Business Plan for Success
American Public University System
Hotel industries are faced with a unique challenge in providing a constant level of service throughout many diverse countries. The time companies spend in creating a solid business plan will help them anticipate the tough spots, modify their approach and climb to the peak of success in the international marketplace (Brown & Gutterman, 2009). One particular hotel chain is The Ritz Carlton, owned by Marriott. The Ritz Carlton operates more than 80 hotels in 26 countries, driven by their motto, “We are Ladies and Gentlemen serving Ladies and Gentlemen” (“Gold Standards,” 2012). They have created a business plan that has enabled them to achieve superior service throughout the world. When developing a plan for companies that operate internationally there are five factors managers must assess: demographic, economic, political, regulatory and cultural (Brown & Gutterman, 2009). Economic and cultural factors can take up the majority of an analysis for a region; however, in service based businesses demographics will play an equally important role. The Ritz Carlton’s target demographics are the wealthy elite members of society. Throughout the world this audience has a vast range of views, beliefs and expectations that the hotel needs to provide. As a result, all employees take a two-day cultural orientation followed by yearly certification to ensure their customers’ wants and needs are understood and met. This will guarantee the staff will provide customers with the best service. Understanding the type of environment a company is operating in will allow itself to develop a business plan that will achieve their desired results. Every company has different elements that make up their business plan. However, every business plan provides a company with direction, and markets itself to potential investors and partners. According to Robinson (2008), the Ritz Carlton focuses on a...
References: Brown, R.l., & Gutterman, A.S. (2009) A short course in international business plans: Charting a strategy for success in global commerce. (3rd ed.). Petaluma, CA: World Trade Press.
Gold Standards, (2012). Retrieved Sept 15, 2013 from http://corporate.ritzcarlton.com/en/ About/GoldStandards.htm
Robinson, J. (2008). How the ritz-carlton manages the mystique. Gallup business journal, Retrieved from http://businessjournal.gallup.com/content/112906/How-RitzCarlton-Manages-Mystique.aspx
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