.
Internal And External Marketing Elements PowerPoint Presentation SlidesSlideTeam
The document provides an overview of internal and external marketing elements, including composition of the marketing environment, market environment analysis frameworks, macro and micro environmental factors, PESTEL analysis, VRIO analysis, SWOT analysis, competitive analysis tools, and identifying significant changes in the environment. It includes templates and frameworks for analyzing political, economic, social, technological, legal, and other external factors, as well as internal resources, that influence marketing strategy.
This document provides an overview of corporate strategy for the hospitality and tourism industry. It discusses the importance of mission and stakeholders in developing strategy. Various strategic analysis techniques are described, including SWOT analysis and analyzing competitive, political, economic, social, and technological factors. The document also covers assessing organizational strengths and weaknesses based on resources, generating strategic options, and implementing strategy. Key aspects of strategic planning for restaurants are examined, such as identifying strengths, weaknesses, opportunities, and threats.
This document provides an overview of strategic management in the hospitality and tourism industry. It defines hospitality and tourism to include various organizations like hotels, restaurants, travel agencies, and attractions. The industry is a major global economic driver, producing over 11% of GDP and employing over 10% of the workforce. However, defining the industry is challenging due to different perspectives. The document then discusses characteristics of hospitality and tourism organizations, including inseparability of production and consumption, perishability of unconsumed services, and heterogeneity between customer experiences. It also categorizes organization types and sizes within the industry.
This document provides an overview of the hospitality and tourism industry and the external environment that impacts businesses within that industry. It defines the external environment as being outside the firm and including factors that influence the business. The document also discusses evaluating the external environment through a SWOT analysis to identify strengths, weaknesses, opportunities, and threats. Additionally, it examines the concepts of "strategic fit" in aligning a firm's resources with external opportunities and "strategic intent" in positioning a firm to take advantage of future opportunities and address threats.
The document discusses understanding the macro environment and its impact on hospitality and tourism. It defines the macro environment as the broader sociocultural, technological, political, economic, and ecological factors that influence an organization. It then covers the five major subcategories of the macro environment using a PESTEL analysis framework: political/legal, economic, sociocultural, technological, and ecological. For each, it provides examples of key variables and issues that organizations should track to understand how these macro factors impact operations and strategy. Maintaining awareness of changes in the macro environment helps hospitality and tourism firms realign their strategies to handle external challenges.
The document discusses concepts related to analyzing a company's external environment, including performing an external audit to identify key opportunities and threats in the general, industry, and competitive environments. It provides details on factors to consider in the economic, sociocultural, technological, legal/political, and competitive environments. Examples of tools for external analysis include the External Factor Evaluation Matrix (EFE) and Porter's Five Forces model for industry analysis.
The document discusses how organizations adapt to uncertain environments and how managers can influence the external environment. It states that organizations need to adapt through innovation in order to respond to threats and opportunities when the environment is unpredictable. Managers can classify organizations into prospectors, defenders, or analyzers based on their adaptive strategies. Prospectors focus on innovation, defenders protect market share, and analyzers combine aspects of both. The document also recommends that organizations engage in monitoring the environment, strengthening cultural values like flexibility, and engaging in strategic planning to adapt to uncertainty. Managers can shape the external environment through introducing new products and technologies or influencing trends.
Internal And External Marketing Elements PowerPoint Presentation SlidesSlideTeam
The document provides an overview of internal and external marketing elements, including composition of the marketing environment, market environment analysis frameworks, macro and micro environmental factors, PESTEL analysis, VRIO analysis, SWOT analysis, competitive analysis tools, and identifying significant changes in the environment. It includes templates and frameworks for analyzing political, economic, social, technological, legal, and other external factors, as well as internal resources, that influence marketing strategy.
The document discusses various strategic planning techniques for analyzing a business's internal and external environments, including SWOT and PEST analyses. SWOT analysis involves identifying a business's strengths, weaknesses, opportunities, and threats, especially relating to its internal and external environments. PEST analysis examines the political, economic, social, and technological factors of a business's macroenvironment outside of its control. Conducting environmental scans using these techniques helps businesses understand changes, capitalize on opportunities, and make strategic decisions.
The document defines business environment and discusses its internal and external components. It analyzes the internal environment, including factors such as company mission/objectives and human resources. The external environment includes micro factors like customers/suppliers and macro factors such as economic, social, political, and technological conditions. Tools for analyzing the business environment are also introduced, including PEST (political, economic, social, technological) and PESTEL (adds environmental and legal factors). A SWOT (strengths, weaknesses, opportunities, threats) analysis is described as a way to assess the internal and external factors.
The document provides an overview of environmental analysis, which is the first step of strategic management. It discusses the internal and external factors that influence business decisions. The internal environment includes factors like values, management structure, and resources. The external environment includes the microenvironment of suppliers, customers, competitors and publics, as well as the macroenvironment of demographic, economic, natural, technological, political, and cultural forces. Techniques for environmental scanning involve gathering information verbally, in writing, and through search/spying, and then evaluating and forecasting future scenarios based on this information.
