Strategic Management for Tourism & Hospitality

Topics: Strategic planning, Strategic management, Management Pages: 178 (25965 words) Published: May 6, 2013
Strategic Management in Hospitality and Tourism
July 2011

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Content
I. II. Summary of Learning Outcomes LO 1 - Evaluate the use of strategic plans for a hospitality or tourism organisation

III. LO 2 - Produce an outline strategic plan IV. LO 3 - Develop a strategic implementation plan for hospitality or tourism organisations V. LO 4 - Develop a strategic implementation plan for hospitality or tourism organisations

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Learning Outcomes

Summary of Learning Outcomes

On completion of this module, students will be able to:
   

Evaluate the use of strategic plans for a hospitality or tourism organisation Produce an outline Strategic Plan Develop a strategic implementation plan for hospitality or tourism organisations Design monitoring mechanisms to evaluate the success of hospitality or tourism strategy

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Content
I. II. Summary of Learning Outcomes LO 1 - Evaluate the use of strategic plans for a hospitality or tourism organisation

III. LO 2 - Produce an outline strategic plan IV. LO 3 - Develop a strategic implementation plan for hospitality or tourism organisations V. LO 4 - Develop a strategic implementation plan for hospitality or tourism organisations

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Learning Outcome 1 –Evaluate the use of strategic plans for a hospitality or tourism organisation

Objectives

Assessment Criteria :● ● Define the concept of strategic planning within hospitality or tourism organisations Explain the value of strategic planning for a hospitality or tourism organisations

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Learning Outcome 1 –Evaluate the use of strategic plans for a hospitality or tourism organisation

References

Reference list:● ● Handbook of Hospitality Strategic Management 1st ed. Olsen, Michael D.; Zhao, Jinlin Strategic Marketing Management : Planning, Implementation and Control 3rd ed. Wilson, R. M. S.; Gilligan, Colin

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Learning Outcome 1 –Evaluate the use of strategic plans for a hospitality or tourism organisation

The Market for Strategic Resources and Capabilities



Firms should first analyse their resources and appraise their strengths and weaknesses relative to their competitors, as well as identify opportunities to better utilise them



Then, firms should identify their capabilities (i.e., competencies) and understand what they do better than their competitors. They should gain an understanding on which resources are necessary to their capabilities

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Learning Outcome 1 –Evaluate the use of strategic plans for a hospitality or tourism organisation

The Market for Strategic Resources and Capabilities Contd…



Next, firms should appraise the rent generating potential of their resources and capabilities. And select their strategies on the basis of the best possible exploitation of their internal strength (i.e., resources and capabilities) relative to external opportunities



Finally, firms should identify any gap between the strategy pursued and their resources and capabilities endowment and if necessary, invest in refilling or maintaining their resource base (Andrews (1971) and Thompson (1967))

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Learning Outcome 1 –Evaluate the use of strategic plans for a hospitality or tourism organisation

The Market for Strategic Resources and Capabilities Contd…



“Key to a resource-based approach to strategy formulation is understanding relationships between resources, capabilities, competitive advantage and profitability-in particular, an understanding of the mechanisms through which competitive advantage can be sustained over time ” (Grant ,1991 )

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