Research Paper on "Managing Hospitality Issues"

Research Paper 4 pages (1201 words) Sources: 3

[EXCERPT] . . . .

The evaluation of the need for assistants can be regarded as a decision regarding the organization's core competency and activity. While Michael's lemonade business is a small business venture, its success and productivity is partly influenced by the knowledge, skills, and abilities of its workers.

Application of Strategic Management in the Hospitality Industry:

The modern business environment is regarded as complex, highly competitive, turbulent, and aggressive. Similar to other sectors, the hospitality industry has experienced these trends to an extent that it is currently characterized by constant changes, huge competition, and a relatively high occurrence of failure (Reichel, 2006, p.329). As a result, the main issue in the hospitality industry is not only the profitability of hospitality establishments but also their survival. The need to focus on profitability and survival is fueled by the need for sustainable competitive advantage and the need to overcome market volatility.

Strategic management can be applied in the hospitality industry through various ways including setting objectives that will govern the operations of the business. The established objectives act as pre-determined frameworks through which managers develop thought processes and practices. The use of objective setting as part of strategic management is evident in the decision-making process in Blue Mist Resort on Central Miami Beach. The revitalization of this property requires the Managing Director to set objectives that would help the firm to continue acting as a significant revenue generating facility. When setting objectives, the management should develop the business' positioning statement which will play a crucial role in determining new services and offerings, pricing strategy, and allocation of advertising costs to attract profitable customers.

The second way through which strategic management can be applied in the hospitality industry is through environmental and organizational assessment. In this case, environmental trends and the strengths and weaknesses of the business are evaluated in order to promote alignment of strategic options, environmental opportunities, and organizational competencies. Environmental assessment is crucial in revitalizing Blue Mist Resort through evaluating competitor profiles, customer perception, hospitality insider, and statistics. Organizational competencies would involve examining the Blue Mist's features and amenities, staff, vital statistics, and service level. Third, strategic management can be applied through strategic advantage analysis, which helps in determining the current situation of the firms, strategic choices, and trends. For instance, after making some marketing and financial decisions, Fine Sand, a competitor, was still performing better than Blue Mist. I examined Fine Sand's business strategy and developed an effective strategy for Blue Mist that contributed to sustainable competitive advantage over this competitor.

In conclusion, strategic management is an important process in the modern business environment because of its significance in establishing sustainable competitive advantages in over major rivals. In the hospitality industry, strategic management is a process that can be used by managers to enhance their productivity and success by obtaining competitive advantage. Notably, this process is impacted by external and internal influences such as micro and macro environment and core competencies respectively. The strategic management process can be applied in the hospitality industry through various ways such as objective setting, environmental and organizational assessment, and strategic advantage analysis.

References:

Clayton, J. (n.d.). The Five Stages of the Strategic Management Process. Retrieved January 25,

2014, from http://smallbusiness.chron.com/five-stages-strategic-management-process-18785.html

Jurevicius, O. (2013, February 13). Strategic Management & Strategic Planning Process.

Retrieved January 25, 2014, from http://www.strategicmanagementinsight.com/topics/strategic-planning-process.html

Reichel, A. (2006). Strategic Management: How to Apply it to Firms in the Hospitality Industry.

Service Industries Journal, 3(3), 329-343. READ MORE

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