An environmental threat and opportunity profile (ETOP) describes external factors that can impact an organization. It helps identify opportunities and threats, consolidate strengths, provide strategic information, and formulate strategies. Developing an ETOP involves identifying major environmental factors like economic, political, social, technological, competitive, and geographical factors. These are analyzed to determine weaknesses/strengths and their favorable, unfavorable, or neutral impact.
The document discusses environmental scanning, which it defines as the process organizations use to monitor and understand external factors in their environment to identify opportunities and threats. It identifies several key aspects of environmental scanning: it involves searching and diagnosing the environment; it is a continuous, exploratory, and necessary process for organizations. The document also outlines various tools for environmental scanning like PESTEL analysis, SWOT analysis, ETOP analysis, and Porter's five forces model of industry analysis. It provides details on how to conduct these different analyses and discusses their benefits for strategic decision making.
The document discusses the marketing environment, which includes forces outside of a company's direct control that influence its business capabilities. It describes the internal environment within a company and the external macro and micro environments. The macro environment encompasses broad societal forces, while the micro environment consists of suppliers, customers, competitors, and public groups in the immediate industry. Understanding how these environments shape opportunities and threats is essential for effective marketing planning and competition.
environmental analysis and its technique Sonu Nitish
The document discusses environmental analysis techniques for businesses. It outlines that a business environment consists of internal and external factors that influence an organization. These include strengths, weaknesses, opportunities, threats, government policies, economic conditions, and sociocultural trends. Some key environmental analysis techniques are then described, such as SWOT analysis, PEST analysis, Porter's Five Forces analysis, scanning the environment, forecasting, and monitoring changes. Political, economic, social, and technological factors are highlighted as especially important to analyze regarding their impact on businesses. Environmental analysis is emphasized as important for finding weaknesses/strengths and adapting products and services to changing market conditions.
This document discusses environmental scanning and analyzing a company's external environment. It identifies key factors in the social, economic, political, and technological environment that companies should monitor. These include economic indicators, social trends, government regulations, and technological advances. The document also discusses tools for environmental scanning like PEST analysis and analyzing competitors, suppliers, markets and other forces in the external task environment. It emphasizes the importance of continuously scanning the external environment to identify opportunities and threats and ensuring the long term success of the company.
Internal and external business environmentAashish Sahi
This document discusses the internal and external business environment. It defines the business environment as consisting of all external forces that affect a business outside of their control. It then describes the key features of the business environment and divides it into internal and external factors. The internal environment includes factors like management structure and values that a business can control. The external environment includes micro factors like customers and suppliers and macro factors like economic, social, political, and legal conditions that are outside a business's control.
The document summarizes key concepts from Chapter 3 of a strategic management textbook. It outlines the external assessment process, including analyzing industrial organization forces, social/demographic trends, economic/political factors, technological changes, and competitive forces using models like Porter's Five Forces. Key steps are identifying opportunities/threats, performing an external audit using various sources, and creating matrices like the EFE and CPM to evaluate external factors and competitors.
The document discusses the organizational environment and its impact on organizations. It describes the general and specific environments. The specific environment includes customers, competitors, suppliers, and pressure groups that directly affect organizational goals. The general environment includes broader conditions like economic, political/legal, socio-cultural, demographic, and technological factors that may influence organizations. Environmental uncertainty is influenced by the degree of change and complexity in an organization's environment. Stakeholders are parties affected by an organization's decisions that can also influence the organization.
This document provides an introduction to business environment analysis (BEA). BEA involves understanding internal and external factors that may impact an organization. It is one of the first steps in strategic management, used to stay aware of trends and maintain competitiveness. There are two main factors in BEA: 1) internal factors like product lines and staff, and 2) external factors such as customers, competitors, and the broader political, economic, social and technological environment. The document outlines various techniques used in BEA like SWOT analysis, PEST analysis, industry analysis and competitor analysis to explore strategic options and threats.
Environmental scanning involves analyzing political, economic, social, technological, legal, and environmental factors that could impact a business. There are three modes of scanning: systematic scanning of factors directly impacting an organization, ad-hoc scanning through occasional surveys, and processed-form scanning using outside information sources. A PESTEL analysis categorizes these factors into political, economic, social, technological, environmental, and legal elements to evaluate external influences. Similarly, a SWOT analysis assesses internal strengths and weaknesses as well as external opportunities and threats.
Business Environment- Economics PerspectiveKannan karthik
The document discusses various aspects of business environment including why it is important to study business environment, key factors that comprise business environment, and techniques to analyze business environment. It notes that business environment includes political, economic, social, technological, legal, and other external factors that are outside a firm's control but can influence its operations. Understanding these factors helps businesses adapt to changes, identify opportunities/threats, and make strategic decisions. Common analysis techniques mentioned are verbal/written information, search/scanning, spying on competitors, and formal forecasting/studies.
