Essay - Free essays!
Login to an existing account
GCSE essays
A Level essays
University essays
Why join?
Essay quality

Search forums
About us
Contact us


Hospitality and strategic management and planning Free essay! Download now

Home > University > Leisure and tourism > Hospitality and strategic management and planning

Hospitality and strategic management and planning

You can download this essay for free. All you need to do is register and submit at least one of your essays to us.

Or you can purchase this essay for just $2 instantly without registering

Downloads to date: N/A | Words: 3518 | Submitted: 02-Jun-2011
Spelling accuracy: 97.2% | Number of pages: 9 | Filetype: Word .doc

This is what the first 3 pages of the essay look like

Hospitality and strategic management and planning essay previewHospitality and strategic management and planning essay previewHospitality and strategic management and planning essay preview


disscussion about chinese restaurant chopstix ltd. PESTEL SWOT and porters 5 rules implementation


Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of the firm's objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm's objectives. Strategic management, therefore, integrates the activities of the various functional sectors of a business, such as marketing, sales and production to achieve organisational goals. It is the highest level of managerial activity, usually initiated by the board of directors and executed by the firm's Chief Executive Officer (CEO) and executives.
The success of a company is due to the awareness of the company of its external environment with the anticipated concerns, prediction of trends and generation of ideas. This automatically would lead to the identification of opportunities and threats, which are considered by managers as they strive to develop strategic direction and formulate and implement strategies.
A leading scholar in strategic management, Michael Porter defines strategic management as “the scope of an organisation over the long term; which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations.” In essence, it is the environmental elements that need to be explored and identified to determine the business direction. Therefore, this process is defined by researching and identifying the strategic analysis, strategic direction, strategic formulation, strategic implementation and strategic evaluation effectively.
The external environment can be divided into the operating environment and the organisational environment. The starting point for managers is to consider the macro-environment factors. Firstly, political factors must be considered. Governments enforce rules and regulations within which the company must operate, such as subsidies or lenient tax laws for new businesses. At the opposite end, governments can close companies that do not comply with the enforced laws. Therefore, compliance with the laws would prevent illegal activities for the company which promotes financial security and firm value. Secondly, economic factors play a great role in creating growth and profits for the stakeholders of a company, particularly with owners and customers. Critical factors include economic growth, inflation rates, credit availability, foreign exchange rates and inflation rates. Thirdly, socio-cultural factors or trends affect people according to their geographical region and can be important in a three-pronged way: they can create opportunities for companies by way of responding to the local community’s needs by offering gym facilities in a hotel. This would effectively create more business for the hotel by standing out of the crown with this differentiating factor to their business. Furthermore, ...

Download this essay in full now!

Just upload at one of your essays to our database and instantly download your selection! Registration takes seconds

Or you can download this essay for $2 immediately without registering

Comments and reviews

Reviews are written by members who have downloaded the essay

No comments yet. If you download the essay you can review it afterwards.