Chapter 2 - the Firm and its EnvironmentJOMAR NARVAS
The document discusses the internal and external business environments that can positively or negatively impact an organization's performance. It defines the general external environment as including economic, socio-cultural, politico-legal, demographic, technological, and world/ecological factors. The specific external environment includes stakeholders, customers, pressure groups, investors, and employees. The internal environment encompasses an organization's resources, R&D, production, procurement, and products/services. It also describes environmental scanning, organizational culture, economic development phases, types of business organizations, and competitive forces that influence industry competition.
The chapter introduces strategic management, outlining its definition, key attributes, and three-step process of analysis, formulation, and implementation. It discusses the importance of stakeholder management and environmental forces that require organizational adaptability. Learning objectives are provided to understand these concepts and apply them through subsequent chapters analyzing goals, environments, strategies, and leadership.
This document discusses tools and concepts for conducting an external strategic management audit. It outlines five broad categories of external forces - economic, social/demographic, political/legal, technological, and competitive. The document describes the process of performing an external audit, which involves gathering information, identifying opportunities and threats, prioritizing key factors, and communicating findings. It provides examples of variables to monitor within each category and emphasizes the importance of competitive intelligence programs.
The document discusses the internal and external business environment. It defines the business environment as consisting of factors beyond an individual business's control that affect its operations. The internal environment includes factors within a business's control like personnel and resources. The external environment includes forces outside its control like customers, competitors, economic conditions, socio-cultural factors, political systems, and natural resources. It also describes how businesses must understand and adapt to changes in their various environments to succeed.
This document provides an overview of business environment analysis (BEA). It explains that BEA involves analyzing internal and external factors that may impact a business. Internal factors include things like staff, products, and finances. External factors include direct influences like customers, suppliers, and competitors, as well as indirect macroenvironmental influences captured in a PEST (political, economic, social, technological) analysis. The document outlines different techniques for conducting environmental analysis, including SWOT analysis, industry analysis using Porter's Five Forces, competitor analysis using the Five P's, and answering strategic questions. The goal of BEA is to understand trends, opportunities, and threats in order to make informed strategic decisions.
Overcomming competetion using enviornmental analysis .pptxAbijithjohnson2
You are in the business of running a fast food chain. Mc Donald's and Pizza hut are setting up their outlets in your town, threatening your business. Discuss steps you would take by doing enviornmental analysis
Lesson 4 OMTE 001 Environments And Strategic Management.pptxRodantesRivera3
The document discusses strategic management and how a company's strategy is influenced by analyzing its external environment and internal strengths and weaknesses. It explains frameworks for evaluating the business environment like PESTEL and Porter's Five Forces, and tools for situational analysis including SWOT. Additionally, it covers the stages of strategic management, different types of strategies, and how factors of the external environment can impact a company's strategy.
The document discusses various strategic planning techniques for analyzing a business's internal and external environments, including SWOT and PEST analyses. SWOT analysis involves identifying a business's strengths, weaknesses, opportunities, and threats, especially relating to its internal and external environments. PEST analysis examines the political, economic, social, and technological factors of a business's macroenvironment outside of its control. Conducting environmental scans using these techniques helps businesses understand changes, capitalize on opportunities, and make strategic decisions.
The document defines business environment and discusses its internal and external components. It analyzes the internal environment, including factors such as company mission/objectives and human resources. The external environment includes micro factors like customers/suppliers and macro factors such as economic, social, political, and technological conditions. Tools for analyzing the business environment are also introduced, including PEST (political, economic, social, technological) and PESTEL (adds environmental and legal factors). A SWOT (strengths, weaknesses, opportunities, threats) analysis is described as a way to assess the internal and external factors.
The document provides an overview of environmental analysis, which is the first step of strategic management. It discusses the internal and external factors that influence business decisions. The internal environment includes factors like values, management structure, and resources. The external environment includes the microenvironment of suppliers, customers, competitors and publics, as well as the macroenvironment of demographic, economic, natural, technological, political, and cultural forces. Techniques for environmental scanning involve gathering information verbally, in writing, and through search/spying, and then evaluating and forecasting future scenarios based on this information.
An environmental threat and opportunity profile (ETOP) describes external factors that can impact an organization. It helps identify opportunities and threats, consolidate strengths, provide strategic information, and formulate strategies. Developing an ETOP involves identifying major environmental factors like economic, political, social, technological, competitive, and geographical factors. These are analyzed to determine weaknesses/strengths and their favorable, unfavorable, or neutral impact.
The document discusses environmental scanning, which it defines as the process organizations use to monitor and understand external factors in their environment to identify opportunities and threats. It identifies several key aspects of environmental scanning: it involves searching and diagnosing the environment; it is a continuous, exploratory, and necessary process for organizations. The document also outlines various tools for environmental scanning like PESTEL analysis, SWOT analysis, ETOP analysis, and Porter's five forces model of industry analysis. It provides details on how to conduct these different analyses and discusses their benefits for strategic decision making.
The document discusses the marketing environment, which includes forces outside of a company's direct control that influence its business capabilities. It describes the internal environment within a company and the external macro and micro environments. The macro environment encompasses broad societal forces, while the micro environment consists of suppliers, customers, competitors, and public groups in the immediate industry. Understanding how these environments shape opportunities and threats is essential for effective marketing planning and competition.
environmental analysis and its technique Sonu Nitish
The document discusses environmental analysis techniques for businesses. It outlines that a business environment consists of internal and external factors that influence an organization. These include strengths, weaknesses, opportunities, threats, government policies, economic conditions, and sociocultural trends. Some key environmental analysis techniques are then described, such as SWOT analysis, PEST analysis, Porter's Five Forces analysis, scanning the environment, forecasting, and monitoring changes. Political, economic, social, and technological factors are highlighted as especially important to analyze regarding their impact on businesses. Environmental analysis is emphasized as important for finding weaknesses/strengths and adapting products and services to changing market conditions.
This document discusses environmental scanning and analyzing a company's external environment. It identifies key factors in the social, economic, political, and technological environment that companies should monitor. These include economic indicators, social trends, government regulations, and technological advances. The document also discusses tools for environmental scanning like PEST analysis and analyzing competitors, suppliers, markets and other forces in the external task environment. It emphasizes the importance of continuously scanning the external environment to identify opportunities and threats and ensuring the long term success of the company.
Internal and external business environmentAashish Sahi
This document discusses the internal and external business environment. It defines the business environment as consisting of all external forces that affect a business outside of their control. It then describes the key features of the business environment and divides it into internal and external factors. The internal environment includes factors like management structure and values that a business can control. The external environment includes micro factors like customers and suppliers and macro factors like economic, social, political, and legal conditions that are outside a business's control.
The document summarizes key concepts from Chapter 3 of a strategic management textbook. It outlines the external assessment process, including analyzing industrial organization forces, social/demographic trends, economic/political factors, technological changes, and competitive forces using models like Porter's Five Forces. Key steps are identifying opportunities/threats, performing an external audit using various sources, and creating matrices like the EFE and CPM to evaluate external factors and competitors.
The document discusses the organizational environment and its impact on organizations. It describes the general and specific environments. The specific environment includes customers, competitors, suppliers, and pressure groups that directly affect organizational goals. The general environment includes broader conditions like economic, political/legal, socio-cultural, demographic, and technological factors that may influence organizations. Environmental uncertainty is influenced by the degree of change and complexity in an organization's environment. Stakeholders are parties affected by an organization's decisions that can also influence the organization.
This document provides an introduction to business environment analysis (BEA). BEA involves understanding internal and external factors that may impact an organization. It is one of the first steps in strategic management, used to stay aware of trends and maintain competitiveness. There are two main factors in BEA: 1) internal factors like product lines and staff, and 2) external factors such as customers, competitors, and the broader political, economic, social and technological environment. The document outlines various techniques used in BEA like SWOT analysis, PEST analysis, industry analysis and competitor analysis to explore strategic options and threats.
Environmental scanning involves analyzing political, economic, social, technological, legal, and environmental factors that could impact a business. There are three modes of scanning: systematic scanning of factors directly impacting an organization, ad-hoc scanning through occasional surveys, and processed-form scanning using outside information sources. A PESTEL analysis categorizes these factors into political, economic, social, technological, environmental, and legal elements to evaluate external influences. Similarly, a SWOT analysis assesses internal strengths and weaknesses as well as external opportunities and threats.
Business Environment- Economics PerspectiveKannan karthik
The document discusses various aspects of business environment including why it is important to study business environment, key factors that comprise business environment, and techniques to analyze business environment. It notes that business environment includes political, economic, social, technological, legal, and other external factors that are outside a firm's control but can influence its operations. Understanding these factors helps businesses adapt to changes, identify opportunities/threats, and make strategic decisions. Common analysis techniques mentioned are verbal/written information, search/scanning, spying on competitors, and formal forecasting/studies.
Chapter 2 - the Firm and its EnvironmentJOMAR NARVAS
The document discusses the internal and external business environments that can positively or negatively impact an organization's performance. It defines the general external environment as including economic, socio-cultural, politico-legal, demographic, technological, and world/ecological factors. The specific external environment includes stakeholders, customers, pressure groups, investors, and employees. The internal environment encompasses an organization's resources, R&D, production, procurement, and products/services. It also describes environmental scanning, organizational culture, economic development phases, types of business organizations, and competitive forces that influence industry competition.
The chapter introduces strategic management, outlining its definition, key attributes, and three-step process of analysis, formulation, and implementation. It discusses the importance of stakeholder management and environmental forces that require organizational adaptability. Learning objectives are provided to understand these concepts and apply them through subsequent chapters analyzing goals, environments, strategies, and leadership.
This document discusses tools and concepts for conducting an external strategic management audit. It outlines five broad categories of external forces - economic, social/demographic, political/legal, technological, and competitive. The document describes the process of performing an external audit, which involves gathering information, identifying opportunities and threats, prioritizing key factors, and communicating findings. It provides examples of variables to monitor within each category and emphasizes the importance of competitive intelligence programs.
The document discusses the internal and external business environment. It defines the business environment as consisting of factors beyond an individual business's control that affect its operations. The internal environment includes factors within a business's control like personnel and resources. The external environment includes forces outside its control like customers, competitors, economic conditions, socio-cultural factors, political systems, and natural resources. It also describes how businesses must understand and adapt to changes in their various environments to succeed.
This document provides an overview of business environment analysis (BEA). It explains that BEA involves analyzing internal and external factors that may impact a business. Internal factors include things like staff, products, and finances. External factors include direct influences like customers, suppliers, and competitors, as well as indirect macroenvironmental influences captured in a PEST (political, economic, social, technological) analysis. The document outlines different techniques for conducting environmental analysis, including SWOT analysis, industry analysis using Porter's Five Forces, competitor analysis using the Five P's, and answering strategic questions. The goal of BEA is to understand trends, opportunities, and threats in order to make informed strategic decisions.
Overcomming competetion using enviornmental analysis .pptxAbijithjohnson2
You are in the business of running a fast food chain. Mc Donald's and Pizza hut are setting up their outlets in your town, threatening your business. Discuss steps you would take by doing enviornmental analysis
Lesson 4 OMTE 001 Environments And Strategic Management.pptxRodantesRivera3
The document discusses strategic management and how a company's strategy is influenced by analyzing its external environment and internal strengths and weaknesses. It explains frameworks for evaluating the business environment like PESTEL and Porter's Five Forces, and tools for situational analysis including SWOT. Additionally, it covers the stages of strategic management, different types of strategies, and how factors of the external environment can impact a company's strategy.
The document provides an overview of conducting a competitor analysis. It discusses identifying competitors and evaluating their strengths and weaknesses. It also outlines constructing a competitor array by defining the industry, determining key competitors, customers, and competitor strengths. The document then discusses aspects to profile for competitors such as background, financials, products, marketing, facilities, personnel, and strategies. It also notes the importance of monitoring competitors through media scanning and provides sources of competitor information. Potential new competition and competitive blind spots are also addressed.
This is part two of the discourse on the marketing environment.
To better understand this, take a backward look at part one of the slides. The marketing environment is an attempt to structure firms in such a way that they can interact with the surrounding even in the illumination of making profits daily!
This document discusses strategic management concepts including strategic analysis, selection, implementation, and Porter's generic strategy framework. Strategic analysis involves examining an organization's internal and external environment. SWOT analysis identifies internal strengths and weaknesses as well as external opportunities and threats. Strategic selection determines the best course of action based on strategic analysis. Implementation and management ensure proper resources and readiness to execute strategies. Porter's framework involves choosing low-cost or differentiation strategies with either broad or narrow scope.
Developing competitive advantage and strategic focusAshraf Hlouh
The document discusses SWOT analysis and its application in marketing strategy. It defines SWOT analysis and explains its key elements - strengths, weaknesses, opportunities, and threats. It also discusses how to conduct a SWOT analysis, including developing a SWOT matrix and examining internal/external factors from the customer's perspective. The document provides tips for making SWOT analysis more productive, such as focusing analysis on specific products/markets, collaborating across business functions, and separating internal vs. external issues. The overall goal of SWOT analysis is to help identify competitive advantages and inform the strategic focus of a company's marketing efforts.
Juan saved money from his salary and wants to start a business in his village. He is having trouble deciding on the best business idea. The document discusses various analytical tools and techniques that Juan can use to analyze the business environment and his own situation in order to select the most suitable business idea. These include VMOST analysis, SWOT analysis, PESTEL analysis, Porter's Five Forces, and TOWS analysis. Each tool is briefly explained to help Juan evaluate different options and choose a feasible business venture.
The document discusses frameworks and tools for analyzing market opportunities. It outlines 7 steps in a market opportunity analysis framework: 1) identify unmet customer needs, 2) identify target customers, 3) assess competitive advantage, 4) assess company resources, 5) assess technology readiness, 6) specify the opportunity, and 7) assess attractiveness. It also describes key environments to analyze including customers, technology, company capabilities, and competition to identify market "sweet spots". Finally, it provides guidance on how to identify unmet needs, target customers, assess advantages, resources, and technology readiness.
The document discusses frameworks and tools for analyzing market opportunities. It outlines 7 steps to analyze market opportunities: 1) identify unmet customer needs, 2) identify target customers, 3) assess competitive advantages, 4) assess company resources, 5) assess technology readiness, 6) specify the opportunity concretely, and 7) assess opportunity attractiveness. It also describes how to identify unmet needs, target customers through segmentation, evaluate competitors, assess company resources and technology readiness to deliver new offerings. The analysis helps companies uncover opportunities in the market.
Using established business models as investigative tools and linking them together to enhance their analytical value is proposed in this paper as a method of progressing from strategic situation analysis to competitive advantage. Moreover, internal analyses that result in the identification of distinctive competencies and external investigations that uncover industry key success factors give strategists the means to develop strategies that may achieve competitive advantage.
The document discusses various topics related to strategic management, including environmental scanning, structural analysis, competitive forces, organizational structure, and components of strategies.
It defines environmental scanning as systematically surveying external opportunities and threats that could influence future decisions. It also discusses conducting an internal scan to examine organizational strengths and weaknesses. Porter's Five Forces model is explained as a framework to analyze industry competition and profitability.
The document also discusses different types of organizational structures and how structure should align with strategy. Finally, it lists some key components of strategies as goals, policies, action plans, and feedback mechanisms.
This document provides guidance on conducting a SWOT analysis. It defines the key components of a SWOT analysis: Strengths, Weaknesses, Opportunities, and Threats. It then discusses who needs to conduct a SWOT analysis, how to conduct one, including analyzing the internal and external environment and documenting findings. Potential benefits and pitfalls of SWOT analyses are also outlined. The document concludes with dos and don'ts for effective SWOT analysis.
The international marketing process involves 4 key steps:
1) Conducting a thorough situation analysis to identify customer needs and opportunities.
2) Developing a marketing strategy to target specific customer segments and position offerings.
3) Making tactical marketing mix decisions around product, price, place, and promotion.
4) Implementing and monitoring the marketing plan, making adjustments based on results.
This document outlines the syllabus for a Business Strategy course. The course is divided into 5 units that cover key concepts in strategic management: introduction, vision/mission/objectives, strategic analysis, strategy formulation, and strategy implementation. Unit 1 introduces concepts like the strategic management process and different perspectives on strategy. Unit 2 covers developing a strategic vision and mission. Unit 3 focuses on analyzing the external and internal environment. Unit 4 addresses strategy formulation at the business and corporate levels. Unit 5 looks at implementing strategy through organizational structure and leadership.
This document provides an introduction to strategic management accounting. It discusses how strategic management accounting supports organizational strategy formation, implementation and evaluation by synthesizing both financial and non-financial information. It outlines the learning objectives which include defining strategic management and discussing the rational/formal approach to strategic development. This involves setting objectives, analyzing internal/external environments, generating strategic options, evaluating choices, implementing strategies and reviewing performance. The document also discusses levels of strategy, stakeholder analysis and managing conflicts between different stakeholder groups.
1. The document discusses the integrated marketing communications (IMC) planning process. It outlines the key steps, including conducting a communications market analysis, setting communication objectives, determining the budget, and developing IMC components.
2. The communications market analysis involves competitive analysis, opportunity analysis, target market analysis, customer analysis, and positioning analysis. Market research is also an important part of understanding customers and positioning.
3. Objectives, budget, target markets, and IMC components like advertising, promotions, and media spending all feed into creating an effective IMC program. International considerations are also part of successful globally integrated marketing communications.
The document discusses various concepts related to strategy, strategic planning, and decision making. It defines strategy as management's plan to achieve successful performance. Strategic planning involves agreeing on priorities and allocating resources to achieve objectives. Decision making can take place under conditions of certainty, risk, or uncertainty. The document outlines various models for strategy formulation, including Porter's generic strategies of differentiation, cost leadership, and focus. It also discusses the strategic planning process and tools for analysis like SWOT, BCG matrix, and gap analysis.
This document discusses two techniques for business decision making: cost-benefit analysis and SWOT analysis.
Cost-benefit analysis involves comparing the estimated costs and benefits of different project options to determine which makes the most business sense. The goal is to maximize total net profit.
SWOT analysis examines the strengths, weaknesses, opportunities, and threats of a business or project. It helps identify internal strengths and weaknesses as well as external opportunities and threats. Managers use SWOT analysis to guide strategic planning and evaluate major changes.
The document provides guidance on properly conducting a SWOT analysis, including examples of questions to consider for each component. It also outlines how to analyze and apply the results of a SWOT analysis to identify
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
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1. LESSON 3: CORPORATE STRATEGY FOR HOSPITALITY AND
TOURISM
LEARNING OBJECTIVES:
At the end of the lesson, students must be able to:
• Appreciate the importance of both mission and stakeholders in tourism
management
• Identify the techniques of strategic analysis choice
• Enumerate the process of strategic implementation.
INTRODUCTION:
This unit provides an overview of tourism corporate strategy. Without strategy,
organizations are vulnerable to strategic drift. The absence of strategy will
translate to a consequence of failure in monitoring and responding to changing
external environment.
Organizations that do not use strategic planning tend to make ad hoc decisions.
These decisions tend to be reactive rather than proactive to events. The absence
of an effective strategy can result in corporate failure.
MISSION AND STAKEHOLDERS
It is difficult for an organization to formulate strategy without a clear idea of its
overall aim. The mission of an organization can be thought of as what the
organization is trying to achieve; what its purpose or aim is and where it is trying
to head in the medium to long term.
A mission statement should be succinct, achievable, consist of visionary and
statement, look to the future and describe the main aims of organizations.
2. Tourism firms have missions that encompass different aims, including: Tourism
Concern Campaigns for tourism industry which is just yielding benefits that are
fairly distributed
▪ Participatory- involving local people in its development and management
▪ Sustainable- putting long-term environmental and social benefits short
term gains.
In this case, it is ethical consideration rather than profit that guides Tourism
Concern.
An organization’s mission is often accompanied by a series of objectives that
spells out the goals that is needed to be achieved in order to realize its mission.
Objectives may be written in closed or open form. Closed objectives describe
quantifiable targets and should conform to SMART principles and thus be:
✓ Specific;
✓ Measurable;
✓ Agreed with those who must attain them;
✓ Realistic; and
✓ Time-constrained
The mission question (what does the organization exist for?) cannot be readily
answered without the consideration of stakeholder question (who does an
organization exist for?).
The term ‘stakeholder’ refers to a person or group of
people who have an interest in the operation of a
particular organization and stakeholder analysis.
Stakeholder analysis is a useful way of analyzing
the importance of different stakeholders to an
organization. Stakeholder analysis starts with a
mapping of a range of stakeholders who are often
divided into those who are external and those who are
internal to an organization.
STRATEGIC ANALYSIS
Strategic analysis is the next stage in the formulation of tourism corporate
strategy. It involves considering the major influences affecting the organization’s
ability to fulfill its mission in terms of resources and environment.
3. Strategic analysis gives reports on the most current and future Strengths,
Weaknesses, Opportunities and Threats (SWOT) facing the organization.
Opportunities and Threats summarize the external environmental factors that a
tourism organization faces.
The key elements of the external environment may be summarized as C-PEST
factors, which refer to: Competitive; Political; Economic; Socio-cultural; and
Technological environments. Strength and Weakness analysis summarizes the
state of internal resources of an organization.
Opportunities, Threats and the external environment
The competitive environment of the tourism industry describes the extent of
influence of tourism organizations or destinations upon one another, and that of
suppliers and buyers. The competitive environment may be analyzed in two
ways: Structural Analysis and Competitor Analysis
Structural analysis examines the whole industry in which a tourism
organization operates for competitive pressures. Profit-maximizing tourism
organization will seek a position within an industry where competitive threats
can be minimized and competitive opportunities exploited. Porter’s (1980) ‘five
forces’ model can be used to analyze the competitive environment. The five forces
proposed by Porter are:
• The threat of new entrants;
• The power of buyers;
• The threats of substitutes; and
• The degree of rivalry between competitors.
On the other hand, Competitive analysis involve a more detailed look at a
tourism organization’s existing and potential competitors. It enables an
organization to formulate a strategy in the light of an assessment of its key rivals.
The detailed questions that need to be addressed within the response profile
included:
• Product lines;
• Prices
• Quality;
• Differentiation;
• Advertising;
• Market segment;
4. • Marketing practices; and
• Growth and prospects
STRENGTH, WEAKNESS, AND AN ORGANIZATION’S RESOURCES
Analysis of its resources and products or services enables a tourism organization
to assess its strategic capability- or how well it is equipped to pursue its strategy.
Resources are typically classified under four headings.
a. Physical resources, including buildings, fixtures and fittings, machinery
and transport fleets.
b. Human resources, consisting of mainly; skilled, semi-skilled and
unskilled labor.
c. Intangibles including acquired knowledge and skills, patents and recipes,
good will brands and corporate image.
d. Performance monitoring analyses the way in which resources are being
utilized and can include the following:
• Analysis of efficiency
• Financial analysis
• Appraisal and
• Comparative analysis
Strategic Choice is concerned with the generation of strategic options, an
evaluation of strategic option and the selection of strategy. In simple terms, an
organization seeks to gain advantage over its competitors either by selling a
cheaper product than the competitors, or a better product than the competitor,
or cheaper and better product. These are the key strategic options available.
During any phase of strategic review, a number of strategic options will be
generated from strategic analysis. The preferred option will pass the tests of
suitability, feasibility and acceptability.
5. Strategic Implementation
The agreed organizational strategy will generally be set out in a formal document
and effort then needs to be directed at strategic implementation. This is
concerned with putting into practice of an organization’s strategy.
SWOT Analysis for Restaurant: Strengths, Weaknesses, Example
Strengths and Weaknesses of a Restaurant
A. Strengths: What Do You Do Best?
Do you know what excites customers about your bar or restaurant? You may
have figured some of this out when looking into how to increase customer
satisfaction in a restaurant. It’s what keeps them coming back or what brought
them there in the first place.
Common strengths include:
• Reasonable pricing
• Unique menu or menu items—food or cocktail, or something like a food
and wine pairing menu
• Decor, ambiance, and environment
• Neighborhood or location (close to a highly-trafficked subway stop, for
example)
• Outdoor dining options
• Menu quality
• Customer service
One of the most important restaurant and bar manager duties is keeping your
ear to the ground and coat this feedback out of your customers. Alternately, read
all the online reviews you can find or start giving guests feedback surveys.
B. Weaknesses: What Are You Lacking?
As you do your strength analysis, you’ll realize that not every piece of feedback
from your customers is positive. This is good. These are your weaknesses, and
the only way to address them is to be aware of them.
6. Common bar and restaurant weaknesses are:
• Poor customer service
• Long wait times (for food or seating)
• High prices (see helpful psychological pricing strategy on wine bottle
prices and alcohol pricing)
• Noise levels
• Cleanliness (see our restaurant cleaning checklist)
Again, pore over all your online reviews, listen to your floor lieutenants, talk to
customers, and/or institute a survey.
Opportunities and Threats
Strengths and weaknesses are the internal forces that you have a decent amount
of control over. The next step, opportunities and threats, are the external factors
that affect the creation and execution of your restaurant business plan.
C. Threats- are the external version of weaknesses. As in, they’re
weaknesses, but you can’t identify them by looking inward.
Some common threats of a restaurant business include:
• Any new restaurants in your neighborhood opening
• New restaurants that directly compete with your customers opening
anywhere in your city
• Successful competitor promotions and specials. They might seem
harmless, but remember, competitor bar promotion ideas are an attempt
to take business away from you.
• Any new competitor menu items
• Industry-wide threats to the restaurant industry as a whole—like B2B
business wholesale prices increasing due to drought or a public health
crisis.
Scan the strengths of your competitors and tease out what makes them popular.
The best way to analyze a restaurant's competition is to read competitor reviews
and info on your industry. Take note of any wide-ranging pricing changes or new,
more restrictive laws.
7. D. Opportunities- are areas where our restaurant can grow. Opportunities
are based on your weaknesses, competitive analysis, cultural forces, and
customer behavior. And, importantly, they’re actionable.
If your venue makes it impossible to have patio seating, then outdoor dining isn’t
an opportunity. Its absence can be a weakness, but if it can’t be reasonably
implemented, it’s not a good opportunity.
Some common opportunities for bars and restaurants are:
• Not embracing diet preferences. Veganism, vegetarianism, paleo, gluten-
free, etc. There are many dietary strategies and restrictions. Dig a little
deeper into your customer base and their other haunts. Chances are
catering to a diet or lifestyle is a big opportunity for your business.
• Engagement. Things like happy hour ideas, bar promotions,
and restaurant marketing ideas. If you’re not seeing benefits from those,
it’s an opportunity. Because they all work when done right.
• Any weaknesses you may have noted that you can address, like food price,
menu variety, customer service levels, wait times, etc.
8. REFERENCE:
Bastakis, C., Buhalis., and Butler, R, (2004). “ The perception of small
and medium sized tourism accommodation providers on the impacts of the tour
operators’ power in Eastern Mediterranean’, Tourism Management , 25(2), 151-
160.
Butler, R. and Jones, P. (2001). Conclusions-Problems, Challenges and
Solusions. In A. lockwood and S. Medlik (Eds.), Tourism and Hospitality in the
21 Century. Oxford: Bettreworth and Heimann.
European Commission (2002). SMEs in Europe, Including a first glance at
Candidate Countries. Observatory of European SMEs. Number 2. Fitzimmons,
J. and Fitzimmons, M. (2004). Service Management, Operations, Strategy and
Information Technology. New York:MacGraw-Hill/Irwin Gronoos, C (2007).
Service Management and Marketing: Customer Management in Service
Competition, New Jersey: John Wiley.
Kandampully, J. (2007). Service Management: The New Paradigm in Hospitality,
New Jersey Pearson.
Nykiel, R. (2005). Hospitality Management Strategies. New Jersey:Pearson
Education.
Pine, J. and Gilmore, J. (1998).Welcome to the Experience Economy,Havard
Business Review, July- August, 97-105.Wanhill, S. (2000). Small and Medium
Tourism Enterprises, annals of Tourism research, 27 (1) 132-140.